Latin America is beating the S&P 500 — and one expert says the best is yet to come.

The iShares Latin America 40 ETF (ILF), which tracks major stocks in the region, is up 15% so far this year. Over the same period, the S&P 500 has risen 11%. That gap matters. It means Latin American stocks are outperforming the U.S. market in 2024. According to Caruso-Cabrera, the forces pushing Latin America up — called "tailwinds" — are the strongest they have been in decades.