For the long-term investor, the iShares MSCI Mexico Capped ETF (NYSEArca: EWW) has been a  winning bet. At least compared to broader emerging markets benchmarks and rival single-country Latin America ETFs.

Over the past three years, EWW is up nearly 20% while the iShares MSCI Emerging Markets ETF (NYSEArca: EEM) is off3.3%. Over the same time, the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) has plunged more than 30% while the comparable Chile and Peru ETFs sport an average three-year loss north of 24%. [Some Bright Spots for Emerging Markets ETFs]

Add to that, EWW was one of the least volatile among those ETFs. The abridged version of the EWW story is as follows: The Mexican economy is forecast to grow 4% in 2013, more than Brazil and Chile. The banking sector is vibrant. The country is stealing manufacturing jobs from China due to proximity to the U.S.

Since the Mexican economy is export driven, some of its success depends on the health of developed nations such as the U.S. That has worked well this year as U.S. growth has been steady if not spectacular. Additionally, Mexico is showing some willingness to opening its long-closed energy industry to foreign investment. [Mexico ETF Boosted by Expanded Economy]