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BRF vs. EPU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BRF vs. EPU

Last updated Aug 2, 2026
Documentation

BRF (VanEck Vectors Brazil Small-Cap ETF) and EPU (iShares MSCI Peru ETF) are both Latin America Equities funds - BRF tracks the MVIS Brazil Small-Cap Index while EPU tracks the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, BRF returned 3.54%/yr vs 13.22%/yr for EPU. Their 0.50 correlation means their historical movements had little consistent relationship. BRF charges 0.60%/yr vs 0.59%/yr for EPU.

Performance

BRF vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Brazil Small-Cap ETF (BRF) and iShares MSCI Peru ETF (EPU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BRF achieves a 1.34% return, which is significantly lower than EPU's 20.80% return. Over the past 10 years, BRF has underperformed EPU with an annualized return of 3.54%, while EPU has yielded a comparatively higher 13.22% annualized return.

BRF

1D
-0.43%
1M
-0.31%
6M
-12.16%
YTD
1.34%
1Y
20.04%
3Y*
-0.14%
5Y*
-2.02%
10Y*
3.54%
ALL TIME*
1.74%

EPU

1D
-0.99%
1M
2.20%
6M
0.92%
YTD
20.80%
1Y
81.51%
3Y*
42.19%
5Y*
31.75%
10Y*
13.22%
ALL TIME*
10.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

BRF

VanEck Vectors Brazil Small-Cap ETF
$47.50K$48.62K$103.93K

EPU

iShares MSCI Peru ETF
$5.01M$4.02M$5.98M

BRF vs. EPU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BRF
VanEck Vectors Brazil Small-Cap ETF		1.34%54.17%-35.02%37.21%-14.38%-20.40%-21.07%40.66%-12.07%54.63%
EPU
iShares MSCI Peru ETF		20.80%86.87%21.73%25.34%2.05%-11.81%-4.31%7.30%-12.17%29.70%

Correlation

The correlation between BRF and EPU is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.61

Correlation (3Y)
Balances recent behavior with more history.

0.50

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.46

Correlation (10Y)
Provides a long-term view across more market conditions.

0.46

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2009

0.50

The correlation between BRF and EPU shifts across timeframes, from 0.46 (10 years) to 0.61 (1 year), reflecting how their relationship changes across market environments.

BRF vs. EPU - Sectors Allocation Comparison

Sectors
BRF
EPU

Consumer Cyclical

16.3%
4.5%

Real Estate

15.1%
3.0%

Basic Materials

13.7%
49.5%

Industrials

12.6%
2.9%

Utilities

9.6%
2.9%

Financial Services

9.2%
31.6%

Consumer Defensive

8.8%
3.3%

Healthcare

6.2%
1.0%

Energy

4.9%

-

Technology

3.5%

-

Communication Services

-

1.4%

Consumer Cyclical

BRF
16.3%
EPU
4.5%

Real Estate

BRF
15.1%
EPU
3.0%

Basic Materials

BRF
13.7%
EPU
49.5%

Industrials

BRF
12.6%
EPU
2.9%

Utilities

BRF
9.6%
EPU
2.9%

Financial Services

BRF
9.2%
EPU
31.6%

Consumer Defensive

BRF
8.8%
EPU
3.3%

Healthcare

BRF
6.2%
EPU
1.0%

Energy

BRF
4.9%
EPU

-

Technology

BRF
3.5%
EPU

-

Communication Services

BRF

-

EPU
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Vectors Brazil Small-Cap ETF

iShares MSCI Peru ETF

Often compared with BRF:
BRF vs. EWZBRF vs. EWZSBRF vs. FLNBRF vs. KSABRF vs. TMFCBRF vs. GDXBRF vs. FLBR
Often compared with EPU:
EPU vs. ECHEPU vs. ILFEPU vs. ARGTEPU vs. EISEPU vs. EVXEPU vs. EPIEPU vs. EWS

