SLV vs. EPU

Last updated Jun 9, 2026

SLV (iShares Silver Trust) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, 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, SLV returned 14.08%/yr vs 13.60%/yr for EPU. At a 0.47 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.59%/yr for EPU.

Performance

SLV vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) 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, SLV achieves a -4.41% return, which is significantly lower than EPU's 8.06% return. Both investments have delivered pretty close results over the past 10 years, with SLV having a 14.08% annualized return and EPU not far behind at 13.60%.

SLV

• 1D: 0.02%
• 1M: -15.66%
• YTD: -4.41%
• 6M: 16.83%
• 1Y: 88.38%
• 3Y*: 40.36%
• 5Y*: 19.02%
• 10Y*: 14.08%

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%

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

SLV vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLV iShares Silver Trust	-4.41%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%
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%

Correlation

The correlation between SLV and EPU is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.47

The correlation between SLV and EPU shifts across timeframes, from 0.47 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.

SLV vs. EPU - Sectors Allocation Comparison

Sectors	SLV	EPU
Basic Materials	100.0%	52.7%
Communication Services	-	1.6%
Consumer Cyclical	-	4.1%
Consumer Defensive	-	3.0%
Energy	-	-
Financial Services	-	28.8%
Healthcare	-	1.2%
Industrials	-	2.8%
Real Estate	-	3.2%
Technology	-	-
Utilities	-	2.8%

Return for Risk

SLV vs. EPU — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 43
SLV Sharpe Ratio Rank: 47
SLV Sortino Ratio Rank: 38
SLV Omega Ratio Rank: 54
SLV Calmar Ratio Rank: 47
SLV Martin Ratio Rank: 32

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

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.

SLV vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) 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.

	SLV	EPU	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.16	-0.67
Sortino ratio: Return per unit of downside risk	1.80	2.59	-0.80
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.09	3.11	-1.02
Martin ratio: Return relative to average drawdown	4.40	9.14	-4.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLV vs. EPU - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.50, which is lower than the EPU Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SLV 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.

Sharpe Ratios by Period

	SLV	EPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	2.16	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	1.04	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.58	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.43	-0.20

Drawdowns

SLV vs. EPU - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for SLV and EPU.

Drawdown Indicators

	SLV	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-60.62%	-15.66%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-20.85%	-21.60%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-20.85%	-21.60%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	-35.59%	-6.86%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	-50.97%	+8.16%
Current Drawdown Current decline from peak	-41.69%	-16.69%	-25.00%
Average Drawdown Average peak-to-trough decline	-44.67%	-18.82%	-25.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.15%	7.09%	+13.06%

Volatility

SLV vs. EPU - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.89% compared to iShares MSCI Peru ETF (EPU) at 10.84%. This indicates that SLV'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

	SLV	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.89%	10.84%	+6.05%
Volatility (6M) Calculated over the trailing 6-month period	58.88%	25.83%	+33.05%
Volatility (1Y) Calculated over the trailing 1-year period	59.53%	30.07%	+29.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.33%	24.91%	+11.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.92%	23.52%	+8.40%

SLV vs. EPU - Expense Ratio Comparison

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

Dividends

SLV vs. EPU - Dividend Comparison

SLV has not paid dividends to shareholders, while EPU's dividend yield for the trailing twelve months is around 1.51%.

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%
SLV iShares Silver Trust	0.00%	0.00%	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 SLV and EPU in my portfolio?

SLV and EPU have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLV or EPU?

SLV has higher volatility (16.89%) compared to EPU (10.84%). In terms of maximum drawdown, SLV dropped -76.28% vs EPU's -60.62%.

Which ETF is better, SLV or EPU?

On 10-year performance, SLV leads with 14.08% vs 13.60% for EPU. On fees, SLV is cheaper at 0.50% per year. On volatility, EPU has been the lower-risk option at 10.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or EPU?

Over the 10-year period, SLV has performed better with a 14.08% return vs 13.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or EPU?

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

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

EPU has the higher dividend yield at 1.51%, compared with 0.00% for SLV.

What is the main difference between SLV and EPU?

SLV is categorized as Silver, while EPU is Mid Cap Blend Equities. SLV tracks LBMA Silver Price, while EPU tracks MSCI All Peru Capped Index. Their fees differ too: 0.50% for SLV and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.16 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.