EPU vs. SPMD
EPU (iShares MSCI Peru ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - EPU tracks the MSCI All Peru Capped Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, EPU returned 13.41%/yr vs 11.15%/yr for SPMD. At a 0.49 correlation, their price movements are largely independent. EPU charges 0.59%/yr vs 0.05%/yr for SPMD.
Performance
EPU vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, EPU achieves a 8.58% return, which is significantly lower than SPMD's 12.33% return. Over the past 10 years, EPU has outperformed SPMD with an annualized return of 13.41%, while SPMD has yielded a comparatively lower 11.15% annualized 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%
SPMD
- 1D
- -1.94%
- 1M
- -0.89%
- YTD
- 12.33%
- 6M
- 11.99%
- 1Y
- 23.91%
- 3Y*
- 15.12%
- 5Y*
- 7.85%
- 10Y*
- 11.15%
EPU vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EPU iShares MSCI Peru ETF | 8.58% | 86.87% | 21.73% | 25.34% | 2.05% | -11.81% | -4.31% | 7.30% | -12.17% | 29.70% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 12.33% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between EPU and SPMD is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009 | 0.49 |
The correlation between EPU and SPMD has been stable across timeframes, ranging from 0.48 to 0.50 - a consistent structural relationship.
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Return for Risk
EPU vs. SPMD — Risk / Return Rank
EPU
SPMD
EPU vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Peru ETF (EPU) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.27 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 2.71 | +0.41 |
| Martin ratioReturn relative to average drawdown | 9.25 | 9.94 | -0.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EPU | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 1.53 | +0.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 0.40 | +0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.53 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.45 | -0.02 |
Drawdowns
EPU vs. SPMD - Drawdown Comparison
The maximum EPU drawdown since its inception was -60.62%, which is greater than SPMD's maximum drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for EPU and SPMD.
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Drawdown Indicators
| EPU | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.62% | -57.62% | -3.00% |
Max Drawdown (1Y)Largest decline over 1 year | -20.85% | -8.86% | -11.99% |
Max Drawdown (3Y)Largest decline over 3 years | -20.85% | -24.08% | +3.23% |
Max Drawdown (5Y)Largest decline over 5 years | -35.59% | -24.08% | -11.51% |
Max Drawdown (10Y)Largest decline over 10 years | -50.97% | -41.86% | -9.11% |
Current DrawdownCurrent decline from peak | -16.28% | -1.94% | -14.34% |
Average DrawdownAverage peak-to-trough decline | -18.82% | -8.12% | -10.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.02% | 2.41% | +4.61% |
Volatility
EPU vs. SPMD - Volatility Comparison
iShares MSCI Peru ETF (EPU) has a higher volatility of 10.84% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.35%. This indicates that EPU's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EPU | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.84% | 4.35% | +6.49% |
Volatility (6M)Calculated over the trailing 6-month period | 25.85% | 11.53% | +14.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.03% | 15.66% | +14.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.20% | 19.71% | +5.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.51% | 21.18% | +2.33% |
EPU vs. SPMD - Expense Ratio Comparison
EPU has a 0.59% expense ratio, which is higher than SPMD's 0.05% expense ratio.
Dividends
EPU vs. SPMD - Dividend Comparison
EPU's dividend yield for the trailing twelve months is around 1.50%, more than SPMD's 1.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.25% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
EPU and SPMD have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EPU has higher volatility (10.84%) compared to SPMD (4.35%). In terms of maximum drawdown, EPU dropped -60.62% vs SPMD's -57.62%.
On 10-year performance, EPU leads with 13.41% vs 11.15% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.35%. 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 13.41% return vs 11.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.59% for EPU.
EPU has the higher dividend yield at 1.50%, compared with 1.25% for SPMD.
EPU tracks MSCI All Peru Capped Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for EPU and 0.05% for SPMD.
EPU currently has the higher Sharpe Ratio (2.17 vs 1.53), 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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