CVMC vs. EPU

Last updated Jun 4, 2026

CVMC (Calvert US Mid-Cap Core Responsible Index ETF) and EPU (iShares MSCI Peru ETF) are both Mid Cap Blend Equities funds - CVMC tracks the Russell Midcap Index while EPU tracks the MSCI All Peru Capped Index. Both are passively managed. Over the past 3 years, CVMC returned 16.44%/yr vs 45.81%/yr for EPU. At a 0.47 correlation, their price movements are largely independent. CVMC charges 0.15%/yr vs 0.59%/yr for EPU.

Performance

CVMC vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Mid-Cap Core Responsible Index ETF (CVMC) and iShares MSCI Peru ETF (EPU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CVMC having a 15.51% return and EPU slightly higher at 16.05%.

CVMC

• 1D: -0.01%
• 1M: 6.27%
• YTD: 15.51%
• 6M: 15.72%
• 1Y: 25.78%
• 3Y*: 16.44%
• 5Y*: —
• 10Y*: —

EPU

• 1D: -2.58%
• 1M: 7.83%
• YTD: 16.05%
• 6M: 27.68%
• 1Y: 79.15%
• 3Y*: 45.81%
• 5Y*: 24.36%
• 10Y*: 14.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CVMC vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVMC Calvert US Mid-Cap Core Responsible Index ETF	15.51%	9.52%	12.57%	4.40%
EPU iShares MSCI Peru ETF	16.05%	86.87%	21.73%	14.33%

Correlation

The correlation between CVMC and EPU is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.47

CVMC vs. EPU - Sectors Allocation Comparison

Sectors	CVMC	EPU
Technology	20.9%	-
Industrials	20.6%	2.8%
Financial Services	13.1%	28.8%
Healthcare	10.1%	1.2%
Consumer Cyclical	10.0%	4.1%
Real Estate	7.1%	3.2%
Utilities	6.0%	2.8%
Consumer Defensive	5.5%	3.0%
Communication Services	2.9%	1.6%
Basic Materials	2.6%	52.7%
Energy	1.1%	-

Return for Risk

CVMC vs. EPU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CVMC

CVMC Risk / Return Rank: 57
CVMC Sharpe Ratio Rank: 55
CVMC Sortino Ratio Rank: 58
CVMC Omega Ratio Rank: 53
CVMC Calmar Ratio Rank: 57
CVMC Martin Ratio Rank: 62

EPU

EPU Risk / Return Rank: 71
EPU Sharpe Ratio Rank: 82
EPU Sortino Ratio Rank: 67
EPU Omega Ratio Rank: 70
EPU Calmar Ratio Rank: 75
EPU Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CVMC vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) 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.

	CVMC	EPU	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.71	-0.85
Sortino ratio: Return per unit of downside risk	2.75	3.13	-0.39
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.10
Calmar ratio: Return relative to maximum drawdown	2.77	3.82	-1.04
Martin ratio: Return relative to average drawdown	11.15	11.49	-0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVMC vs. EPU - Sharpe Ratio Comparison

The current CVMC Sharpe Ratio is 1.86, which is lower than the EPU Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of CVMC 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.

Sharpe Ratios by Period

	CVMC	EPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.71	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.45	+0.32

Drawdowns

CVMC vs. EPU - Drawdown Comparison

The maximum CVMC drawdown since its inception was -22.53%, smaller than the maximum EPU drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for CVMC and EPU.

Drawdown Indicators

	CVMC	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-60.62%	+38.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-20.85%	+11.50%
Max Drawdown (3Y) Largest decline over 3 years	-22.53%	-20.85%	-1.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.97%	—
Current Drawdown Current decline from peak	-0.01%	-10.53%	+10.52%
Average Drawdown Average peak-to-trough decline	-4.18%	-18.83%	+14.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	6.91%	-4.59%

Volatility

CVMC vs. EPU - Volatility Comparison

The current volatility for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) is 3.95%, while iShares MSCI Peru ETF (EPU) has a volatility of 9.48%. This indicates that CVMC 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.

Volatility by Period

	CVMC	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	9.48%	-5.53%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	25.04%	-14.53%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	29.32%	-15.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.46%	25.12%	-8.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	23.43%	-6.97%

CVMC vs. EPU - Expense Ratio Comparison

CVMC has a 0.15% expense ratio, which is lower than EPU's 0.59% expense ratio.

Dividends

CVMC vs. EPU - Dividend Comparison

CVMC's dividend yield for the trailing twelve months is around 1.17%, less than EPU's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVMC Calvert US Mid-Cap Core Responsible Index ETF	1.17%	1.39%	1.21%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EPU iShares MSCI Peru ETF	1.41%	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

Can I hold both CVMC and EPU in my portfolio?

CVMC and EPU have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVMC or EPU?

EPU has higher volatility (9.48%) compared to CVMC (3.95%). In terms of maximum drawdown, CVMC dropped -22.53% vs EPU's -60.62%.

Which ETF is better, CVMC or EPU?

On 3-year performance, EPU leads with 45.81% vs 16.44% for CVMC. On fees, CVMC is cheaper at 0.15% per year. On volatility, CVMC has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVMC or EPU?

Over the 3-year period, EPU has performed better with a 45.81% return vs 16.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVMC or EPU?

CVMC is cheaper with a 0.15% expense ratio, compared with 0.59% for EPU.

Which ETF pays a higher dividend yield, CVMC or EPU?

EPU has the higher dividend yield at 1.41%, compared with 1.17% for CVMC.

What is the main difference between CVMC and EPU?

CVMC tracks Russell Midcap Index, while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: Calvert and iShares. Their fees differ too: 0.15% for CVMC and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.71 vs 1.86), 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.