VXF vs. EPU

Last updated Jul 15, 2026

VXF (Vanguard Extended Market ETF) and EPU (iShares MSCI Peru ETF) are both Mid Cap Blend Equities funds - VXF tracks the S&P Completion Index while EPU tracks the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, VXF returned 11.92%/yr vs 13.85%/yr for EPU. A 0.51 correlation means they provide meaningful diversification when combined. VXF charges 0.05%/yr vs 0.59%/yr for EPU.

Performance

VXF vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market ETF (VXF) 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, VXF achieves a 15.52% return, which is significantly lower than EPU's 21.90% return. Over the past 10 years, VXF has underperformed EPU with an annualized return of 11.92%, while EPU has yielded a comparatively higher 13.85% annualized return.

VXF

• 1D: 0.44%
• 1M: 1.00%
• 6M: 10.19%
• YTD: 15.52%
• 1Y: 22.98%
• 3Y*: 17.62%
• 5Y*: 7.00%
• 10Y*: 11.92%

EPU

• 1D: 1.82%
• 1M: 0.72%
• 6M: 8.89%
• YTD: 21.90%
• 1Y: 81.88%
• 3Y*: 44.22%
• 5Y*: 30.36%
• 10Y*: 13.85%

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

VXF vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VXF Vanguard Extended Market ETF	15.52%	11.40%	16.89%	25.51%	-26.52%	12.31%	32.45%	27.96%	-9.34%	18.06%
EPU iShares MSCI Peru ETF	21.90%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%

Correlation

The correlation between VXF and EPU is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.51
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	0.51

The correlation between VXF and EPU has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

VXF vs. EPU - Sectors Allocation Comparison

Sectors	VXF	EPU
Technology	22.8%	-
Industrials	19.3%	2.6%
Financial Services	14.0%	27.9%
Healthcare	12.9%	0.9%
Consumer Cyclical	9.2%	4.1%
Real Estate	5.8%	3.0%
Energy	4.4%	-
Basic Materials	4.2%	54.2%
Communication Services	3.2%	1.5%
Consumer Defensive	2.5%	3.0%
Utilities	1.9%	2.8%

Return for Risk

VXF vs. EPU — Risk / Return Rank

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

VXF

VXF Risk / Return Rank: 50
VXF Sharpe Ratio Rank: 46
VXF Sortino Ratio Rank: 45
VXF Omega Ratio Rank: 43
VXF Calmar Ratio Rank: 57
VXF Martin Ratio Rank: 57

EPU

EPU Risk / Return Rank: 85
EPU Sharpe Ratio Rank: 93
EPU Sortino Ratio Rank: 84
EPU Omega Ratio Rank: 85
EPU Calmar Ratio Rank: 87
EPU Martin Ratio Rank: 74

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.

VXF vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market ETF (VXF) 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.

	VXF	EPU	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.61	-1.31
Sortino ratio: Return per unit of downside risk	1.88	3.01	-1.13
Omega ratio: Gain probability vs. loss probability	1.23	1.40	-0.18
Calmar ratio: Return relative to maximum drawdown	2.26	3.95	-1.69
Martin ratio: Return relative to average drawdown	7.91	10.88	-2.98

VXF vs. EPU - Sharpe Ratio Comparison

The current VXF Sharpe Ratio is 1.30, which is lower than the EPU Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of VXF 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

VXF vs. EPU - Drawdown Comparison

The maximum VXF drawdown since its inception was -58.03%, roughly equal to the maximum EPU drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for VXF and EPU.

Drawdown Indicators

	VXF	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-60.62%	+2.59%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-20.85%	+10.64%
Max Drawdown (3Y) Largest decline over 3 years	-26.92%	-20.85%	-6.07%
Max Drawdown (5Y) Largest decline over 5 years	-36.39%	-35.59%	-0.80%
Max Drawdown (10Y) Largest decline over 10 years	-41.72%	-50.97%	+9.25%
Current Drawdown Current decline from peak	-2.42%	-6.02%	+3.60%
Average Drawdown Average peak-to-trough decline	-9.52%	-18.76%	+9.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	7.55%	-4.63%

Volatility

VXF vs. EPU - Volatility Comparison

The current volatility for Vanguard Extended Market ETF (VXF) is 4.04%, while iShares MSCI Peru ETF (EPU) has a volatility of 8.05%. This indicates that VXF 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

	VXF	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	8.05%	-4.01%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	27.23%	-13.97%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	31.58%	-13.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.42%	25.20%	-2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.26%	23.65%	-1.39%

VXF vs. EPU - Expense Ratio Comparison

VXF has a 0.05% expense ratio, which is lower than EPU's 0.59% expense ratio.

Dividends

VXF vs. EPU - Dividend Comparison

VXF's dividend yield for the trailing twelve months is around 1.02%, less than EPU's 1.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	1.97%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
VXF Vanguard Extended Market ETF	1.02%	1.14%	1.09%	1.27%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%

Frequently Asked Questions

Can I hold both VXF and EPU in my portfolio?

VXF and EPU have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VXF or EPU?

EPU has higher volatility (8.05%) compared to VXF (4.04%). In terms of maximum drawdown, VXF dropped -58.03% vs EPU's -60.62%.

Which ETF is better, VXF or EPU?

On 10-year performance, EPU leads with 13.85% vs 11.92% for VXF. On fees, VXF is cheaper at 0.05% per year. On volatility, VXF has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VXF or EPU?

Over the 10-year period, EPU has performed better with a 13.85% return vs 11.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VXF or EPU?

VXF is cheaper with a 0.05% expense ratio, compared with 0.59% for EPU.

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

EPU has the higher dividend yield at 1.97%, compared with 1.02% for VXF.

What is the main difference between VXF and EPU?

VXF tracks S&P Completion Index, while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VXF and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.61 vs 1.30), 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.