EPU vs. VOO

Last updated Jun 16, 2026

EPU (iShares MSCI Peru ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EPU returned 15.10%/yr vs 15.72%/yr for VOO. At a 0.48 correlation, their price movements are largely independent. EPU charges 0.59%/yr vs 0.03%/yr for VOO.

Performance

EPU vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Peru ETF (EPU) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPU achieves a 22.98% return, which is significantly higher than VOO's 10.99% return. Both investments have delivered pretty close results over the past 10 years, with EPU having a 15.10% annualized return and VOO not far ahead at 15.72%.

EPU

• 1D: 1.62%
• 1M: 11.20%
• YTD: 22.98%
• 6M: 29.01%
• 1Y: 88.50%
• 3Y*: 46.17%
• 5Y*: 30.02%
• 10Y*: 15.10%

VOO

• 1D: 1.74%
• 1M: 2.12%
• YTD: 10.99%
• 6M: 11.51%
• 1Y: 27.95%
• 3Y*: 21.25%
• 5Y*: 13.93%
• 10Y*: 15.72%

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

EPU vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPU iShares MSCI Peru ETF	22.98%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%
VOO Vanguard S&P 500 ETF	10.99%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between EPU and VOO 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	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.48

The correlation between EPU and VOO has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.

EPU vs. VOO - Sectors Allocation Comparison

Sectors	EPU	VOO
Basic Materials	54.2%	1.8%
Financial Services	27.9%	11.6%
Consumer Cyclical	4.1%	10.1%
Consumer Defensive	3.0%	4.9%
Real Estate	3.0%	1.9%
Utilities	2.8%	2.8%
Industrials	2.6%	8.0%
Communication Services	1.5%	11.1%
Healthcare	0.9%	8.5%
Energy	-	3.5%
Technology	-	35.6%

Return for Risk

EPU vs. VOO — Risk / Return Rank

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

EPU

EPU Risk / Return Rank: 82
EPU Sharpe Ratio Rank: 92
EPU Sortino Ratio Rank: 81
EPU Omega Ratio Rank: 83
EPU Calmar Ratio Rank: 85
EPU Martin Ratio Rank: 71

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 80
VOO Sortino Ratio Rank: 78
VOO Omega Ratio Rank: 79
VOO Calmar Ratio Rank: 69
VOO Martin Ratio Rank: 81

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Peru ETF (EPU) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.87	2.28	+0.59
Sortino ratio: Return per unit of downside risk	3.25	3.07	+0.18
Omega ratio: Gain probability vs. loss probability	1.45	1.42	+0.03
Calmar ratio: Return relative to maximum drawdown	4.27	3.15	+1.11
Martin ratio: Return relative to average drawdown	12.29	14.25	-1.96

EPU vs. VOO - Sharpe Ratio Comparison

The current EPU Sharpe Ratio is 2.87, which is comparable to the VOO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of EPU and VOO, 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. VOO - Drawdown Comparison

The maximum EPU drawdown since its inception was -60.62%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for EPU and VOO.

Drawdown Indicators

	EPU	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-60.62%	-33.99%	-26.63%
Max Drawdown (1Y) Largest decline over 1 year	-20.85%	-8.90%	-11.95%
Max Drawdown (3Y) Largest decline over 3 years	-20.85%	-18.69%	-2.16%
Max Drawdown (5Y) Largest decline over 5 years	-35.59%	-24.52%	-11.07%
Max Drawdown (10Y) Largest decline over 10 years	-50.97%	-33.99%	-16.98%
Current Drawdown Current decline from peak	-5.18%	-0.63%	-4.55%
Average Drawdown Average peak-to-trough decline	-18.81%	-3.68%	-15.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.22%	1.97%	+5.25%

Volatility

EPU vs. VOO - Volatility Comparison

iShares MSCI Peru ETF (EPU) has a higher volatility of 13.56% compared to Vanguard S&P 500 ETF (VOO) at 4.61%. This indicates that EPU's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPU	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.56%	4.61%	+8.95%
Volatility (6M) Calculated over the trailing 6-month period	26.92%	9.72%	+17.20%
Volatility (1Y) Calculated over the trailing 1-year period	31.12%	12.34%	+18.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.09%	16.90%	+8.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	18.05%	+5.59%

EPU vs. VOO - Expense Ratio Comparison

EPU has a 0.59% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

EPU vs. VOO - Dividend Comparison

EPU's dividend yield for the trailing twelve months is around 2.97%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	2.97%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both EPU and VOO in my portfolio?

EPU and VOO 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 VOO?

EPU has higher volatility (13.56%) compared to VOO (4.61%). In terms of maximum drawdown, EPU dropped -60.62% vs VOO's -33.99%.

Which ETF is better, EPU or VOO?

On 10-year performance, VOO leads with 15.72% vs 15.10% for EPU. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPU or VOO?

Over the 10-year period, VOO has performed better with a 15.72% return vs 15.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPU or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.59% for EPU.

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

EPU has the higher dividend yield at 2.97%, compared with 1.03% for VOO.

What is the main difference between EPU and VOO?

EPU is categorized as Mid Cap Blend Equities, while VOO is S&P 500. EPU tracks MSCI All Peru Capped Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.59% for EPU and 0.03% for VOO.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.87 vs 2.28), 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.