IQSM vs. LST

Last updated Jun 5, 2026

IQSM (IQ Candriam U.S. Mid Cap Equity ETF) and LST (Leuthold Select Industries ETF) are both Mid Cap Blend Equities funds. IQSM is passively managed, while LST is actively managed. Over the past year, IQSM returned 23.39% vs 36.12% for LST. Their correlation of 0.83 suggests significant overlap in exposure. IQSM charges 0.15%/yr vs 0.65%/yr for LST.

Performance

IQSM vs. LST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Candriam U.S. Mid Cap Equity ETF (IQSM) and Leuthold Select Industries ETF (LST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQSM achieves a 12.42% return, which is significantly lower than LST's 17.68% return.

IQSM

• 1D: 0.58%
• 1M: 3.67%
• YTD: 12.42%
• 6M: 12.70%
• 1Y: 23.39%
• 3Y*: 14.32%
• 5Y*: —
• 10Y*: —

LST

• 1D: 0.75%
• 1M: 6.85%
• YTD: 17.68%
• 6M: 18.76%
• 1Y: 36.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IQSM vs. LST - Yearly Performance Comparison

	2026 (YTD)	2025
IQSM IQ Candriam U.S. Mid Cap Equity ETF	12.42%	3.12%
LST Leuthold Select Industries ETF	17.68%	15.64%

Correlation

The correlation between IQSM and LST is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025	0.83

The correlation between IQSM and LST has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

IQSM vs. LST — Risk / Return Rank

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

IQSM

IQSM Risk / Return Rank: 49
IQSM Sharpe Ratio Rank: 45
IQSM Sortino Ratio Rank: 47
IQSM Omega Ratio Rank: 43
IQSM Calmar Ratio Rank: 54
IQSM Martin Ratio Rank: 56

LST

LST Risk / Return Rank: 76
LST Sharpe Ratio Rank: 79
LST Sortino Ratio Rank: 80
LST Omega Ratio Rank: 77
LST Calmar Ratio Rank: 69
LST 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.

IQSM vs. LST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Candriam U.S. Mid Cap Equity ETF (IQSM) and Leuthold Select Industries ETF (LST). 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.

	IQSM	LST	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.53	-0.96
Sortino ratio: Return per unit of downside risk	2.29	3.52	-1.24
Omega ratio: Gain probability vs. loss probability	1.27	1.45	-0.17
Calmar ratio: Return relative to maximum drawdown	2.65	3.35	-0.70
Martin ratio: Return relative to average drawdown	9.68	13.88	-4.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQSM vs. LST - Sharpe Ratio Comparison

The current IQSM Sharpe Ratio is 1.57, which is lower than the LST Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of IQSM and LST, 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

	IQSM	LST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.53	-0.96
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	1.42	-0.67

Drawdowns

IQSM vs. LST - Drawdown Comparison

The maximum IQSM drawdown since its inception was -23.66%, which is greater than LST's maximum drawdown of -19.47%. Use the drawdown chart below to compare losses from any high point for IQSM and LST.

Drawdown Indicators

	IQSM	LST	Difference
Max Drawdown Largest peak-to-trough decline	-23.66%	-19.47%	-4.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-10.85%	+1.99%
Max Drawdown (3Y) Largest decline over 3 years	-23.66%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.86%	-2.91%	-1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.61%	-0.19%

Volatility

IQSM vs. LST - Volatility Comparison

IQ Candriam U.S. Mid Cap Equity ETF (IQSM) and Leuthold Select Industries ETF (LST) have volatilities of 3.84% and 4.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQSM	LST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	4.02%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	10.99%	11.73%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	14.95%	14.34%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	17.92%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.88%	17.92%	-0.04%

IQSM vs. LST - Expense Ratio Comparison

IQSM has a 0.15% expense ratio, which is lower than LST's 0.65% expense ratio.

Dividends

IQSM vs. LST - Dividend Comparison

IQSM's dividend yield for the trailing twelve months is around 1.05%, less than LST's 1.14% yield.

Position	TTM	2025	2024	2023	2022
IQSM IQ Candriam U.S. Mid Cap Equity ETF	1.05%	1.18%	1.22%	1.11%	0.32%
LST Leuthold Select Industries ETF	1.14%	1.34%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IQSM and LST in my portfolio?

IQSM and LST have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQSM or LST?

LST has higher volatility (4.02%) compared to IQSM (3.84%). In terms of maximum drawdown, IQSM dropped -23.66% vs LST's -19.47%.

Which ETF is better, IQSM or LST?

On 1-year performance, LST leads with 36.12% vs 23.39% for IQSM. On fees, IQSM is cheaper at 0.15% per year. On volatility, IQSM has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQSM or LST?

Over the 1-year period, LST has performed better with a 36.12% return vs 23.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQSM or LST?

IQSM is cheaper with a 0.15% expense ratio, compared with 0.65% for LST.

Which ETF pays a higher dividend yield, IQSM or LST?

LST has the higher dividend yield at 1.14%, compared with 1.05% for IQSM.

What is the main difference between IQSM and LST?

They also come from different issuers: IndexIQ and Leuthold Group. Their fees differ too: 0.15% for IQSM and 0.65% for LST.

Which has better risk-adjusted returns?

LST currently has the higher Sharpe Ratio (2.53 vs 1.57), 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.