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EWW vs. EPU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWW vs. EPU

Last updated Aug 4, 2026
Documentation

EWW (iShares MSCI Mexico ETF) and EPU (iShares MSCI Peru ETF) are both Latin America Equities funds from iShares - EWW tracks the MSCI Mexico IMI 25/50 Index while EPU tracks the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, EWW returned 7.05%/yr vs 13.28%/yr for EPU. Their 0.54 correlation means they have sometimes moved together and sometimes differently. EWW charges 0.50%/yr vs 0.59%/yr for EPU.

Performance

EWW vs. EPU - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWW achieves a 12.04% return, which is significantly lower than EPU's 21.67% return. Over the past 10 years, EWW has underperformed EPU with an annualized return of 7.05%, while EPU has yielded a comparatively higher 13.28% annualized return.

EWW

1D
-0.34%
1M
1.39%
6M
2.98%
YTD
12.04%
1Y
32.83%
3Y*
10.69%
5Y*
12.92%
10Y*
7.05%
ALL TIME*
8.92%

EPU

1D
0.72%
1M
2.93%
6M
0.72%
YTD
21.67%
1Y
82.82%
3Y*
43.36%
5Y*
32.28%
10Y*
13.28%
ALL TIME*
10.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EPU

iShares MSCI Peru ETF
$4.58M$4.06M$5.78M

EWW

iShares MSCI Mexico ETF
$81.87M$77.20M$92.45M

EWW vs. EPU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWW
iShares MSCI Mexico ETF		12.04%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%14.47%
EPU
iShares MSCI Peru ETF		21.67%86.87%21.73%25.34%2.05%-11.81%-4.31%7.30%-12.17%29.70%

Correlation

The correlation between EWW and EPU is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.58

Correlation (3Y)
Balances recent behavior with more history.

0.53

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.53

Correlation (10Y)
Provides a long-term view across more market conditions.

0.52

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2009

0.54

The correlation between EWW and EPU has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.

EWW vs. EPU - Sectors Allocation Comparison

Sectors
EWW
EPU

Basic Materials

24.7%
49.5%

Consumer Defensive

24.4%
3.3%

Financial Services

19.7%
31.6%

Industrials

12.5%
2.9%

Communication Services

10.1%
1.4%

Real Estate

6.5%
3.0%

Consumer Cyclical

1.1%
4.5%

Healthcare

0.5%
1.0%

Energy

-

-

Technology

-

-

Utilities

-

2.9%

Basic Materials

EWW
24.7%
EPU
49.5%

Consumer Defensive

EWW
24.4%
EPU
3.3%

Financial Services

EWW
19.7%
EPU
31.6%

Industrials

EWW
12.5%
EPU
2.9%

Communication Services

EWW
10.1%
EPU
1.4%

Real Estate

EWW
6.5%
EPU
3.0%

Consumer Cyclical

EWW
1.1%
EPU
4.5%

Healthcare

EWW
0.5%
EPU
1.0%

Energy

EWW

-

EPU

-

Technology

EWW

-

EPU

-

Utilities

EWW

-

EPU
2.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Mexico ETF

iShares MSCI Peru ETF

Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECH
Often compared with EPU:
EPU vs. ECHEPU vs. ILFEPU vs. ARGTEPU vs. EISEPU vs. EVXEPU vs. EPIEPU vs. EWS

Return for Risk

EWW vs. EPU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWW
EWW Risk / Return Rank: 6262
Overall Rank
EWW Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 6161
Sortino Ratio Rank
EWW Omega Ratio Rank: 5959
Omega Ratio Rank
EWW Calmar Ratio Rank: 6666
Calmar Ratio Rank
EWW Martin Ratio Rank: 6262
Martin Ratio Rank
EPU
EPU Risk / Return Rank: 8888
Overall Rank
EPU Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EPU Sortino Ratio Rank: 8787
Sortino Ratio Rank
EPU Omega Ratio Rank: 8888
Omega Ratio Rank
EPU Calmar Ratio Rank: 9090
Calmar Ratio Rank
EPU Martin Ratio Rank: 8080
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWW vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and iShares MSCI Peru ETF (EPU). 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.

EWWEPUDifference
Sharpe ratioReturn per unit of total volatility
1.50
2.60

-1.10

Sortino ratioReturn per unit of downside risk
2.12
3.02

-0.90

Omega ratioGain probability vs. loss probability

1.26

1.40

-0.14

Calmar ratioReturn relative to maximum drawdown

2.36

3.99

-1.63

Martin ratioReturn relative to average drawdown

7.62

10.75

-3.13

EWW vs. EPU - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.50, which is lower than the EPU Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of EWW and EPU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EWW vs. EPU - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for EWW and EPU.

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Drawdown Indicators

EWWEPUDifference

Max Drawdown

Largest peak-to-trough decline

-64.94%

-60.62%

-4.32%

Max Drawdown (1Y)

Largest decline over 1 year

-13.98%

-20.85%

+6.87%

Max Drawdown (3Y)

Largest decline over 3 years

-31.17%

-20.85%

-10.32%

Max Drawdown (5Y)

Largest decline over 5 years

-31.17%

-35.59%

+4.42%

Max Drawdown (10Y)

Largest decline over 10 years

-53.62%

-50.97%

-2.65%

Current Drawdown

Current decline from peak

-4.37%

-6.19%

+1.82%

Average Drawdown

Average peak-to-trough decline

-18.45%

-18.72%

+0.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.32%

7.73%

-3.41%

Volatility

EWW vs. EPU - Volatility Comparison

The current volatility for iShares MSCI Mexico ETF (EWW) is 5.26%, while iShares MSCI Peru ETF (EPU) has a volatility of 8.89%. This indicates that EWW experiences smaller price fluctuations and is considered to be less risky than EPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWWEPUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.26%

8.89%

-3.63%

Volatility (6M)

Calculated over the trailing 6-month period

18.05%

26.65%

-8.60%

Volatility (1Y)

Calculated over the trailing 1-year period

22.07%

32.07%

-10.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.57%

25.10%

-2.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.25%

23.72%

+1.53%

EWW vs. EPU - Expense Ratio Comparison

EWW has a 0.50% expense ratio, which is lower than EPU's 0.59% expense ratio.

Dividends

EWW vs. EPU - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.22%, more than EPU's 1.97% yield.

PositionTTM20252024202320222021202020192018201720162015
EPU
iShares MSCI Peru ETF		1.97%1.63%5.78%4.17%5.56%3.13%1.91%2.67%1.53%3.30%0.85%1.90%
EWW
iShares MSCI Mexico ETF		3.22%3.48%4.39%2.19%3.64%2.06%1.43%2.92%2.30%2.22%1.77%2.34%

Frequently Asked Questions

EWW and EPU have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPU has higher volatility (8.89%) compared to EWW (5.26%). In terms of maximum drawdown, EWW dropped -64.94% vs EPU's -60.62%.

On 10-year performance, EPU leads with 13.28% vs 7.05% for EWW. On fees, EWW is cheaper at 0.50% per year. On volatility, EWW has been the lower-risk option at 5.26%. 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 13.28% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWW is cheaper with a 0.50% expense ratio, compared with 0.59% for EPU.

EWW has the higher dividend yield at 3.22%, compared with 1.97% for EPU.

EWW tracks MSCI Mexico IMI 25/50 Index, while EPU tracks MSCI All Peru Capped Index. Their fees differ too: 0.50% for EWW and 0.59% for EPU.

EPU currently has the higher Sharpe Ratio (2.60 vs 1.50), 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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