UPGD vs. EPU

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and iShares MSCI Peru ETF (EPU).

UPGD and EPU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UPGD is a passively managed fund by Invesco that tracks the performance of the Bloomberg ANR Improvers Index - Benchmark TR Gross. It was launched on May 19, 2006. EPU is a passively managed fund by iShares that tracks the performance of the MSCI All Peru Capped Index. It was launched on Jun 19, 2009. Both UPGD and EPU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

UPGD vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	-0.92%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-14.84%	13.31%
EPU iShares MSCI Peru ETF	14.25%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%

Returns By Period

In the year-to-date period, UPGD achieves a -0.92% return, which is significantly lower than EPU's 14.25% return. Over the past 10 years, UPGD has underperformed EPU with an annualized return of 9.42%, while EPU has yielded a comparatively higher 15.87% annualized return.

UPGD

• 1D: 0.60%
• 1M: -7.60%
• YTD: -0.92%
• 6M: -0.66%
• 1Y: 6.54%
• 3Y*: 11.40%
• 5Y*: 5.75%
• 10Y*: 9.42%

EPU

• 1D: 2.42%
• 1M: -11.48%
• YTD: 14.25%
• 6M: 35.96%
• 1Y: 89.75%
• 3Y*: 45.24%
• 5Y*: 24.03%
• 10Y*: 15.87%

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

UPGD vs. EPU - Expense Ratio Comparison

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

EPU

iShares MSCI Peru ETF

UPGD

Invesco Bloomberg Analyst Rating Improvers ETF

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: 23
UPGD Sharpe Ratio Rank: 22
UPGD Sortino Ratio Rank: 22
UPGD Omega Ratio Rank: 21
UPGD Calmar Ratio Rank: 23
UPGD Martin Ratio Rank: 24

EPU

EPU Risk / Return Rank: 96
EPU Sharpe Ratio Rank: 97
EPU Sortino Ratio Rank: 96
EPU Omega Ratio Rank: 96
EPU Calmar Ratio Rank: 96
EPU Martin Ratio Rank: 96

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	0.39	3.07	-2.69
Sortino ratio Return per unit of downside risk	0.68	3.41	-2.73
Omega ratio Gain probability vs. loss probability	1.09	1.49	-0.41
Calmar ratio Return relative to maximum drawdown	0.55	4.44	-3.90
Martin ratio Return relative to average drawdown	2.02	18.15	-16.13
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 0.39, which is lower than the EPU Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of UPGD and EPU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UPGD	EPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	3.07	-2.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.96	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.67	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.45	-0.13

Correlation

The correlation between UPGD and EPU is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

UPGD vs. EPU - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.76%, more than EPU's 1.43% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.76%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%
EPU iShares MSCI Peru ETF	1.43%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%

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	-11.87%	-20.85%	+8.98%
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	-7.75%	-11.91%	+4.16%
Average Drawdown Average peak-to-trough decline	-10.33%	-18.90%	+8.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	5.11%	-1.88%

Volatility

UPGD vs. EPU - Volatility Comparison

The current volatility for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) is 4.86%, while iShares MSCI Peru ETF (EPU) has a volatility of 13.10%. 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	4.86%	13.10%	-8.24%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	24.12%	-14.29%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	29.37%	-12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.64%	25.09%	-6.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.63%	23.63%	-2.00%