The iShares MSCI Mexico Capped ETF (NYSEArca: EWW) rose 1% Friday after J.P. Morgan revealed an overweight rating on the largest trading partner of the U.S.

EWW’s Friday gain eats into a year-to-date loss that stood at 4% heading into Friday’s session, giving the $2.4 billion ETF a fair chance of finishing the year in the green. That would be no small feat considering the struggles of Latin America ETFs this year.

Single-country ETFs tracking that region have been dismal performers this year. So bad have LatAm ETFs been that EWW is the second-best performer in the group with a 4% loss. The Global X FTSE Argentina 20 ETF (NYSEArca: ARGT) is the only LatAm country-specific ETF to generate positive returns to this point in 2013. [ETFs for Possible World Cup Winners]

EWW’s slack performance is particularly disappointing given Mexico’s proximity to the U.S. and the tendency of Mexican equities to rally in unison with their U.S. counterparts.

One issue that could hinder EWW in the near-term is valuation. Investors that are currently embracing emerging markets are doing so with markets that are discounted relative to the broader developing world, including China, South Korea and Taiwan. [After a Disappointing Year, Advisors Wade Into LatAm ETFs]