CTEF vs. IVSS

Last updated Jul 22, 2026

CTEF (Castellan Targeted Equity ETF) and IVSS (Applied Finance IVS US SMID ETF) are both Mid Cap Blend Equities funds. Both are actively managed. A 0.62 correlation means they provide meaningful diversification when combined. CTEF charges 0.45%/yr vs 0.59%/yr for IVSS.

Performance

CTEF vs. IVSS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Castellan Targeted Equity ETF (CTEF) and Applied Finance IVS US SMID ETF (IVSS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CTEF achieves a 35.58% return, which is significantly higher than IVSS's 20.00% return.

CTEF

• 1D: 1.77%
• 1M: -2.48%
• 6M: 31.89%
• YTD: 35.58%
• 1Y: 68.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 71.90%

IVSS

• 1D: -0.53%
• 1M: 4.12%
• 6M: 13.06%
• YTD: 20.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

CTEF vs. IVSS - Yearly Performance Comparison

	2026 (YTD)	2025
CTEF Castellan Targeted Equity ETF	35.58%	1.88%
IVSS Applied Finance IVS US SMID ETF	20.00%	0.05%

Correlation

The correlation between CTEF and IVSS is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.62

Return for Risk

CTEF vs. IVSS — Risk / Return Rank

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

CTEF

CTEF Risk / Return Rank: 94
CTEF Sharpe Ratio Rank: 95
CTEF Sortino Ratio Rank: 94
CTEF Omega Ratio Rank: 92
CTEF Calmar Ratio Rank: 92
CTEF Martin Ratio Rank: 95

IVSS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CTEF vs. IVSS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Castellan Targeted Equity ETF (CTEF) and Applied Finance IVS US SMID ETF (IVSS). 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.

	CTEF	IVSS	Difference
Sharpe ratio: Return per unit of total volatility	2.95	—	—
Sortino ratio: Return per unit of downside risk	3.80	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	4.57	—	—
Martin ratio: Return relative to average drawdown	20.16	—	—

Drawdowns

CTEF vs. IVSS - Drawdown Comparison

The maximum CTEF drawdown since its inception was -15.00%, which is greater than IVSS's maximum drawdown of -8.31%. Use the drawdown chart below to compare losses from any high point for CTEF and IVSS.

Drawdown Indicators

	CTEF	IVSS	Difference
Max Drawdown Largest peak-to-trough decline	-15.00%	-8.31%	-6.69%
Max Drawdown (1Y) Largest decline over 1 year	-15.00%	—	—
Current Drawdown Current decline from peak	-4.08%	-1.24%	-2.84%
Average Drawdown Average peak-to-trough decline	-1.86%	-1.54%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	—	—

Volatility

Volatility by Period

	CTEF	IVSS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.38%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.22%	14.65%	+8.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.50%	14.65%	+7.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.50%	14.65%	+7.85%

CTEF vs. IVSS - Expense Ratio Comparison

CTEF has a 0.45% expense ratio, which is lower than IVSS's 0.59% expense ratio.

Dividends

CTEF vs. IVSS - Dividend Comparison

CTEF's dividend yield for the trailing twelve months is around 0.06%, which matches IVSS's 0.06% yield.

Position	TTM	2025
CTEF Castellan Targeted Equity ETF	0.06%	0.08%
IVSS Applied Finance IVS US SMID ETF	0.06%	0.07%

Frequently Asked Questions

Can I hold both CTEF and IVSS in my portfolio?

CTEF and IVSS have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CTEF or IVSS?

On fees, CTEF is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CTEF or IVSS?

CTEF is cheaper with a 0.45% expense ratio, compared with 0.59% for IVSS.

Which ETF pays a higher dividend yield, CTEF or IVSS?

CTEF and IVSS have nearly identical dividend yields, around 0.06%.

What is the main difference between CTEF and IVSS?

They also come from different issuers: Castellan and Applied Finance. Their fees differ too: 0.45% for CTEF and 0.59% for IVSS.