EPU vs. ION

Last updated Jul 21, 2026

EPU (iShares MSCI Peru ETF) and ION (Proshares S&P Global Core Battery Metals ETF) are both exchange-traded funds - EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index, while ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, EPU returned 42.43%/yr vs 7.83%/yr for ION. A 0.66 correlation means they provide meaningful diversification when combined. EPU charges 0.59%/yr vs 0.58%/yr for ION.

Performance

EPU vs. ION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Peru ETF (EPU) and Proshares S&P Global Core Battery Metals ETF (ION). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPU achieves a 18.75% return, which is significantly higher than ION's -12.05% return.

EPU

• 1D: 0.01%
• 1M: -3.76%
• 6M: 3.98%
• YTD: 18.75%
• 1Y: 78.54%
• 3Y*: 42.43%
• 5Y*: 29.59%
• 10Y*: 13.58%
• ALL TIME*: 10.56%

ION

• 1D: -2.66%
• 1M: -19.28%
• 6M: -23.00%
• YTD: -12.05%
• 1Y: 45.93%
• 3Y*: 7.83%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.98%

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

EPU vs. ION - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EPU iShares MSCI Peru ETF	18.75%	86.87%	21.73%	25.34%	-1.71%
ION Proshares S&P Global Core Battery Metals ETF	-12.05%	108.37%	-20.02%	-14.10%	-8.45%

Correlation

The correlation between EPU and ION is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.66

The correlation between EPU and ION has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

EPU vs. ION - Sectors Allocation Comparison

Sectors	EPU	ION
Basic Materials	49.5%	14.1%
Financial Services	31.6%	14.4%
Consumer Cyclical	4.5%	3.6%
Consumer Defensive	3.3%	-
Real Estate	3.0%	2.4%
Industrials	2.9%	1.8%
Utilities	2.9%	-
Communication Services	1.4%	-
Healthcare	1.0%	2.2%
Energy	-	2.7%
Technology	-	-

Return for Risk

EPU vs. ION — Risk / Return Rank

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

EPU

EPU Risk / Return Rank: 85
EPU Sharpe Ratio Rank: 92
EPU Sortino Ratio Rank: 84
EPU Omega Ratio Rank: 85
EPU Calmar Ratio Rank: 88
EPU Martin Ratio Rank: 76

ION

ION Risk / Return Rank: 39
ION Sharpe Ratio Rank: 43
ION Sortino Ratio Rank: 41
ION Omega Ratio Rank: 40
ION Calmar Ratio Rank: 36
ION Martin Ratio Rank: 37

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. ION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Peru ETF (EPU) and Proshares S&P Global Core Battery Metals ETF (ION). 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	ION	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.15	+1.34
Sortino ratio: Return per unit of downside risk	2.91	1.65	+1.26
Omega ratio: Gain probability vs. loss probability	1.39	1.20	+0.19
Calmar ratio: Return relative to maximum drawdown	3.79	1.37	+2.41
Martin ratio: Return relative to average drawdown	10.35	4.26	+6.09

EPU vs. ION - Sharpe Ratio Comparison

The current EPU Sharpe Ratio is 2.49, which is higher than the ION Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of EPU and ION, 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. ION - Drawdown Comparison

The maximum EPU drawdown since its inception was -60.62%, which is greater than ION's maximum drawdown of -52.08%. Use the drawdown chart below to compare losses from any high point for EPU and ION.

Drawdown Indicators

	EPU	ION	Difference
Max Drawdown Largest peak-to-trough decline	-60.62%	-52.08%	-8.54%
Max Drawdown (1Y) Largest decline over 1 year	-20.85%	-33.66%	+12.81%
Max Drawdown (3Y) Largest decline over 3 years	-20.85%	-45.11%	+24.26%
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	-8.45%	-33.66%	+25.21%
Average Drawdown Average peak-to-trough decline	-18.75%	-23.68%	+4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	10.81%	-3.20%

Volatility

EPU vs. ION - Volatility Comparison

The current volatility for iShares MSCI Peru ETF (EPU) is 7.88%, while Proshares S&P Global Core Battery Metals ETF (ION) has a volatility of 9.58%. This indicates that EPU experiences smaller price fluctuations and is considered to be less risky than ION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPU	ION	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.88%	9.58%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	27.14%	31.29%	-4.15%
Volatility (1Y) Calculated over the trailing 1-year period	31.72%	40.13%	-8.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.21%	31.64%	-6.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.66%	31.64%	-7.98%

EPU vs. ION - Expense Ratio Comparison

EPU has a 0.59% expense ratio, which is higher than ION's 0.58% expense ratio.

Dividends

EPU vs. ION - Dividend Comparison

EPU's dividend yield for the trailing twelve months is around 2.02%, more than ION's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	2.02%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
ION Proshares S&P Global Core Battery Metals ETF	1.69%	1.63%	1.74%	2.23%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPU and ION in my portfolio?

EPU and ION have a correlation of 0.64, 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 ION?

ION has higher volatility (9.58%) compared to EPU (7.88%). In terms of maximum drawdown, EPU dropped -60.62% vs ION's -52.08%.

Which ETF is better, EPU or ION?

On 3-year performance, EPU leads with 42.43% vs 7.83% for ION. On fees, ION is cheaper at 0.58% per year. On volatility, EPU has been the lower-risk option at 7.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPU or ION?

Over the 3-year period, EPU has performed better with a 42.43% return vs 7.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPU or ION?

ION is cheaper with a 0.58% expense ratio, compared with 0.59% for EPU.

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

EPU has the higher dividend yield at 2.02%, compared with 1.69% for ION.

What is the main difference between EPU and ION?

EPU is categorized as Mid Cap Blend Equities, while ION is Lithium & Battery Metals. EPU tracks MSCI All Peru Capped Index, while ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.59% for EPU and 0.58% for ION.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.49 vs 1.15), 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.