Over the past 12 months, EWW is down 23.6% compared to a loss of 50.6% for EWZ.
“Although Mexico also has a twin deficit (current account deficit and fiscal deficit), it is improving, while Brazil’s twin deficit now exceeds more than 10% of its GDP. Falling commodity prices are not a positive for Mexico, but the government has been proactive in hedging its oil revenues, which provides support for fiscal spending. We also saw stronger-than-expected consumer activity during the second half of 2015. Remittances from Mexicans working in the U.S. have been robust, benefitting from a weak peso and the country’s close ties to the improving U.S. economy. The industrial sector is also adding more jobs, with increased “re-shoring” activity in the auto and aerospace industries,” according to a Calamos note posted by Dimitra DeFotis of Barron’s.
iShares MSCI Mexico Capped ETF