GOEX vs. EPU

Last updated Jun 24, 2026

GOEX (Global X Gold Explorers ETF) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - GOEX is a Gold fund tracking the Solactive Global Gold Explorers & Developers Total Return, while EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, GOEX returned 11.97%/yr vs 14.73%/yr for EPU. A 0.52 correlation means they provide meaningful diversification when combined. GOEX charges 0.65%/yr vs 0.59%/yr for EPU.

Performance

GOEX vs. EPU - Performance Comparison

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

Returns By Period

In the year-to-date period, GOEX achieves a -10.87% return, which is significantly lower than EPU's 18.54% return. Over the past 10 years, GOEX has underperformed EPU with an annualized return of 11.97%, while EPU has yielded a comparatively higher 14.73% annualized return.

GOEX

• 1D: -4.76%
• 1M: -7.11%
• YTD: -10.87%
• 6M: -15.49%
• 1Y: 57.11%
• 3Y*: 46.70%
• 5Y*: 19.54%
• 10Y*: 11.97%

EPU

• 1D: -3.70%
• 1M: 3.83%
• YTD: 18.54%
• 6M: 17.84%
• 1Y: 83.34%
• 3Y*: 46.58%
• 5Y*: 29.75%
• 10Y*: 14.73%

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

GOEX vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOEX Global X Gold Explorers ETF	-10.87%	179.50%	19.38%	1.99%	-14.63%	-14.45%	34.98%	36.73%	-14.84%	12.61%
EPU iShares MSCI Peru ETF	18.54%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%

Correlation

The correlation between GOEX and EPU is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010	0.52

The correlation between GOEX and EPU shifts across timeframes, from 0.52 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.

GOEX vs. EPU - Sectors Allocation Comparison

Sectors	GOEX	EPU
Basic Materials	100.0%	54.2%
Industrials	0.1%	2.6%
Communication Services	-	1.5%
Consumer Cyclical	-	4.1%
Consumer Defensive	-	3.0%
Energy	-	-
Financial Services	-	27.9%
Healthcare	-	0.9%
Real Estate	-	3.0%
Technology	-	-
Utilities	-	2.8%

Return for Risk

GOEX vs. EPU — Risk / Return Rank

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

GOEX

GOEX Risk / Return Rank: 31
GOEX Sharpe Ratio Rank: 32
GOEX Sortino Ratio Rank: 31
GOEX Omega Ratio Rank: 33
GOEX Calmar Ratio Rank: 30
GOEX Martin Ratio Rank: 29

EPU

EPU Risk / Return Rank: 76
EPU Sharpe Ratio Rank: 87
EPU Sortino Ratio Rank: 73
EPU Omega Ratio Rank: 75
EPU Calmar Ratio Rank: 80
EPU Martin Ratio Rank: 66

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.

GOEX vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) 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.

	GOEX	EPU	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.68	-1.56
Sortino ratio: Return per unit of downside risk	1.58	3.07	-1.50
Omega ratio: Gain probability vs. loss probability	1.21	1.42	-0.21
Calmar ratio: Return relative to maximum drawdown	1.45	4.02	-2.57
Martin ratio: Return relative to average drawdown	3.84	11.51	-7.67

GOEX vs. EPU - Sharpe Ratio Comparison

The current GOEX Sharpe Ratio is 1.11, which is lower than the EPU Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of GOEX 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.

Drawdowns

GOEX vs. EPU - Drawdown Comparison

The maximum GOEX drawdown since its inception was -88.83%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for GOEX and EPU.

Drawdown Indicators

	GOEX	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-88.83%	-60.62%	-28.21%
Max Drawdown (1Y) Largest decline over 1 year	-39.64%	-20.85%	-18.79%
Max Drawdown (3Y) Largest decline over 3 years	-39.64%	-20.85%	-18.79%
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	-35.59%	-11.57%
Max Drawdown (10Y) Largest decline over 10 years	-53.66%	-50.97%	-2.69%
Current Drawdown Current decline from peak	-34.22%	-8.61%	-25.61%
Average Drawdown Average peak-to-trough decline	-63.47%	-18.79%	-44.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.92%	7.27%	+7.65%

Volatility

GOEX vs. EPU - Volatility Comparison

Global X Gold Explorers ETF (GOEX) has a higher volatility of 18.46% compared to iShares MSCI Peru ETF (EPU) at 12.75%. This indicates that GOEX's price experiences larger fluctuations and is considered to be riskier than EPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOEX	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.46%	12.75%	+5.71%
Volatility (6M) Calculated over the trailing 6-month period	42.70%	27.23%	+15.47%
Volatility (1Y) Calculated over the trailing 1-year period	51.52%	31.33%	+20.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.57%	25.12%	+14.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.17%	23.66%	+16.51%

GOEX vs. EPU - Expense Ratio Comparison

GOEX has a 0.65% expense ratio, which is higher than EPU's 0.59% expense ratio.

Dividends

GOEX vs. EPU - Dividend Comparison

GOEX's dividend yield for the trailing twelve months is around 2.33%, more than EPU's 2.02% 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%
GOEX Global X Gold Explorers ETF	2.33%	2.08%	2.46%	0.05%	1.04%	2.35%	2.62%	1.60%	0.00%	0.00%	38.91%	11.70%

Frequently Asked Questions

Can I hold both GOEX and EPU in my portfolio?

GOEX and EPU have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOEX or EPU?

GOEX has higher volatility (18.46%) compared to EPU (12.75%). In terms of maximum drawdown, GOEX dropped -88.83% vs EPU's -60.62%.

Which ETF is better, GOEX or EPU?

On 10-year performance, EPU leads with 14.73% vs 11.97% for GOEX. On fees, EPU is cheaper at 0.59% per year. On volatility, EPU has been the lower-risk option at 12.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOEX or EPU?

Over the 10-year period, EPU has performed better with a 14.73% return vs 11.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOEX or EPU?

EPU is cheaper with a 0.59% expense ratio, compared with 0.65% for GOEX.

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

GOEX has the higher dividend yield at 2.33%, compared with 2.02% for EPU.

What is the main difference between GOEX and EPU?

GOEX is categorized as Gold, while EPU is Mid Cap Blend Equities. GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.65% for GOEX and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.67 vs 1.11), 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.