EPU vs. CPAI

Last updated Jun 6, 2026

EPU (iShares MSCI Peru ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both Mid Cap Blend Equities funds. EPU is passively managed, while CPAI is actively managed. Over the past year, EPU returned 64.72% vs 41.32% for CPAI. A 0.50 correlation means they provide meaningful diversification when combined. EPU charges 0.59%/yr vs 0.75%/yr for CPAI.

Performance

EPU vs. CPAI - Performance Comparison

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

Returns By Period

In the year-to-date period, EPU achieves a 8.58% return, which is significantly lower than CPAI's 23.24% return.

EPU

• 1D: -6.28%
• 1M: -4.01%
• YTD: 8.58%
• 6M: 17.68%
• 1Y: 64.72%
• 3Y*: 41.90%
• 5Y*: 22.72%
• 10Y*: 13.41%

CPAI

• 1D: -4.34%
• 1M: 3.69%
• YTD: 23.24%
• 6M: 24.51%
• 1Y: 41.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EPU vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EPU iShares MSCI Peru ETF	8.58%	86.87%	21.73%	13.65%
CPAI Counterpoint Quantitative Equity ETF	23.24%	17.79%	28.37%	6.69%

Correlation

The correlation between EPU and CPAI is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.50

The correlation between EPU and CPAI has been stable across timeframes, ranging from 0.50 to 0.54 - a consistent structural relationship.

EPU vs. CPAI - Sectors Allocation Comparison

Sectors	EPU	CPAI
Basic Materials	52.7%	3.3%
Financial Services	28.8%	4.3%
Consumer Cyclical	4.1%	4.2%
Real Estate	3.2%	-
Consumer Defensive	3.0%	9.5%
Utilities	2.8%	-
Industrials	2.8%	5.7%
Communication Services	1.6%	7.9%
Healthcare	1.2%	16.0%
Energy	-	3.7%
Technology	-	45.4%

Return for Risk

EPU vs. CPAI — Risk / Return Rank

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

EPU

EPU Risk / Return Rank: 61
EPU Sharpe Ratio Rank: 68
EPU Sortino Ratio Rank: 57
EPU Omega Ratio Rank: 61
EPU Calmar Ratio Rank: 65
EPU Martin Ratio Rank: 55

CPAI

CPAI Risk / Return Rank: 73
CPAI Sharpe Ratio Rank: 72
CPAI Sortino Ratio Rank: 67
CPAI Omega Ratio Rank: 67
CPAI Calmar Ratio Rank: 80
CPAI Martin Ratio Rank: 78

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. CPAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Peru ETF (EPU) and Counterpoint Quantitative Equity ETF (CPAI). 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.

	EPU	CPAI	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.22	-0.06
Sortino ratio: Return per unit of downside risk	2.60	2.90	-0.30
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	3.12	3.96	-0.84
Martin ratio: Return relative to average drawdown	9.25	14.36	-5.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPU vs. CPAI - Sharpe Ratio Comparison

The current EPU Sharpe Ratio is 2.17, which is comparable to the CPAI Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of EPU and CPAI, 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

	EPU	CPAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.22	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.66	-1.23

Drawdowns

EPU vs. CPAI - Drawdown Comparison

The maximum EPU drawdown since its inception was -60.62%, which is greater than CPAI's maximum drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for EPU and CPAI.

Drawdown Indicators

	EPU	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-60.62%	-21.46%	-39.16%
Max Drawdown (1Y) Largest decline over 1 year	-20.85%	-10.48%	-10.37%
Max Drawdown (3Y) Largest decline over 3 years	-20.85%	—	—
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	-16.28%	-5.05%	-11.23%
Average Drawdown Average peak-to-trough decline	-18.82%	-2.97%	-15.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.02%	2.89%	+4.13%

Volatility

EPU vs. CPAI - Volatility Comparison

iShares MSCI Peru ETF (EPU) has a higher volatility of 10.84% compared to Counterpoint Quantitative Equity ETF (CPAI) at 7.25%. This indicates that EPU's price experiences larger fluctuations and is considered to be riskier than CPAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPU	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.84%	7.25%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	25.85%	15.23%	+10.62%
Volatility (1Y) Calculated over the trailing 1-year period	30.03%	18.68%	+11.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.20%	19.38%	+5.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.51%	19.38%	+4.13%

EPU vs. CPAI - Expense Ratio Comparison

EPU has a 0.59% expense ratio, which is lower than CPAI's 0.75% expense ratio.

Dividends

EPU vs. CPAI - Dividend Comparison

EPU's dividend yield for the trailing twelve months is around 1.50%, more than CPAI's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPAI Counterpoint Quantitative Equity ETF	0.72%	0.89%	0.41%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EPU iShares MSCI Peru ETF	1.50%	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 CPAI in my portfolio?

EPU and CPAI have a correlation of 0.54, 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 CPAI?

EPU has higher volatility (10.84%) compared to CPAI (7.25%). In terms of maximum drawdown, EPU dropped -60.62% vs CPAI's -21.46%.

Which ETF is better, EPU or CPAI?

On 1-year performance, EPU leads with 64.72% vs 41.32% for CPAI. On fees, EPU is cheaper at 0.59% per year. On volatility, CPAI has been the lower-risk option at 7.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPU or CPAI?

Over the 1-year period, EPU has performed better with a 64.72% return vs 41.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPU or CPAI?

EPU is cheaper with a 0.59% expense ratio, compared with 0.75% for CPAI.

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

EPU has the higher dividend yield at 1.50%, compared with 0.72% for CPAI.

What is the main difference between EPU and CPAI?

They also come from different issuers: iShares and Counterpoint Funds. Their fees differ too: 0.59% for EPU and 0.75% for CPAI.

Which has better risk-adjusted returns?

CPAI currently has the higher Sharpe Ratio (2.22 vs 2.17), 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.