Why is Mexico not as economically developed as a country like Canada despite both being in North America?

The US is a bit of an anomaly of a country in a lot of ways so it's a bit difficult to compare but why couldn't Mexico reach at least Canada's level of economic prosperity?

Both were colonized by European powers around the same period, both have direct access to the two largest oceans in the world, both have direct land access to the world's largest economic/political/cultural power right next to them, and both have a ton of natural resources.

Mexico also has much more livable land to use for human settlement and investment, whereas <5% of Canada's land is actually fit for human settlement as their arctic is mostly frozen over.

However, if we look at nearly every economic metric, Canada outperforms Mexico by quite a lot even though Mexico should be at least similarly as economically productive and prosperous as Canada given their available resources, available workforce, and geographic location