EPU vs. FDLS

Last updated Jul 14, 2026

EPU (iShares MSCI Peru ETF) and FDLS (Inspire Fidelis Multi Factor ETF) are both Mid Cap Blend Equities funds - EPU tracks the MSCI All Peru Capped Index while FDLS tracks the WI Fidelis Multi-Cap, Multi-Factor Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, EPU returned 43.35%/yr vs 18.59%/yr for FDLS. A 0.52 correlation means they provide meaningful diversification when combined. EPU charges 0.59%/yr vs 0.76%/yr for FDLS.

Performance

EPU vs. FDLS - Performance Comparison

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

Returns By Period

In the year-to-date period, EPU achieves a 19.72% return, which is significantly higher than FDLS's 18.60% return.

EPU

• 1D: -1.33%
• 1M: -1.08%
• 6M: 7.53%
• YTD: 19.72%
• 1Y: 78.12%
• 3Y*: 43.35%
• 5Y*: 29.94%
• 10Y*: 13.64%

FDLS

• 1D: -0.47%
• 1M: 1.59%
• 6M: 12.22%
• YTD: 18.60%
• 1Y: 33.84%
• 3Y*: 18.59%
• 5Y*: —
• 10Y*: —

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

EPU vs. FDLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EPU iShares MSCI Peru ETF	19.72%	86.87%	21.73%	25.34%	11.26%
FDLS Inspire Fidelis Multi Factor ETF	18.60%	22.47%	7.41%	20.70%	-1.68%

Correlation

The correlation between EPU and FDLS 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	0.50
Correlation (All Time) Calculated using the full available price history since Aug 24, 2022	0.52

The correlation between EPU and FDLS has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

EPU vs. FDLS - Sectors Allocation Comparison

Sectors	EPU	FDLS
Basic Materials	54.2%	5.0%
Financial Services	27.9%	13.5%
Consumer Cyclical	4.1%	5.8%
Consumer Defensive	3.0%	5.0%
Real Estate	3.0%	3.1%
Utilities	2.8%	1.7%
Industrials	2.6%	17.8%
Communication Services	1.5%	2.5%
Healthcare	0.9%	11.8%
Energy	-	8.0%
Technology	-	26.0%

Return for Risk

EPU vs. FDLS — Risk / Return Rank

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

EPU

EPU Risk / Return Rank: 83
EPU Sharpe Ratio Rank: 91
EPU Sortino Ratio Rank: 82
EPU Omega Ratio Rank: 83
EPU Calmar Ratio Rank: 85
EPU Martin Ratio Rank: 72

FDLS

FDLS Risk / Return Rank: 81
FDLS Sharpe Ratio Rank: 79
FDLS Sortino Ratio Rank: 80
FDLS Omega Ratio Rank: 75
FDLS Calmar Ratio Rank: 83
FDLS Martin Ratio Rank: 86

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. FDLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Peru ETF (EPU) and Inspire Fidelis Multi Factor ETF (FDLS). 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	FDLS	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.00	+0.49
Sortino ratio: Return per unit of downside risk	2.91	2.83	+0.08
Omega ratio: Gain probability vs. loss probability	1.39	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	3.77	3.56	+0.20
Martin ratio: Return relative to average drawdown	10.39	14.11	-3.72

EPU vs. FDLS - Sharpe Ratio Comparison

The current EPU Sharpe Ratio is 2.49, which is comparable to the FDLS Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of EPU and FDLS, 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. FDLS - Drawdown Comparison

The maximum EPU drawdown since its inception was -60.62%, which is greater than FDLS's maximum drawdown of -23.32%. Use the drawdown chart below to compare losses from any high point for EPU and FDLS.

Drawdown Indicators

	EPU	FDLS	Difference
Max Drawdown Largest peak-to-trough decline	-60.62%	-23.32%	-37.30%
Max Drawdown (1Y) Largest decline over 1 year	-20.85%	-9.55%	-11.30%
Max Drawdown (3Y) Largest decline over 3 years	-20.85%	-23.32%	+2.47%
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	-7.70%	-0.47%	-7.23%
Average Drawdown Average peak-to-trough decline	-18.76%	-3.80%	-14.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.54%	2.40%	+5.14%

Volatility

EPU vs. FDLS - Volatility Comparison

iShares MSCI Peru ETF (EPU) has a higher volatility of 9.54% compared to Inspire Fidelis Multi Factor ETF (FDLS) at 4.10%. This indicates that EPU's price experiences larger fluctuations and is considered to be riskier than FDLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPU	FDLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.54%	4.10%	+5.44%
Volatility (6M) Calculated over the trailing 6-month period	27.25%	12.76%	+14.49%
Volatility (1Y) Calculated over the trailing 1-year period	31.60%	17.01%	+14.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.20%	18.98%	+6.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.65%	18.98%	+4.67%

EPU vs. FDLS - Expense Ratio Comparison

EPU has a 0.59% expense ratio, which is lower than FDLS's 0.76% expense ratio.

Dividends

EPU vs. FDLS - Dividend Comparison

EPU's dividend yield for the trailing twelve months is around 2.00%, more than FDLS's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	2.00%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
FDLS Inspire Fidelis Multi Factor ETF	0.80%	0.86%	7.26%	0.97%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPU and FDLS in my portfolio?

EPU and FDLS 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 FDLS?

EPU has higher volatility (9.54%) compared to FDLS (4.10%). In terms of maximum drawdown, EPU dropped -60.62% vs FDLS's -23.32%.

Which ETF is better, EPU or FDLS?

On 3-year performance, EPU leads with 43.35% vs 18.59% for FDLS. On fees, EPU is cheaper at 0.59% per year. On volatility, FDLS has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPU or FDLS?

Over the 3-year period, EPU has performed better with a 43.35% return vs 18.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPU or FDLS?

EPU is cheaper with a 0.59% expense ratio, compared with 0.76% for FDLS.

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

EPU has the higher dividend yield at 2.00%, compared with 0.80% for FDLS.

What is the main difference between EPU and FDLS?

EPU tracks MSCI All Peru Capped Index, while FDLS tracks WI Fidelis Multi-Cap, Multi-Factor Index - Benchmark TR Gross. They also come from different issuers: iShares and Inspire. Their fees differ too: 0.59% for EPU and 0.76% for FDLS.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.49 vs 2.00), 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.