ETFs from Mexico, Brazil, and Chile have posted the best returns among emerging-market ETFs, according to an analysis conducted by Latinometrics in collaboration with Bloomberg Línea. 

According to the analysis, the top-performing Latin American ETF was the Blackrock Mexico ETF, which tracks the stock prices of companies such as Walmex (Walmart’s Mexican subsidiary), FEMSA, América Móvil (parent company of the telecommunications firm Claro), and Banorte. This ETF had a return of 8.4% as of March 17.

The Mexican economy is relatively stable: inflation is trending downward, wages have risen along with employment, and remittances from Mexicans living in the United States continue to grow, which has stimulated domestic consumption. The country is also benefiting from an influx of foreign investment, a result of the nearshoring trend.