EPU vs. XLI

Last updated Jun 9, 2026

EPU (iShares MSCI Peru ETF) and XLI (Industrial Select Sector SPDR Fund) are both exchange-traded funds - EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index, while XLI is a Industrials Equities fund tracking the Industrial Select Sector Index. Both are passively managed. Over the past 10 years, EPU returned 13.60%/yr vs 13.86%/yr for XLI. At a 0.48 correlation, their price movements are largely independent. EPU charges 0.59%/yr vs 0.08%/yr for XLI.

Performance

EPU vs. XLI - Performance Comparison

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

Returns By Period

In the year-to-date period, EPU achieves a 8.06% return, which is significantly lower than XLI's 12.25% return. Both investments have delivered pretty close results over the past 10 years, with EPU having a 13.60% annualized return and XLI not far ahead at 13.86%.

EPU

• 1D: -0.48%
• 1M: -6.18%
• YTD: 8.06%
• 6M: 18.00%
• 1Y: 64.61%
• 3Y*: 41.57%
• 5Y*: 25.82%
• 10Y*: 13.60%

XLI

• 1D: -0.32%
• 1M: 0.25%
• YTD: 12.25%
• 6M: 13.16%
• 1Y: 21.42%
• 3Y*: 21.04%
• 5Y*: 12.54%
• 10Y*: 13.86%

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

EPU vs. XLI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPU iShares MSCI Peru ETF	8.06%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%
XLI Industrial Select Sector SPDR Fund	12.25%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	23.98%

Correlation

The correlation between EPU and XLI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.48

EPU vs. XLI - Sectors Allocation Comparison

Sectors	EPU	XLI
Basic Materials	52.7%	-
Financial Services	28.8%	-
Consumer Cyclical	4.1%	0.5%
Real Estate	3.2%	-
Consumer Defensive	3.0%	-
Utilities	2.8%	4.8%
Industrials	2.8%	90.7%
Communication Services	1.6%	-
Healthcare	1.2%	-
Energy	-	-
Technology	-	4.0%

Return for Risk

EPU vs. XLI — Risk / Return Rank

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

EPU

EPU Risk / Return Rank: 66
EPU Sharpe Ratio Rank: 75
EPU Sortino Ratio Rank: 62
EPU Omega Ratio Rank: 66
EPU Calmar Ratio Rank: 69
EPU Martin Ratio Rank: 57

XLI

XLI Risk / Return Rank: 43
XLI Sharpe Ratio Rank: 44
XLI Sortino Ratio Rank: 46
XLI Omega Ratio Rank: 40
XLI Calmar Ratio Rank: 39
XLI Martin Ratio Rank: 46

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. XLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Peru ETF (EPU) and Industrial Select Sector SPDR Fund (XLI). 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	XLI	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.39	+0.77
Sortino ratio: Return per unit of downside risk	2.59	2.06	+0.53
Omega ratio: Gain probability vs. loss probability	1.36	1.24	+0.11
Calmar ratio: Return relative to maximum drawdown	3.11	1.76	+1.35
Martin ratio: Return relative to average drawdown	9.14	6.97	+2.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPU vs. XLI - Sharpe Ratio Comparison

The current EPU Sharpe Ratio is 2.16, which is higher than the XLI Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of EPU and XLI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EPU	XLI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	1.39	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	0.72	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.70	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.45	-0.02

Drawdowns

EPU vs. XLI - Drawdown Comparison

The maximum EPU drawdown since its inception was -60.62%, roughly equal to the maximum XLI drawdown of -62.26%. Use the drawdown chart below to compare losses from any high point for EPU and XLI.

Drawdown Indicators

	EPU	XLI	Difference
Max Drawdown Largest peak-to-trough decline	-60.62%	-62.26%	+1.64%
Max Drawdown (1Y) Largest decline over 1 year	-20.85%	-12.21%	-8.64%
Max Drawdown (3Y) Largest decline over 3 years	-20.85%	-18.49%	-2.36%
Max Drawdown (5Y) Largest decline over 5 years	-35.59%	-21.64%	-13.95%
Max Drawdown (10Y) Largest decline over 10 years	-50.97%	-42.33%	-8.64%
Current Drawdown Current decline from peak	-16.69%	-2.67%	-14.02%
Average Drawdown Average peak-to-trough decline	-18.82%	-9.20%	-9.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.09%	3.08%	+4.01%

Volatility

EPU vs. XLI - Volatility Comparison

iShares MSCI Peru ETF (EPU) has a higher volatility of 10.84% compared to Industrial Select Sector SPDR Fund (XLI) at 3.98%. This indicates that EPU's price experiences larger fluctuations and is considered to be riskier than XLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPU	XLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.84%	3.98%	+6.86%
Volatility (6M) Calculated over the trailing 6-month period	25.83%	12.84%	+12.99%
Volatility (1Y) Calculated over the trailing 1-year period	30.07%	15.47%	+14.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.91%	17.43%	+7.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.52%	19.99%	+3.53%

EPU vs. XLI - Expense Ratio Comparison

EPU has a 0.59% expense ratio, which is higher than XLI's 0.08% expense ratio.

Dividends

EPU vs. XLI - Dividend Comparison

EPU's dividend yield for the trailing twelve months is around 1.51%, more than XLI's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	1.51%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
XLI Industrial Select Sector SPDR Fund	1.18%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%

Frequently Asked Questions

Can I hold both EPU and XLI in my portfolio?

EPU and XLI have a correlation of 0.47, 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 XLI?

EPU has higher volatility (10.84%) compared to XLI (3.98%). In terms of maximum drawdown, EPU dropped -60.62% vs XLI's -62.26%.

Which ETF is better, EPU or XLI?

On 10-year performance, XLI leads with 13.86% vs 13.60% for EPU. On fees, XLI is cheaper at 0.08% per year. On volatility, XLI has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPU or XLI?

Over the 10-year period, XLI has performed better with a 13.86% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPU or XLI?

XLI is cheaper with a 0.08% expense ratio, compared with 0.59% for EPU.

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

EPU has the higher dividend yield at 1.51%, compared with 1.18% for XLI.

What is the main difference between EPU and XLI?

EPU is categorized as Mid Cap Blend Equities, while XLI is Industrials Equities. EPU tracks MSCI All Peru Capped Index, while XLI tracks Industrial Select Sector Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.59% for EPU and 0.08% for XLI.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.16 vs 1.39), 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.