This year, EWW and Mexican stocks do not have to contend with the ups and downs brought on by national elections. Although EWW is off 1.1% this month, the ETF resides just 3.1% below its 52-week high.

Like Brazil’s, Mexico’s economy is struggling, but neither the government nor the central bank there have stood idly by. Amid signs Latin America’s second-largest economy is still struggling, Banco de Mexico pared its benchmark rate by 50 basis points to 3%, a record low, in June.

Foreign investors have also been heartened by Mexican President Enrique Peña Nieto’s plans to end 75 years of state control over the country’s oil industry. With reserves valued at over $1 trillion, Mexico is expected to attract some of the oil industry’s biggest players, though that could be more of a long-term catalyst for EWW, an ETF light on the energy sector. [ETFs for Mexico’s New Look Oil Industry]

iShares MSCI Mexico Capped ETF