GVAL vs. EPU

Last updated Jun 13, 2026

GVAL (Cambria Global Value ETF) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - GVAL is a Global Equities fund actively managed by Cambria, while EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index. GVAL is actively managed, while EPU is passively managed. Over the past 10 years, GVAL returned 11.46%/yr vs 15.16%/yr for EPU. A 0.59 correlation means they provide meaningful diversification when combined. GVAL charges 0.64%/yr vs 0.59%/yr for EPU.

Performance

GVAL vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Global Value ETF (GVAL) 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, GVAL achieves a 16.63% return, which is significantly lower than EPU's 21.02% return. Over the past 10 years, GVAL has underperformed EPU with an annualized return of 11.46%, while EPU has yielded a comparatively higher 15.16% annualized return.

GVAL

• 1D: 1.47%
• 1M: 3.88%
• YTD: 16.63%
• 6M: 18.08%
• 1Y: 40.92%
• 3Y*: 26.84%
• 5Y*: 13.64%
• 10Y*: 11.46%

EPU

• 1D: 2.12%
• 1M: 4.37%
• YTD: 21.02%
• 6M: 26.87%
• 1Y: 85.51%
• 3Y*: 46.38%
• 5Y*: 28.15%
• 10Y*: 15.16%

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

GVAL vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVAL Cambria Global Value ETF	16.63%	55.87%	2.59%	13.30%	-7.98%	10.70%	-8.51%	17.24%	-14.30%	29.50%
EPU iShares MSCI Peru ETF	21.02%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%

Correlation

The correlation between GVAL and EPU is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 12, 2014	0.59

The correlation between GVAL and EPU has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.

GVAL vs. EPU - Sectors Allocation Comparison

Sectors	GVAL	EPU
Financial Services	16.5%	28.8%
Basic Materials	8.3%	52.7%
Energy	7.7%	-
Real Estate	6.9%	3.2%
Technology	6.5%	-
Communication Services	4.6%	1.6%
Utilities	4.0%	2.8%
Industrials	3.6%	2.8%
Consumer Cyclical	2.6%	4.1%
Consumer Defensive	1.9%	3.0%
Healthcare	-	1.2%

Return for Risk

GVAL vs. EPU — Risk / Return Rank

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

GVAL

GVAL Risk / Return Rank: 84
GVAL Sharpe Ratio Rank: 90
GVAL Sortino Ratio Rank: 88
GVAL Omega Ratio Rank: 87
GVAL Calmar Ratio Rank: 77
GVAL Martin Ratio Rank: 79

EPU

EPU Risk / Return Rank: 82
EPU Sharpe Ratio Rank: 91
EPU Sortino Ratio Rank: 81
EPU Omega Ratio Rank: 83
EPU Calmar Ratio Rank: 85
EPU Martin Ratio Rank: 72

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.

GVAL vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Global Value ETF (GVAL) 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.

	GVAL	EPU	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.73	-0.10
Sortino ratio: Return per unit of downside risk	3.50	3.14	+0.36
Omega ratio: Gain probability vs. loss probability	1.47	1.43	+0.04
Calmar ratio: Return relative to maximum drawdown	3.48	4.07	-0.59
Martin ratio: Return relative to average drawdown	13.27	11.73	+1.53

GVAL vs. EPU - Sharpe Ratio Comparison

The current GVAL Sharpe Ratio is 2.64, which is comparable to the EPU Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of GVAL 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

GVAL vs. EPU - Drawdown Comparison

The maximum GVAL drawdown since its inception was -46.82%, smaller than the maximum EPU drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for GVAL and EPU.

Drawdown Indicators

	GVAL	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-46.82%	-60.62%	+13.80%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-20.85%	+9.35%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-20.85%	+5.13%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	-35.59%	+4.76%
Max Drawdown (10Y) Largest decline over 10 years	-46.82%	-50.97%	+4.15%
Current Drawdown Current decline from peak	0.00%	-6.69%	+6.69%
Average Drawdown Average peak-to-trough decline	-13.85%	-18.81%	+4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	7.22%	-4.20%

Volatility

GVAL vs. EPU - Volatility Comparison

The current volatility for Cambria Global Value ETF (GVAL) is 6.00%, while iShares MSCI Peru ETF (EPU) has a volatility of 13.52%. This indicates that GVAL 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.

Volatility by Period

	GVAL	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	13.52%	-7.52%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	26.94%	-13.54%
Volatility (1Y) Calculated over the trailing 1-year period	15.18%	31.04%	-15.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.56%	25.11%	-6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.20%	23.64%	-4.44%

GVAL vs. EPU - Expense Ratio Comparison

GVAL has a 0.64% expense ratio, which is higher than EPU's 0.59% expense ratio.

Dividends

GVAL vs. EPU - Dividend Comparison

GVAL's dividend yield for the trailing twelve months is around 2.77%, more than EPU's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	1.35%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
GVAL Cambria Global Value ETF	2.77%	2.93%	4.75%	6.12%	5.05%	2.97%	1.90%	2.84%	4.65%	2.00%	2.54%	2.11%

Frequently Asked Questions

Can I hold both GVAL and EPU in my portfolio?

GVAL and EPU have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVAL or EPU?

EPU has higher volatility (13.52%) compared to GVAL (6.00%). In terms of maximum drawdown, GVAL dropped -46.82% vs EPU's -60.62%.

Which ETF is better, GVAL or EPU?

On 10-year performance, EPU leads with 15.16% vs 11.46% for GVAL. On fees, EPU is cheaper at 0.59% per year. On volatility, GVAL has been the lower-risk option at 6.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVAL or EPU?

Over the 10-year period, EPU has performed better with a 15.16% return vs 11.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVAL or EPU?

EPU is cheaper with a 0.59% expense ratio, compared with 0.64% for GVAL.

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

GVAL has the higher dividend yield at 2.77%, compared with 1.35% for EPU.

What is the main difference between GVAL and EPU?

GVAL is categorized as Global Equities, while EPU is Mid Cap Blend Equities. They also come from different issuers: Cambria and iShares. Their fees differ too: 0.64% for GVAL and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.73 vs 2.64), 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.