Above is a one year comparison chart for 6 Latin American ETFs. With the exception of Argentina, all are in negative territory. There are two underlying reasons for this. The first is the negative impact of China's economic re-balancing, which is negatively impacting countries like Peru and Chile. Consider this chart of exports from those two countries:
While exports from both countries picked-up after the great recession, both have seen a stalling since roughly mid-2010. This has also hurt Brazil, another net exporter. Mexico's economic fortunes are tied to the US' so as concerns about the US economy built, Mexico's equity index underperformed.