Seven ETFs cover the major Latin American equity markets. Here's how they compare on cost, yield, valuation, and risk — updated with Q1 2026 data.
Regional basket — cheapest expense ratio at 0.47%
Colombia — highest dividend yield in the group
Colombia leading all LatAm ETFs in 2026
Brazil — most liquid vehicle by far
| Ticker | Country | P/E | Yield | Expense | AUM | YTD | 1Y |
|---|---|---|---|---|---|---|---|
| ILF | LatAm 40 | 12.1× | 4.79% | 0.47% | $2.36B | +15.6% | +53.8% |
| EWZ | Brazil | 12.9× | ~5.0% | 0.59% | $9.65B | +15.3% | +46.7% |
| EWW | Mexico | 13.7× | 3.89% | 0.50% | $1.95B | +5.7% | +42.7% |
| GXG | Colombia | 10.0× | 6.41% | 0.62% | $98M | +33.2% | — |
| ARGT | Argentina | — | — | 0.59% | $796M | -3.9% | +9.4% |
| ECH | Chile | 14.3× | 2.9% | 0.59% | $1.03B | -1.8% | — |
| EPU | Peru | — | — | 0.59% | — | — | — |
Data as of late March 2026. Sources: Yahoo Finance, BlackRock, Global X. YTD figures reflect NAV total returns where available.
Brazil (EWZ) — The liquidity engine. Petrobras, Vale, Itaú, and Nu Holdings anchor a commodity-and-banking portfolio trading at 12.9× earnings. High beta (1.46) means amplified moves in both directions. Best for investors who want pure commodity cycle exposure with meaningful dividend income.
Mexico (EWW) — The nearshoring play. Consumer staples (Walmex, FEMSA), telecoms (América Móvil), and infrastructure (airport groups) make this a defensive, US-adjacent bet. The 13.7× P/E trades at a premium to the region, reflecting lower perceived risk. Recovered strongly from 2024's -25% drawdown.
Colombia (GXG) — The deep-value satellite. A P/E under 10 and a 6.4% yield on a market where political risk has likely been over-discounted. Financials (~39%) and utilities (~23%) dominate. Thin liquidity ($98M AUM) is the main practical constraint. The 33.2% YTD run suggests the re-rating is underway.
Argentina (ARGT) — The high-beta turnaround. After +63% (2024) and +11.5% (2025), ARGT is taking a breather at -3.9% YTD. MercadoLibre (>20% of fund) makes this more of a LatAm e-commerce play than a pure Argentina macro bet. Suitable only for aggressive capital.
Chile (ECH) — The green-metals thesis. SQM (lithium) at ~14% of the fund, plus conservative banks and LATAM Airlines. Down 1.8% YTD as lithium prices soften. Multi-year view required on the energy transition thesis.
Our deep-dive blog post covers portfolio construction strategies, model allocations, and when each ETF makes sense for different investor profiles.
Read the full ETF analysis →