SPMD vs. EPU
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and EPU (iShares MSCI Peru ETF) are both Mid Cap Blend Equities funds - SPMD tracks the S&P MidCap 400 Index while EPU tracks the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, SPMD returned 11.18%/yr vs 13.64%/yr for EPU. At a 0.49 correlation, their price movements are largely independent. SPMD charges 0.03%/yr vs 0.59%/yr for EPU.
Performance
SPMD vs. EPU - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 14.56% return, which is significantly lower than EPU's 19.72% return. Over the past 10 years, SPMD has underperformed EPU with an annualized return of 11.18%, while EPU has yielded a comparatively higher 13.64% annualized return.
SPMD
- 1D
- -0.56%
- 1M
- -0.82%
- 6M
- 9.22%
- YTD
- 14.56%
- 1Y
- 20.17%
- 3Y*
- 13.70%
- 5Y*
- 8.83%
- 10Y*
- 11.18%
EPU
- 1D
- -1.33%
- 1M
- -1.08%
- 6M
- 7.53%
- YTD
- 19.72%
- 1Y
- 78.12%
- 3Y*
- 43.35%
- 5Y*
- 29.94%
- 10Y*
- 13.64%
SPMD vs. EPU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.56% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
EPU iShares MSCI Peru ETF | 19.72% | 86.87% | 21.73% | 25.34% | 2.05% | -11.81% | -4.31% | 7.30% | -12.17% | 29.70% |
Correlation
The correlation between SPMD and EPU is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2009 | 0.49 |
The correlation between SPMD and EPU has been stable across timeframes, ranging from 0.47 to 0.50 - a consistent structural relationship.
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Return for Risk
SPMD vs. EPU — Risk / Return Rank
SPMD
EPU
SPMD vs. EPU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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.
| SPMD | EPU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.39 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 3.77 | -1.48 |
| Martin ratioReturn relative to average drawdown | 8.32 | 10.39 | -2.07 |
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Drawdowns
SPMD vs. EPU - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, roughly equal to the maximum EPU drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for SPMD and EPU.
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Drawdown Indicators
| SPMD | EPU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -60.62% | +3.00% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -20.85% | +11.99% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -20.85% | -3.23% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -35.59% | +11.51% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -50.97% | +9.11% |
Current DrawdownCurrent decline from peak | -2.43% | -7.70% | +5.27% |
Average DrawdownAverage peak-to-trough decline | -8.08% | -18.76% | +10.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 7.54% | -5.11% |
Volatility
SPMD vs. EPU - Volatility Comparison
The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 4.41%, while iShares MSCI Peru ETF (EPU) has a volatility of 9.54%. This indicates that SPMD 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.
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Volatility by Period
| SPMD | EPU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 9.54% | -5.13% |
Volatility (6M)Calculated over the trailing 6-month period | 11.74% | 27.25% | -15.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.91% | 31.60% | -15.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.69% | 25.20% | -5.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.14% | 23.65% | -2.51% |
SPMD vs. EPU - Expense Ratio Comparison
SPMD has a 0.03% expense ratio, which is lower than EPU's 0.59% expense ratio.
Dividends
SPMD vs. EPU - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.23%, less than EPU's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPU iShares MSCI Peru ETF | 2.00% | 1.63% | 5.78% | 4.17% | 5.56% | 3.13% | 1.91% | 2.67% | 1.53% | 3.30% | 0.85% | 1.90% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.23% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
SPMD and EPU have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EPU has higher volatility (9.54%) compared to SPMD (4.41%). In terms of maximum drawdown, SPMD dropped -57.62% vs EPU's -60.62%.
On 10-year performance, EPU leads with 13.64% vs 11.18% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EPU has performed better with a 13.64% return vs 11.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.03% expense ratio, compared with 0.59% for EPU.
EPU has the higher dividend yield at 2.00%, compared with 1.23% for SPMD.
SPMD tracks S&P MidCap 400 Index, while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPMD and 0.59% for EPU.
EPU currently has the higher Sharpe Ratio (2.49 vs 1.28), 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.
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