UPGD vs. EPU

Last updated Jun 6, 2026

UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) and EPU (iShares MSCI Peru ETF) are both Mid Cap Blend Equities funds - UPGD tracks the Bloomberg ANR Improvers Index - Benchmark TR Gross while EPU tracks the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, UPGD returned 10.01%/yr vs 13.41%/yr for EPU. At a 0.50 correlation, their price movements are largely independent. UPGD charges 0.40%/yr vs 0.59%/yr for EPU.

Performance

UPGD vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) 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, UPGD achieves a 9.40% return, which is significantly higher than EPU's 8.58% return. Over the past 10 years, UPGD has underperformed EPU with an annualized return of 10.01%, while EPU has yielded a comparatively higher 13.41% annualized return.

UPGD

• 1D: -1.69%
• 1M: 2.69%
• YTD: 9.40%
• 6M: 9.62%
• 1Y: 16.94%
• 3Y*: 14.57%
• 5Y*: 6.84%
• 10Y*: 10.01%

EPU

• 1D: -6.28%
• 1M: -4.01%
• YTD: 8.58%
• 6M: 17.68%
• 1Y: 64.72%
• 3Y*: 41.90%
• 5Y*: 22.72%
• 10Y*: 13.41%

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

UPGD vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	9.40%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-14.84%	13.31%
EPU iShares MSCI Peru ETF	8.58%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%

Correlation

The correlation between UPGD and EPU is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.50

UPGD vs. EPU - Sectors Allocation Comparison

Sectors	UPGD	EPU
Industrials	32.2%	2.8%
Technology	22.5%	-
Consumer Cyclical	19.2%	4.1%
Consumer Defensive	14.0%	3.0%
Utilities	6.3%	2.8%
Healthcare	5.9%	1.2%
Communication Services	2.2%	1.6%
Financial Services	0.0%	28.8%
Basic Materials	-	52.7%
Energy	-	-
Real Estate	-	3.2%

Return for Risk

UPGD vs. EPU — Risk / Return Rank

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

UPGD

UPGD Risk / Return Rank: 38
UPGD Sharpe Ratio Rank: 37
UPGD Sortino Ratio Rank: 40
UPGD Omega Ratio Rank: 35
UPGD Calmar Ratio Rank: 37
UPGD Martin Ratio Rank: 39

EPU

EPU Risk / Return Rank: 61
EPU Sharpe Ratio Rank: 68
EPU Sortino Ratio Rank: 57
EPU Omega Ratio Rank: 61
EPU Calmar Ratio Rank: 65
EPU Martin Ratio Rank: 55

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.

UPGD vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) 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.

	UPGD	EPU	Difference
Sharpe ratio: Return per unit of total volatility	1.24	2.17	-0.93
Sortino ratio: Return per unit of downside risk	1.90	2.60	-0.70
Omega ratio: Gain probability vs. loss probability	1.21	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.70	3.12	-1.42
Martin ratio: Return relative to average drawdown	5.82	9.25	-3.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPGD vs. EPU - Sharpe Ratio Comparison

The current UPGD Sharpe Ratio is 1.24, which is lower than the EPU Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of UPGD 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

	UPGD	EPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	2.17	-0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.91	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.57	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.43	-0.09

Drawdowns

UPGD vs. EPU - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, roughly equal to the maximum EPU drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for UPGD and EPU.

Drawdown Indicators

	UPGD	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-60.62%	-0.12%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-20.85%	+10.84%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-20.85%	+3.95%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-35.59%	+11.28%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	-50.97%	+0.77%
Current Drawdown Current decline from peak	-1.69%	-16.28%	+14.59%
Average Drawdown Average peak-to-trough decline	-10.26%	-18.82%	+8.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	7.02%	-4.10%

Volatility

UPGD vs. EPU - Volatility Comparison

The current volatility for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) is 4.24%, while iShares MSCI Peru ETF (EPU) has a volatility of 10.84%. This indicates that UPGD 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

	UPGD	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	10.84%	-6.60%
Volatility (6M) Calculated over the trailing 6-month period	10.10%	25.85%	-15.75%
Volatility (1Y) Calculated over the trailing 1-year period	13.73%	30.03%	-16.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	25.20%	-6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	23.51%	-1.87%

UPGD vs. EPU - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is lower than EPU's 0.59% expense ratio.

Dividends

UPGD vs. EPU - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.60%, more than EPU's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	1.50%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.60%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%

Frequently Asked Questions

Can I hold both UPGD and EPU in my portfolio?

UPGD and EPU have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPGD or EPU?

EPU has higher volatility (10.84%) compared to UPGD (4.24%). In terms of maximum drawdown, UPGD dropped -60.74% vs EPU's -60.62%.

Which ETF is better, UPGD or EPU?

On 10-year performance, EPU leads with 13.41% vs 10.01% for UPGD. On fees, UPGD is cheaper at 0.40% per year. On volatility, UPGD has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGD or EPU?

Over the 10-year period, EPU has performed better with a 13.41% return vs 10.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGD or EPU?

UPGD is cheaper with a 0.40% expense ratio, compared with 0.59% for EPU.

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

UPGD has the higher dividend yield at 1.60%, compared with 1.50% for EPU.

What is the main difference between UPGD and EPU?

UPGD tracks Bloomberg ANR Improvers Index - Benchmark TR Gross, while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for UPGD and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.17 vs 1.24), 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.