Return for Risk

BRF vs. EPU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
BRF
BRF Risk / Return Rank: 3131
Overall Rank
BRF Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
BRF Sortino Ratio Rank: 3131
Sortino Ratio Rank
BRF Omega Ratio Rank: 3131
Omega Ratio Rank
BRF Calmar Ratio Rank: 3232
Calmar Ratio Rank
BRF Martin Ratio Rank: 2929
Martin Ratio Rank
EPU
EPU Risk / Return Rank: 8888
Overall Rank
EPU Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EPU Sortino Ratio Rank: 8787
Sortino Ratio Rank
EPU Omega Ratio Rank: 8888
Omega Ratio Rank
EPU Calmar Ratio Rank: 9090
Calmar Ratio Rank
EPU Martin Ratio Rank: 8080
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BRF vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Brazil Small-Cap ETF (BRF) and iShares MSCI Peru ETF (EPU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

BRFEPUDifference
Sharpe ratioReturn per unit of total volatility
0.76
2.52

-1.77

Sortino ratioReturn per unit of downside risk
1.19
2.96

-1.76

Omega ratioGain probability vs. loss probability

1.15

1.39

-0.24

Calmar ratioReturn relative to maximum drawdown

1.07

3.88

-2.80

Martin ratioReturn relative to average drawdown

2.45

10.45

-8.00

BRF vs. EPU - Sharpe Ratio Comparison

The current BRF Sharpe Ratio is 0.76, which is lower than the EPU Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of BRF and EPU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BRF vs. EPU - Drawdown Comparison

The maximum BRF drawdown since its inception was -82.26%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for BRF and EPU.

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Drawdown Indicators

BRFEPUDifference

Max Drawdown

Largest peak-to-trough decline

-82.26%

-60.62%

-21.64%

Max Drawdown (1Y)

Largest decline over 1 year

-20.51%

-20.85%

+0.34%

Max Drawdown (3Y)

Largest decline over 3 years

-36.89%

-20.85%

-16.04%

Max Drawdown (5Y)

Largest decline over 5 years

-43.02%

-35.59%

-7.43%

Max Drawdown (10Y)

Largest decline over 10 years

-60.43%

-50.97%

-9.46%

Current Drawdown

Current decline from peak

-50.60%

-6.86%

-43.74%

Average Drawdown

Average peak-to-trough decline

-45.77%

-18.72%

-27.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.97%

7.72%

+1.25%

Volatility

BRF vs. EPU - Volatility Comparison

The current volatility for VanEck Vectors Brazil Small-Cap ETF (BRF) is 7.18%, while iShares MSCI Peru ETF (EPU) has a volatility of 9.00%. This indicates that BRF experiences smaller price fluctuations and is considered to be less risky than EPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BRFEPUDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.18%

9.00%

-1.82%

Volatility (6M)

Calculated over the trailing 6-month period

22.54%

27.47%

-4.93%

Volatility (1Y)

Calculated over the trailing 1-year period

29.04%

32.03%

-2.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.50%

25.09%

+6.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.82%

23.71%

+10.11%

BRF vs. EPU - Expense Ratio Comparison

BRF has a 0.60% expense ratio, which is higher than EPU's 0.59% expense ratio.

Dividends

BRF vs. EPU - Dividend Comparison

BRF's dividend yield for the trailing twelve months is around 5.47%, more than EPU's 1.98% yield.

PositionTTM20252024202320222021202020192018201720162015
BRF
VanEck Vectors Brazil Small-Cap ETF		5.47%5.54%4.08%5.02%4.13%2.96%1.66%2.54%2.89%4.53%4.25%3.84%
EPU
iShares MSCI Peru ETF		1.98%1.63%5.78%4.17%5.56%3.13%1.91%2.67%1.53%3.30%0.85%1.90%

Frequently Asked Questions

BRF and EPU have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPU has higher volatility (9.00%) compared to BRF (7.18%). In terms of maximum drawdown, BRF dropped -82.26% vs EPU's -60.62%.

On 10-year performance, EPU leads with 13.22% vs 3.54% for BRF. On fees, EPU is cheaper at 0.59% per year. On volatility, BRF has been the lower-risk option at 7.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EPU has performed better with a 13.22% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EPU is cheaper with a 0.59% expense ratio, compared with 0.60% for BRF.

BRF has the higher dividend yield at 5.47%, compared with 1.98% for EPU.

BRF tracks MVIS Brazil Small-Cap Index, while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.60% for BRF and 0.59% for EPU.

EPU currently has the higher Sharpe Ratio (2.52 vs 0.76), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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