At a glance
EWW charges 0.5% a year, above the 0.42% average of the 4 funds most like it (the 4th cheapest of 5). It has $1.82B in assets, the 2nd largest of that group; it paid 3.29% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +17.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 5 funds; over three years it returned +15.2% a year. At its worst it fell 47.2% in the 2020 crash (S&P 500: 33.7%) and 19.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 3 months after the lows. Its ten largest positions make up 63.9% of the fund, out of 40 in all.
The short version
The iShares MSCI Mexico ETF (EWW), from BlackRock, tracks the MSCI Mexico IMI 25/50 Index of large, mid and small Mexican companies. It is the largest Mexico fund in its comparison group, with $1.82 billion in net assets as of August 31, 2026. Its 0.50% expense ratio is well above the 0.19% charged by Franklin FTSE Mexico ETF. It is also concentrated: Grupo Mexico alone made up 16.6% of assets.
Price history
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EWW +17.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EWW official prospectus, to Dec 31, 2024 | — | -28.26% | — | +3.53% | +0.04% | — |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCI Mexico IMI2550Index index, same period | — | -27.91% | — | +4.06% | +0.44% | — |
| EWW price data to Oct 27, 2026 | +9.8% | +17.0% | +15.2% | +12.4% | +6.7% | +6.9% |
- Over the year to Oct 27, 2026, EWW returned +17.0%, 5th of 5 among similar funds.
- Its 5-year annualized return was +12.4% and its 10-year +6.7%.
- In the 2020 COVID crash it fell 47.2% and regained its old high 12.9 months after the low.
- Its worst full calendar year was 2008 (-41.1%); its best was 2009 (+53.8%).
- The deepest fall in its price history was 65% (Jul 6, 2007 to Mar 9, 2009), recovered by Dec 13, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.8% | — |
| 2025 | +53.7% | — |
| 2024 | -28.2% | -28.26% |
| 2023 | +40.4% | +40.43% |
| 2022 | +1.2% | +1.12% |
| 2021 | +20.3% | +20.85% |
| 2020 | -3.1% | -3.41% |
| 2019 | +12.6% | +12.72% |
| 2018 | -14.6% | -14.93% |
| 2017 | +14.5% | +14.25% |
| 2016 | -9.3% | -10.11% |
| 2015 | -14.2% | -14.30% |
| 2014 | -11.6% | — |
| 2013 | -1.6% | — |
| 2012 | +32.8% | — |
| 2011 | -12.0% | — |
| 2010 | +27.9% | — |
| 2009 | +53.8% | — |
| 2008 | -41.1% | — |
| 2007 | +11.9% | — |
| 2006 | +44.1% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 63.4% over that stretch · deepest drop along the way 64.6%, back to its old high 20.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.2% over that stretch · deepest drop along the way 47.2%, back to its old high 12.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.1% over that stretch · deepest drop along the way 19.7%, back to its old high 3.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1400 | |
| 2025 | $2.4100 | +17.0% |
| 2024 | $2.0600 | +38.3% |
| 2023 | $1.4900 | -16.8% |
| 2022 | $1.7900 | +70.5% |
| 2021 | $1.0500 | +72.1% |
| 2020 | $0.6100 | -53.4% |
| 2019 | $1.3100 | +39.4% |
| 2018 | $0.9400 | -13.8% |
| 2017 | $1.0900 | -19.9% |
| 2016 | $1.3600 | +16.2% |
| 2015 | $1.1700 | +60.3% |
| 2014 | $0.7300 | -45.5% |
| 2013 | $1.3400 | +81.1% |
| 2012 | $0.7400 | -5.1% |
| 2011 | $0.7800 | +44.4% |
| 2010 | $0.5400 | -22.9% |
| 2009 | $0.7000 | -27.8% |
| 2008 | $0.9700 | -7.6% |
| 2007 | $1.0500 | +128.3% |
| 2006 | $0.4600 |
What's inside
As of Aug 31, 2026, the fund held 40 securities; the ten largest made up 63.93% of assets.
| Holding | Weight | |
|---|---|---|
| Grupo Mexico, S.A.B. de C.V. | 16.61% | |
| Grupo Financiero Banorte, S.A.B. de C.V. | 11.07% | |
| Fomento Economico Mexicano, S.A.B. de C.V. Other | 8.27% | |
| America Movil, S.A.B. de C.V. | 7.51% | |
| INDUSTRIAS PENOLES, S.A.B. DE C.V. | 4.32% | |
| Cemex, S.A.B. de C.V. | 3.96% | |
| Wal-Mart de Mexico, S.A.B. de C.V. | 3.91% | |
| Grupo Aeroportuario del Pacifico, S.A.B. de C.V. | 3.32% | |
| Arca Continental, S.A.B. de C.V. | 2.67% | |
| Fibra Uno Administracion S.C. | 2.28% | |
| Prologis Property Mexico, S.A de C.V. | 2.23% | |
| GRUPO CARSO, S.A.B. DE C.V. | 2.17% | |
| Coca-Cola FEMSA, S.A.B. de C.V. Other | 2.10% | |
| Grupo Bimbo, S.A.B. de C.V. | 2.09% | |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | 2.07% |
By country
Mexico 99.97%By asset type
Stocks 89.03%Other 10.94%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $119.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.82%, +2.10%, -0.04%.
