INVN vs. EPU

Last updated Aug 2, 2026

INVN (Alger Russell Innovation ETF) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - INVN is a Mid Cap Blend Equities fund tracking the Alger Russell Innovation Index, while EPU is a Latin America Equities fund tracking the MSCI All Peru Capped Index. Both are passively managed. Over the past year, INVN returned 24.54% vs 81.51% for EPU. Their 0.20 correlation means their historical movements had little consistent relationship. INVN charges 0.55%/yr vs 0.59%/yr for EPU.

Performance

INVN vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Russell Innovation ETF (INVN) 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, INVN achieves a 9.96% return, which is significantly lower than EPU's 20.80% return.

INVN

• 1D: -0.50%
• 1M: 7.03%
• 6M: 18.92%
• YTD: 9.96%
• 1Y: 24.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.69%

EPU

• 1D: -0.99%
• 1M: 2.20%
• 6M: 0.92%
• YTD: 20.80%
• 1Y: 81.51%
• 3Y*: 42.19%
• 5Y*: 31.75%
• 10Y*: 13.22%
• ALL TIME*: 10.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EPU iShares MSCI Peru ETF	$5.01M	$4.02M	$5.98M
INVN Alger Russell Innovation ETF	$258.38K	$157.49K	$106.45K

INVN vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025
INVN Alger Russell Innovation ETF	9.96%	6.56%
EPU iShares MSCI Peru ETF	20.80%	83.80%

Correlation

The correlation between INVN and EPU is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.14
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.20

Return for Risk

INVN vs. EPU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INVN

INVN Risk / Return Rank: 37
INVN Sharpe Ratio Rank: 39
INVN Sortino Ratio Rank: 41
INVN Omega Ratio Rank: 39
INVN Calmar Ratio Rank: 33
INVN Martin Ratio Rank: 31

EPU

EPU Risk / Return Rank: 88
EPU Sharpe Ratio Rank: 93
EPU Sortino Ratio Rank: 87
EPU Omega Ratio Rank: 88
EPU Calmar Ratio Rank: 90
EPU Martin Ratio Rank: 80

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.

INVN vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Russell Innovation ETF (INVN) 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.

	INVN	EPU	Difference
Sharpe ratio: Return per unit of total volatility	0.99	2.52	-1.53
Sortino ratio: Return per unit of downside risk	1.52	2.96	-1.44
Omega ratio: Gain probability vs. loss probability	1.18	1.39	-0.21
Calmar ratio: Return relative to maximum drawdown	1.14	3.88	-2.73
Martin ratio: Return relative to average drawdown	2.88	10.45	-7.57

INVN vs. EPU - Sharpe Ratio Comparison

The current INVN Sharpe Ratio is 0.99, which is lower than the EPU Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of INVN 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

INVN vs. EPU - Drawdown Comparison

The maximum INVN drawdown since its inception was -26.01%, smaller than the maximum EPU drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for INVN and EPU.

Drawdown Indicators

	INVN	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-26.01%	-60.62%	+34.61%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-20.85%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.97%	—
Current Drawdown Current decline from peak	-2.22%	-6.86%	+4.64%
Average Drawdown Average peak-to-trough decline	-7.36%	-18.72%	+11.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.06%	7.72%	+0.34%

Volatility

INVN vs. EPU - Volatility Comparison

Alger Russell Innovation ETF (INVN) and iShares MSCI Peru ETF (EPU) have volatilities of 9.21% and 9.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INVN	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.21%	9.00%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	19.77%	27.47%	-7.70%
Volatility (1Y) Calculated over the trailing 1-year period	23.55%	32.03%	-8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.39%	25.09%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.39%	23.71%	+0.68%

INVN vs. EPU - Expense Ratio Comparison

INVN has a 0.55% expense ratio, which is lower than EPU's 0.59% expense ratio.

Dividends

INVN vs. EPU - Dividend Comparison

INVN's dividend yield for the trailing twelve months is around 0.26%, less than EPU's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	1.98%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
INVN Alger Russell Innovation ETF	0.26%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INVN and EPU in my portfolio?

INVN and EPU have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INVN or EPU?

INVN has higher volatility (9.21%) compared to EPU (9.00%). In terms of maximum drawdown, INVN dropped -26.01% vs EPU's -60.62%.

Which ETF is better, INVN or EPU?

On 1-year performance, EPU leads with 81.51% vs 24.54% for INVN. On fees, INVN is cheaper at 0.55% per year. On volatility, EPU has been the lower-risk option at 9.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVN or EPU?

Over the 1-year period, EPU has performed better with a 81.51% return vs 24.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVN or EPU?

INVN is cheaper with a 0.55% expense ratio, compared with 0.59% for EPU.

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

EPU has the higher dividend yield at 1.98%, compared with 0.26% for INVN.

What is the main difference between INVN and EPU?

INVN is categorized as Mid Cap Blend Equities, while EPU is Latin America Equities. INVN tracks Alger Russell Innovation Index, while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: Alger and iShares. Their fees differ too: 0.55% for INVN and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.52 vs 0.99), 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.