EPU vs. ARGT

Last updated Jun 23, 2026

EPU (iShares MSCI Peru ETF) and ARGT (Global X MSCI Argentina ETF) are both exchange-traded funds - EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index, while ARGT is a Latin America Equities fund tracking the MSCI All Argentina 25/50 Index. Both are passively managed. Over the past 10 years, EPU returned 15.17%/yr vs 17.42%/yr for ARGT. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

EPU vs. ARGT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Peru ETF (EPU) and Global X MSCI Argentina ETF (ARGT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPU achieves a 23.09% return, which is significantly higher than ARGT's 3.64% return. Over the past 10 years, EPU has underperformed ARGT with an annualized return of 15.17%, while ARGT has yielded a comparatively higher 17.42% annualized return.

EPU

• 1D: -0.24%
• 1M: 7.82%
• YTD: 23.09%
• 6M: 23.55%
• 1Y: 89.94%
• 3Y*: 48.43%
• 5Y*: 31.01%
• 10Y*: 15.17%

ARGT

• 1D: -2.43%
• 1M: 4.80%
• YTD: 3.64%
• 6M: 4.15%
• 1Y: 12.76%
• 3Y*: 29.12%
• 5Y*: 26.21%
• 10Y*: 17.42%

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

EPU vs. ARGT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPU iShares MSCI Peru ETF	23.09%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%
ARGT Global X MSCI Argentina ETF	3.64%	11.51%	63.46%	53.64%	11.80%	3.83%	14.58%	14.50%	-32.62%	53.87%

Correlation

The correlation between EPU and ARGT is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Mar 3, 2011	0.50

The correlation between EPU and ARGT has been stable across timeframes, ranging from 0.45 to 0.50 - a consistent structural relationship.

EPU vs. ARGT - Sectors Allocation Comparison

Sectors	EPU	ARGT
Basic Materials	54.2%	13.1%
Financial Services	27.9%	16.0%
Consumer Cyclical	4.1%	23.4%
Consumer Defensive	3.0%	6.7%
Real Estate	3.0%	1.4%
Utilities	2.8%	5.3%
Industrials	2.6%	8.2%
Communication Services	1.5%	3.4%
Healthcare	0.9%	-
Energy	-	22.5%
Technology	-	-

Return for Risk

EPU vs. ARGT — Risk / Return Rank

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

EPU

EPU Risk / Return Rank: 80
EPU Sharpe Ratio Rank: 90
EPU Sortino Ratio Rank: 77
EPU Omega Ratio Rank: 79
EPU Calmar Ratio Rank: 83
EPU Martin Ratio Rank: 69

ARGT

ARGT Risk / Return Rank: 15
ARGT Sharpe Ratio Rank: 13
ARGT Sortino Ratio Rank: 15
ARGT Omega Ratio Rank: 15
ARGT Calmar Ratio Rank: 15
ARGT Martin Ratio Rank: 14

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.

EPU vs. ARGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Peru ETF (EPU) and Global X MSCI Argentina ETF (ARGT). 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.

	EPU	ARGT	Difference
Sharpe ratio: Return per unit of total volatility	2.91	0.34	+2.57
Sortino ratio: Return per unit of downside risk	3.28	0.83	+2.45
Omega ratio: Gain probability vs. loss probability	1.45	1.10	+0.35
Calmar ratio: Return relative to maximum drawdown	4.34	0.58	+3.75
Martin ratio: Return relative to average drawdown	12.45	1.28	+11.17

EPU vs. ARGT - Sharpe Ratio Comparison

The current EPU Sharpe Ratio is 2.91, which is higher than the ARGT Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of EPU and ARGT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EPU vs. ARGT - Drawdown Comparison

The maximum EPU drawdown since its inception was -60.62%, roughly equal to the maximum ARGT drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for EPU and ARGT.

Drawdown Indicators

	EPU	ARGT	Difference
Max Drawdown Largest peak-to-trough decline	-60.62%	-61.68%	+1.06%
Max Drawdown (1Y) Largest decline over 1 year	-20.85%	-22.02%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-20.85%	-28.46%	+7.61%
Max Drawdown (5Y) Largest decline over 5 years	-35.59%	-35.14%	-0.45%
Max Drawdown (10Y) Largest decline over 10 years	-50.97%	-61.68%	+10.71%
Current Drawdown Current decline from peak	-5.10%	-7.97%	+2.87%
Average Drawdown Average peak-to-trough decline	-18.79%	-22.00%	+3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.25%	9.99%	-2.74%

Volatility

EPU vs. ARGT - Volatility Comparison

iShares MSCI Peru ETF (EPU) has a higher volatility of 12.16% compared to Global X MSCI Argentina ETF (ARGT) at 10.28%. This indicates that EPU's price experiences larger fluctuations and is considered to be riskier than ARGT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPU	ARGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.16%	10.28%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	26.96%	21.33%	+5.63%
Volatility (1Y) Calculated over the trailing 1-year period	31.14%	37.26%	-6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.06%	32.09%	-7.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.65%	31.52%	-7.87%

EPU vs. ARGT - Expense Ratio Comparison

Both EPU and ARGT have an expense ratio of 0.59%.

Dividends

EPU vs. ARGT - Dividend Comparison

EPU's dividend yield for the trailing twelve months is around 1.95%, more than ARGT's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARGT Global X MSCI Argentina ETF	0.81%	0.84%	1.41%	1.59%	2.45%	0.93%	0.28%	1.21%	1.34%	0.49%	0.36%	0.89%
EPU iShares MSCI Peru ETF	1.95%	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 EPU and ARGT in my portfolio?

EPU and ARGT have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPU or ARGT?

EPU has higher volatility (12.16%) compared to ARGT (10.28%). In terms of maximum drawdown, EPU dropped -60.62% vs ARGT's -61.68%.

Which ETF is better, EPU or ARGT?

On 10-year performance, ARGT leads with 17.42% vs 15.17% for EPU. Both ETFs have the same 0.59% expense ratio. On volatility, ARGT has been the lower-risk option at 10.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPU or ARGT?

Over the 10-year period, ARGT has performed better with a 17.42% return vs 15.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPU or ARGT?

EPU and ARGT have the same expense ratio: 0.59% per year.

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

EPU has the higher dividend yield at 1.95%, compared with 0.81% for ARGT.

What is the main difference between EPU and ARGT?

EPU is categorized as Mid Cap Blend Equities, while ARGT is Latin America Equities. EPU tracks MSCI All Peru Capped Index, while ARGT tracks MSCI All Argentina 25/50 Index. They also come from different issuers: iShares and Global X.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.91 vs 0.34), 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.