How it works
EWW tracks the MSCI Mexico IMI 25/50 Index. MSCI Inc. builds the index and is independent of BlackRock. The index covers large, mid and small Mexican companies. It weights them by free-float market value: bigger companies count for more, measured only by shares the public can trade. As of August 31, 2025, consumer goods and services, financials and materials made up a large share of the index.
The "25/50" in the name refers to two caps. No single "group entity" can exceed 25% of the index. A group entity is a set of affiliated companies under common control. And all group entities above 5% together cannot exceed 50%. MSCI rebalances the index quarterly. It uses an optimization process to keep weights close to the uncapped MSCI Mexico Index.
BlackRock uses representative sampling. It holds a group of securities that together resemble the index, so it may not own every index stock. At least 80% of assets go into index stocks or close equivalents such as depositary receipts. Up to 20% can go into futures, options, swaps, cash and other securities. As of August 31, 2026, the fund held 40 companies plus a small position in Mexican stock index futures. Portfolio turnover was 7%. The fund may lend out up to one-third of its assets.
What it really costs
- EWW charges 0.5% a year, versus an average of 0.42% for the similar funds below (4th of 5, cheapest first).
- Of that, 0.49% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EWW | $51 | $160 | $280 | $628 |
In a retirement portfolio
It holds stocks from a single country, its top 10 holdings make up nearly two-thirds of assets, and it has lost more than half its value in past crises.
EWW gives exposure to Mexican companies, priced in US dollars, so moves in the peso affect returns. It has fallen hard in bad markets. In the 2008 financial crisis it lost 64.6% and took 20.8 months to recover, by December 2, 2010. It dropped 47.2% in the 2020 COVID crash. Its worst calendar year was 2008, at -41.1%, and it lost 28.26% in 2024. Someone forced to sell shares in a year like that could lock in deep losses. It yielded 3.29% over the 12 months to October 27, 2026, paid twice a year. It charges 0.50% a year. In the SEC's standard example, that comes to $628 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one low-turnover fund of about 40 Mexican stocks, led by Grupo Mexico, Banorte, FEMSA and America Movil.
- Long-horizon investors who can hold through drops like the 47.2% fall in early 2020, which took about 13 months to recover.
- Those who value size and history: $1.82 billion in net assets as of August 31, 2026, and a launch date in 1996.
Look elsewhere if
- Cost-focused investors: the 0.50% expense ratio is more than double FLMX's 0.19%, and the two funds' holdings overlap by 88%.
- Anyone seeking broad diversification: the top 10 holdings made up 63.9% of assets, and nearly everything is in one country.
- Retirees who need steady income or stability: dividends come only twice a year, and the fund once fell 65% from its peak.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EWW this fund | — | 0.5% | $1.82B | +17.0% | +15.2% |
| FLMX Franklin FTSE Mexico ETF | 88% | 0.19% | $84.3M | +17.2% | +14.8% |
| FLLA Franklin FTSE Latin America ETF | 30% | 0.19% | $105.9M | +21.1% | +15.1% |
| ILF iShares Latin America 40 ETF | 25% | 0.48% | $3.74B | +19.9% | +16.3% |
| FLN First Trust Latin America AlphaDEX Fund | 21% | 0.8% | $34.6M | +19.8% | +16.5% |
Questions investors ask
Does EWW pay dividends?
Yes. EWW pays dividends twice a year (semiannually), not monthly or quarterly. Over the 12 months to October 27, 2026, it paid $2.47 per share, a trailing yield of 3.29%. Payments can vary a lot from one period to the next. They depend on what Mexican companies pay out and on the exchange rate between the peso and the US dollar.
What's the difference between EWW and FLMX?
The main differences are cost and size. Both hold Mexican stocks, and their holdings overlapped by 88% in the latest fund reports. EWW charges 0.50% a year, while Franklin FTSE Mexico ETF (FLMX) charges 0.19%. EWW is much larger: $1.82 billion in net assets as of August 31, 2026, against about $84 million for FLMX as of June 30, 2026. One-year returns were close as of October 27, 2026: 17.0% for EWW and 17.2% for FLMX.
What are EWW's top holdings?
As of August 31, 2026, EWW's largest holdings were Grupo Mexico (16.6%), Grupo Financiero Banorte (11.1%), Fomento Economico Mexicano, or FEMSA (8.3%), and America Movil (7.5%). Industrias Penoles, Cemex and Wal-Mart de Mexico came next, each around 4%. The fund held 40 companies, and the top 10 made up 63.9% of assets, so a few stocks drive much of its return.
Is EWW a risky ETF?
Yes, it carries significant risk. It invests almost entirely in one country, so Mexican politics, trade with the US and the peso's value against the dollar all matter. It fell 65% from July 2007 to March 2009 and did not regain that peak until December 2010. Its volatility, a measure of how much returns swing, was 23.4% a year over three years as of October 27, 2026. Its worst quarter in the prospectus was a 36.58% loss in early 2020.
How much does EWW cost per year?
EWW's expense ratio is 0.50% a year, according to the prospectus filed December 19, 2025. That includes a 0.49% management fee. In the SEC's standard example, $10,000 earning 5% a year would cost about $51 in the first year, $280 over five years and $628 over ten. That is above the 0.42% average for the similar funds compared here and well above FLMX's 0.19%.