INVN vs. EUSA
INVN (Alger Russell Innovation ETF) and EUSA (iShares MSCI USA Equal Weighted ETF) are both Mid Cap Blend Equities funds - INVN tracks the Alger Russell Innovation Index while EUSA tracks the MSCI USA Equal Weighted Index. Both are passively managed. Over the past year, INVN returned 17.61% vs 19.17% for EUSA. A 0.74 correlation means they provide meaningful diversification when combined. INVN charges 0.55%/yr vs 0.09%/yr for EUSA.
Performance
INVN vs. EUSA - Performance Comparison
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Returns By Period
In the year-to-date period, INVN achieves a 3.03% return, which is significantly lower than EUSA's 10.04% return.
INVN
- 1D
- 0.96%
- 1M
- 8.00%
- YTD
- 3.03%
- 6M
- 2.97%
- 1Y
- 17.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EUSA
- 1D
- 0.81%
- 1M
- 3.88%
- YTD
- 10.04%
- 6M
- 10.00%
- 1Y
- 19.17%
- 3Y*
- 16.37%
- 5Y*
- 7.90%
- 10Y*
- 11.57%
INVN vs. EUSA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
INVN Alger Russell Innovation ETF | 3.03% | 8.20% |
EUSA iShares MSCI USA Equal Weighted ETF | 10.04% | 9.71% |
Correlation
The correlation between INVN and EUSA is 0.68, 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 | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2025 | 0.74 |
The correlation between INVN and EUSA has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.
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Return for Risk
INVN vs. EUSA — Risk / Return Rank
INVN
EUSA
INVN vs. EUSA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Russell Innovation ETF (INVN) and iShares MSCI USA Equal Weighted ETF (EUSA). 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.
| INVN | EUSA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.28 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 2.46 | -1.59 |
| Martin ratioReturn relative to average drawdown | 2.27 | 9.76 | -7.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| INVN | EUSA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 1.63 | -0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.47 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.71 | -0.37 |
Drawdowns
INVN vs. EUSA - Drawdown Comparison
The maximum INVN drawdown since its inception was -26.01%, smaller than the maximum EUSA drawdown of -39.16%. Use the drawdown chart below to compare losses from any high point for INVN and EUSA.
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Drawdown Indicators
| INVN | EUSA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.01% | -39.16% | +13.15% |
Max Drawdown (1Y)Largest decline over 1 year | -20.39% | -7.82% | -12.57% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.20% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.16% | — |
Current DrawdownCurrent decline from peak | -2.79% | 0.00% | -2.79% |
Average DrawdownAverage peak-to-trough decline | -7.65% | -4.59% | -3.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.78% | 1.97% | +5.81% |
Volatility
INVN vs. EUSA - Volatility Comparison
Alger Russell Innovation ETF (INVN) has a higher volatility of 8.25% compared to iShares MSCI USA Equal Weighted ETF (EUSA) at 2.93%. This indicates that INVN's price experiences larger fluctuations and is considered to be riskier than EUSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INVN | EUSA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.25% | 2.93% | +5.32% |
Volatility (6M)Calculated over the trailing 6-month period | 17.42% | 8.75% | +8.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.32% | 11.80% | +9.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.82% | 16.95% | +6.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.82% | 18.34% | +5.48% |
INVN vs. EUSA - Expense Ratio Comparison
INVN has a 0.55% expense ratio, which is higher than EUSA's 0.09% expense ratio.
Dividends
INVN vs. EUSA - Dividend Comparison
INVN's dividend yield for the trailing twelve months is around 0.28%, less than EUSA's 1.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUSA iShares MSCI USA Equal Weighted ETF | 1.51% | 1.63% | 1.47% | 1.53% | 1.73% | 1.23% | 1.45% | 1.49% | 2.01% | 1.50% | 1.59% | 2.21% |
INVN Alger Russell Innovation ETF | 0.28% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
INVN and EUSA have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INVN has higher volatility (8.25%) compared to EUSA (2.93%). In terms of maximum drawdown, INVN dropped -26.01% vs EUSA's -39.16%.
On 1-year performance, EUSA leads with 19.17% vs 17.61% for INVN. On fees, EUSA is cheaper at 0.09% per year. On volatility, EUSA has been the lower-risk option at 2.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EUSA has performed better with a 19.17% return vs 17.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUSA is cheaper with a 0.09% expense ratio, compared with 0.55% for INVN.
EUSA has the higher dividend yield at 1.51%, compared with 0.28% for INVN.
INVN tracks Alger Russell Innovation Index, while EUSA tracks MSCI USA Equal Weighted Index. They also come from different issuers: Alger and iShares. Their fees differ too: 0.55% for INVN and 0.09% for EUSA.
EUSA currently has the higher Sharpe Ratio (1.63 vs 0.83), 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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