EPU vs. CSD

Last updated Jun 26, 2026

EPU (iShares MSCI Peru ETF) and CSD (Invesco S&P Spin-Off ETF) are both Mid Cap Blend Equities funds - EPU tracks the MSCI All Peru Capped Index while CSD tracks the S&P U.S. Spin-Off Index. Both are passively managed. Over the past 10 years, EPU returned 14.70%/yr vs 15.79%/yr for CSD. At a 0.49 correlation, their price movements are largely independent. EPU charges 0.59%/yr vs 0.65%/yr for CSD.

Performance

EPU vs. CSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Peru ETF (EPU) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPU achieves a 16.35% return, which is significantly lower than CSD's 50.08% return. Over the past 10 years, EPU has underperformed CSD with an annualized return of 14.70%, while CSD has yielded a comparatively higher 15.79% annualized return.

EPU

• 1D: -0.14%
• 1M: -2.13%
• YTD: 16.35%
• 6M: 15.72%
• 1Y: 78.64%
• 3Y*: 45.24%
• 5Y*: 29.08%
• 10Y*: 14.70%

CSD

• 1D: 3.35%
• 1M: 8.44%
• YTD: 50.08%
• 6M: 46.69%
• 1Y: 81.27%
• 3Y*: 39.59%
• 5Y*: 18.85%
• 10Y*: 15.79%

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

EPU vs. CSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPU iShares MSCI Peru ETF	16.35%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%
CSD Invesco S&P Spin-Off ETF	50.08%	21.58%	27.61%	23.77%	-15.04%	13.01%	10.79%	20.61%	-17.82%	20.64%

Correlation

The correlation between EPU and CSD is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jun 22, 2009	0.49

The correlation between EPU and CSD has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

EPU vs. CSD - Sectors Allocation Comparison

Sectors	EPU	CSD
Basic Materials	54.2%	10.6%
Financial Services	27.9%	0.1%
Consumer Cyclical	4.1%	5.8%
Consumer Defensive	3.0%	-
Real Estate	3.0%	5.2%
Utilities	2.8%	5.9%
Industrials	2.6%	31.7%
Communication Services	1.5%	8.5%
Healthcare	0.9%	13.1%
Energy	-	-
Technology	-	19.2%

Return for Risk

EPU vs. CSD — Risk / Return Rank

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

EPU

EPU Risk / Return Rank: 78
EPU Sharpe Ratio Rank: 88
EPU Sortino Ratio Rank: 76
EPU Omega Ratio Rank: 78
EPU Calmar Ratio Rank: 82
EPU Martin Ratio Rank: 68

CSD

CSD Risk / Return Rank: 94
CSD Sharpe Ratio Rank: 95
CSD Sortino Ratio Rank: 93
CSD Omega Ratio Rank: 91
CSD Calmar Ratio Rank: 95
CSD Martin Ratio Rank: 96

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. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Peru ETF (EPU) and Invesco S&P Spin-Off ETF (CSD). 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	CSD	Difference
Sharpe ratio: Return per unit of total volatility	2.52	3.29	-0.77
Sortino ratio: Return per unit of downside risk	2.94	4.02	-1.08
Omega ratio: Gain probability vs. loss probability	1.40	1.52	-0.12
Calmar ratio: Return relative to maximum drawdown	3.79	7.20	-3.41
Martin ratio: Return relative to average drawdown	10.77	28.12	-17.35

EPU vs. CSD - Sharpe Ratio Comparison

The current EPU Sharpe Ratio is 2.52, which is comparable to the CSD Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of EPU and CSD, 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. CSD - Drawdown Comparison

The maximum EPU drawdown since its inception was -60.62%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for EPU and CSD.

Drawdown Indicators

	EPU	CSD	Difference
Max Drawdown Largest peak-to-trough decline	-60.62%	-70.47%	+9.85%
Max Drawdown (1Y) Largest decline over 1 year	-20.85%	-11.34%	-9.51%
Max Drawdown (3Y) Largest decline over 3 years	-20.85%	-30.15%	+9.30%
Max Drawdown (5Y) Largest decline over 5 years	-35.59%	-30.15%	-5.44%
Max Drawdown (10Y) Largest decline over 10 years	-50.97%	-57.55%	+6.58%
Current Drawdown Current decline from peak	-10.30%	0.00%	-10.30%
Average Drawdown Average peak-to-trough decline	-18.79%	-14.19%	-4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.32%	2.90%	+4.42%

Volatility

EPU vs. CSD - Volatility Comparison

iShares MSCI Peru ETF (EPU) has a higher volatility of 12.14% compared to Invesco S&P Spin-Off ETF (CSD) at 8.20%. This indicates that EPU's price experiences larger fluctuations and is considered to be riskier than CSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPU	CSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.14%	8.20%	+3.94%
Volatility (6M) Calculated over the trailing 6-month period	27.23%	18.95%	+8.28%
Volatility (1Y) Calculated over the trailing 1-year period	31.38%	24.88%	+6.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	23.48%	+1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.66%	24.92%	-1.26%

EPU vs. CSD - Expense Ratio Comparison

EPU has a 0.59% expense ratio, which is lower than CSD's 0.65% expense ratio.

Dividends

EPU vs. CSD - Dividend Comparison

EPU's dividend yield for the trailing twelve months is around 2.06%, more than CSD's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSD Invesco S&P Spin-Off ETF	0.11%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%
EPU iShares MSCI Peru ETF	2.06%	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 CSD in my portfolio?

EPU and CSD have a correlation of 0.55, 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 CSD?

EPU has higher volatility (12.14%) compared to CSD (8.20%). In terms of maximum drawdown, EPU dropped -60.62% vs CSD's -70.47%.

Which ETF is better, EPU or CSD?

On 10-year performance, CSD leads with 15.79% vs 14.70% for EPU. On fees, EPU is cheaper at 0.59% per year. On volatility, CSD has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPU or CSD?

Over the 10-year period, CSD has performed better with a 15.79% return vs 14.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPU or CSD?

EPU is cheaper with a 0.59% expense ratio, compared with 0.65% for CSD.

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

EPU has the higher dividend yield at 2.06%, compared with 0.11% for CSD.

What is the main difference between EPU and CSD?

EPU tracks MSCI All Peru Capped Index, while CSD tracks S&P U.S. Spin-Off Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.59% for EPU and 0.65% for CSD.

Which has better risk-adjusted returns?

CSD currently has the higher Sharpe Ratio (3.29 vs 2.52), 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.