SLVP vs. EPU

Last updated Jun 13, 2026

SLVP (iShares MSCI Global Silver and Metals Miners ETF) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - SLVP is a Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index, 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, SLVP returned 12.67%/yr vs 15.16%/yr for EPU. A 0.56 correlation means they provide meaningful diversification when combined. SLVP charges 0.39%/yr vs 0.59%/yr for EPU.

Performance

SLVP vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Silver and Metals Miners ETF (SLVP) 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, SLVP achieves a -5.37% return, which is significantly lower than EPU's 21.02% return. Over the past 10 years, SLVP has underperformed EPU with an annualized return of 12.67%, while EPU has yielded a comparatively higher 15.16% annualized return.

SLVP

• 1D: 3.38%
• 1M: -18.46%
• YTD: -5.37%
• 6M: -0.60%
• 1Y: 81.81%
• 3Y*: 48.97%
• 5Y*: 14.15%
• 10Y*: 12.67%

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)

SLVP vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLVP iShares MSCI Global Silver and Metals Miners ETF	-5.37%	202.84%	14.47%	-2.31%	-18.06%	-23.53%	56.45%	37.71%	-22.10%	4.53%
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 SLVP and EPU is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.56

The correlation between SLVP and EPU shifts across timeframes, from 0.56 (all time) to 0.74 (1 year), reflecting how their relationship changes across market environments.

SLVP vs. EPU - Sectors Allocation Comparison

Sectors	SLVP	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

SLVP vs. EPU — Risk / Return Rank

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

SLVP

SLVP Risk / Return Rank: 46
SLVP Sharpe Ratio Rank: 51
SLVP Sortino Ratio Rank: 43
SLVP Omega Ratio Rank: 46
SLVP Calmar Ratio Rank: 50
SLVP Martin Ratio Rank: 41

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.

SLVP vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Silver and Metals Miners ETF (SLVP) 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.

	SLVP	EPU	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.73	-1.19
Sortino ratio: Return per unit of downside risk	1.95	3.14	-1.20
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.17
Calmar ratio: Return relative to maximum drawdown	2.21	4.07	-1.86
Martin ratio: Return relative to average drawdown	5.86	11.73	-5.87

SLVP vs. EPU - Sharpe Ratio Comparison

The current SLVP Sharpe Ratio is 1.54, which is lower than the EPU Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of SLVP 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

SLVP vs. EPU - Drawdown Comparison

The maximum SLVP drawdown since its inception was -80.47%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for SLVP and EPU.

Drawdown Indicators

	SLVP	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-80.47%	-60.62%	-19.85%
Max Drawdown (1Y) Largest decline over 1 year	-38.06%	-20.85%	-17.21%
Max Drawdown (3Y) Largest decline over 3 years	-38.06%	-20.85%	-17.21%
Max Drawdown (5Y) Largest decline over 5 years	-53.17%	-35.59%	-17.58%
Max Drawdown (10Y) Largest decline over 10 years	-62.03%	-50.97%	-11.06%
Current Drawdown Current decline from peak	-31.74%	-6.69%	-25.05%
Average Drawdown Average peak-to-trough decline	-46.78%	-18.81%	-27.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.31%	7.22%	+7.09%

Volatility

SLVP vs. EPU - Volatility Comparison

iShares MSCI Global Silver and Metals Miners ETF (SLVP) has a higher volatility of 19.61% compared to iShares MSCI Peru ETF (EPU) at 13.52%. This indicates that SLVP'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

	SLVP	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.61%	13.52%	+6.09%
Volatility (6M) Calculated over the trailing 6-month period	45.17%	26.94%	+18.23%
Volatility (1Y) Calculated over the trailing 1-year period	54.53%	31.04%	+23.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.15%	25.11%	+18.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.45%	23.64%	+18.81%

SLVP vs. EPU - Expense Ratio Comparison

SLVP has a 0.39% expense ratio, which is lower than EPU's 0.59% expense ratio.

Dividends

SLVP vs. EPU - Dividend Comparison

SLVP's dividend yield for the trailing twelve months is around 1.88%, 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%
SLVP iShares MSCI Global Silver and Metals Miners ETF	1.88%	1.78%	1.05%	0.88%	0.63%	1.63%	2.39%	2.03%	1.28%	0.85%	2.32%	0.72%

Frequently Asked Questions

Can I hold both SLVP and EPU in my portfolio?

SLVP and EPU have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVP or EPU?

SLVP has higher volatility (19.61%) compared to EPU (13.52%). In terms of maximum drawdown, SLVP dropped -80.47% vs EPU's -60.62%.

Which ETF is better, SLVP or EPU?

On 10-year performance, EPU leads with 15.16% vs 12.67% for SLVP. On fees, SLVP is cheaper at 0.39% per year. On volatility, EPU has been the lower-risk option at 13.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVP or EPU?

Over the 10-year period, EPU has performed better with a 15.16% return vs 12.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVP or EPU?

SLVP is cheaper with a 0.39% expense ratio, compared with 0.59% for EPU.

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

SLVP has the higher dividend yield at 1.88%, compared with 1.35% for EPU.

What is the main difference between SLVP and EPU?

SLVP is categorized as Silver, while EPU is Mid Cap Blend Equities. SLVP tracks MSCI ACWI Select Silver Miners Investable Market Index, while EPU tracks MSCI All Peru Capped Index. Their fees differ too: 0.39% for SLVP and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.73 vs 1.54), 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.