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EPU vs. EWS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPU vs. EWS

Last updated Aug 2, 2026
Documentation

EPU (iShares MSCI Peru ETF) and EWS (iShares MSCI Singapore ETF) are both exchange-traded funds - EPU is a Latin America Equities fund tracking the MSCI All Peru Capped Index, while EWS is a Asia Pacific Equities fund tracking the MSCI Singapore 25/50 Index. Both are passively managed. Over the past 10 years, EPU returned 13.22%/yr vs 8.70%/yr for EWS. Their 0.52 correlation means they have sometimes moved together and sometimes differently. EPU charges 0.59%/yr vs 0.50%/yr for EWS.

Performance

EPU vs. EWS - Performance Comparison

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

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Returns By Period

In the year-to-date period, EPU achieves a 20.80% return, which is significantly higher than EWS's 19.46% return. Over the past 10 years, EPU has outperformed EWS with an annualized return of 13.22%, while EWS has yielded a comparatively lower 8.70% annualized return.

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%

EWS

1D
-0.40%
1M
7.03%
6M
16.49%
YTD
19.46%
1Y
26.92%
3Y*
22.85%
5Y*
11.82%
10Y*
8.70%
ALL TIME*
4.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EPU

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

EWS

iShares MSCI Singapore ETF
$34.51M$34.58M$29.31M

EPU vs. EWS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWS
iShares MSCI Singapore ETF		19.46%31.35%22.10%6.15%-9.80%5.47%-8.47%14.54%-11.34%34.78%

Correlation

The correlation between EPU and EWS is 0.46, which is low. Their historical price movements had little consistent relationship.

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

0.46

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

0.47

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

0.50

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

0.50

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

0.52

The correlation between EPU and EWS has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.

EPU vs. EWS - Sectors Allocation Comparison

Sectors
EPU
EWS

Basic Materials

49.5%

-

Financial Services

31.6%
52.5%

Consumer Cyclical

4.5%
4.8%

Consumer Defensive

3.3%
4.0%

Real Estate

3.0%
8.7%

Industrials

2.9%
17.4%

Utilities

2.9%
4.1%

Communication Services

1.4%
3.8%

Healthcare

1.0%

-

Energy

-

-

Technology

-

4.7%

Basic Materials

EPU
49.5%
EWS

-

Financial Services

EPU
31.6%
EWS
52.5%

Consumer Cyclical

EPU
4.5%
EWS
4.8%

Consumer Defensive

EPU
3.3%
EWS
4.0%

Real Estate

EPU
3.0%
EWS
8.7%

Industrials

EPU
2.9%
EWS
17.4%

Utilities

EPU
2.9%
EWS
4.1%

Communication Services

EPU
1.4%
EWS
3.8%

Healthcare

EPU
1.0%
EWS

-

Energy

EPU

-

EWS

-

Technology

EPU

-

EWS
4.7%

Compare stocks, funds, or ETFs

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

iShares MSCI Peru ETF

iShares MSCI Singapore ETF

Often compared with EPU:
EPU vs. ECHEPU vs. ILFEPU vs. ARGTEPU vs. EISEPU vs. EVXEPU vs. EPIEPU vs. THD
Often compared with EWS:
EWS vs. EWHEWS vs. EWTEWS vs. EWJEWS vs. ASEAEWS vs. EIDOEWS vs. FLGREWS vs. SMIN

Return for Risk

EPU vs. EWS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
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
EWS
EWS Risk / Return Rank: 7777
Overall Rank
EWS Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWS Sortino Ratio Rank: 7777
Sortino Ratio Rank
EWS Omega Ratio Rank: 7575
Omega Ratio Rank
EWS Calmar Ratio Rank: 8787
Calmar Ratio Rank
EWS Martin Ratio Rank: 7070
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.

EPU vs. EWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Peru ETF (EPU) and iShares MSCI Singapore ETF (EWS). 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.

EPUEWSDifference
Sharpe ratioReturn per unit of total volatility
2.52
1.76

+0.76

Sortino ratioReturn per unit of downside risk
2.96
2.47

+0.48

Omega ratioGain probability vs. loss probability

1.39

1.31

+0.08

Calmar ratioReturn relative to maximum drawdown

3.88

3.50

+0.38

Martin ratioReturn relative to average drawdown

10.45

8.50

+1.95

EPU vs. EWS - Sharpe Ratio Comparison

The current EPU Sharpe Ratio is 2.52, which is higher than the EWS Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of EPU and EWS, 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

EPU vs. EWS - Drawdown Comparison

The maximum EPU drawdown since its inception was -60.62%, smaller than the maximum EWS drawdown of -75.13%. Use the drawdown chart below to compare losses from any high point for EPU and EWS.

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Drawdown Indicators

EPUEWSDifference

Max Drawdown

Largest peak-to-trough decline

-60.62%

-75.13%

+14.51%

Max Drawdown (1Y)

Largest decline over 1 year

-20.85%

-7.82%

-13.03%

Max Drawdown (3Y)

Largest decline over 3 years

-20.85%

-16.34%

-4.51%

Max Drawdown (5Y)

Largest decline over 5 years

-35.59%

-29.06%

-6.53%

Max Drawdown (10Y)

Largest decline over 10 years

-50.97%

-40.84%

-10.13%

Current Drawdown

Current decline from peak

-6.86%

-0.40%

-6.46%

Average Drawdown

Average peak-to-trough decline

-18.72%

-21.89%

+3.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.72%

3.21%

+4.51%

Volatility

EPU vs. EWS - Volatility Comparison

iShares MSCI Peru ETF (EPU) has a higher volatility of 9.00% compared to iShares MSCI Singapore ETF (EWS) at 4.19%. This indicates that EPU's price experiences larger fluctuations and is considered to be riskier than EWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EPUEWSDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.00%

4.19%

+4.81%

Volatility (6M)

Calculated over the trailing 6-month period

27.47%

12.07%

+15.40%

Volatility (1Y)

Calculated over the trailing 1-year period

32.03%

15.57%

+16.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.09%

17.27%

+7.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.71%

17.94%

+5.77%

EPU vs. EWS - Expense Ratio Comparison

EPU has a 0.59% expense ratio, which is higher than EWS's 0.50% expense ratio.

Dividends

EPU vs. EWS - Dividend Comparison

EPU's dividend yield for the trailing twelve months is around 1.98%, less than EWS's 3.67% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWS
iShares MSCI Singapore ETF		3.67%4.10%4.28%6.50%2.56%6.00%2.68%4.70%4.21%3.46%3.96%4.20%

Frequently Asked Questions

EPU and EWS have a correlation of 0.46, 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 EWS (4.19%). In terms of maximum drawdown, EPU dropped -60.62% vs EWS's -75.13%.

On 10-year performance, EPU leads with 13.22% vs 8.70% for EWS. On fees, EWS is cheaper at 0.50% per year. On volatility, EWS has been the lower-risk option at 4.19%. 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 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWS is cheaper with a 0.50% expense ratio, compared with 0.59% for EPU.

EWS has the higher dividend yield at 3.67%, compared with 1.98% for EPU.

EPU is categorized as Latin America Equities, while EWS is Asia Pacific Equities. EPU tracks MSCI All Peru Capped Index, while EWS tracks MSCI Singapore 25/50 Index. Their fees differ too: 0.59% for EPU and 0.50% for EWS.

EPU currently has the higher Sharpe Ratio (2.52 vs 1.76), 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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