Mexican stocks have surged ahead of their U.S. counterparts this year, showcasing their most significant outperformance against the S&P 500 since 2005. By May 8, the iShares MSCI Mexico ETF (NYSE: EWW) rose by 26%, while the S&P 500, tracked by the SPDR S&P 500 ETF Trust (NYSE: SPY), declined by 4.5%. This marks a substantial 30.5 percentage point lead in just under five months, rivaling the 37% annual outperformance in 2005 but at a notably quicker pace. The Mexican peso has also seen a 6.5% appreciation against the U.S. dollar, supporting the stock rally.