IVIAX vs. PPYPX

Last updated Aug 5, 2026

IVIAX (Delaware Ivy International Core Equity Fund) and PPYPX (PIMCO RAE International Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, IVIAX returned 7.51%/yr vs 9.24%/yr for PPYPX. Their correlation of 0.84 means they have usually moved in the same direction. IVIAX charges 1.04%/yr vs 0.60%/yr for PPYPX.

Performance

IVIAX vs. PPYPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Ivy International Core Equity Fund (IVIAX) and PIMCO RAE International Fund (PPYPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVIAX achieves a 8.29% return, which is significantly lower than PPYPX's 17.40% return. Over the past 10 years, IVIAX has underperformed PPYPX with an annualized return of 7.51%, while PPYPX has yielded a comparatively higher 9.24% annualized return.

IVIAX

• 1D: 0.54%
• 1M: -0.41%
• 6M: 4.45%
• YTD: 8.29%
• 1Y: 14.29%
• 3Y*: 13.32%
• 5Y*: 6.64%
• 10Y*: 7.51%
• ALL TIME*: 5.71%

PPYPX

• 1D: -0.19%
• 1M: 5.34%
• 6M: 7.95%
• YTD: 17.40%
• 1Y: 28.20%
• 3Y*: 17.23%
• 5Y*: 10.00%
• 10Y*: 9.24%
• ALL TIME*: 9.08%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IVIAX Delaware Ivy International Core Equity Fund	$0.00	$0.00	$0.00
PPYPX PIMCO RAE International Fund	$0.00	$0.00	$0.00

IVIAX vs. PPYPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVIAX Delaware Ivy International Core Equity Fund	8.29%	23.95%	3.66%	16.71%	-15.37%	13.99%	7.08%	18.48%	-17.87%	22.74%
PPYPX PIMCO RAE International Fund	17.40%	31.34%	-1.15%	18.13%	-8.73%	10.68%	2.05%	16.43%	-15.49%	24.89%

Correlation

The correlation between IVIAX and PPYPX is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.84

Over the past year, the correlation between IVIAX and PPYPX has dropped to 0.54 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

IVIAX vs. PPYPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IVIAX

IVIAX Risk / Return Rank: 21
IVIAX Sharpe Ratio Rank: 19
IVIAX Sortino Ratio Rank: 20
IVIAX Omega Ratio Rank: 21
IVIAX Calmar Ratio Rank: 20
IVIAX Martin Ratio Rank: 25

PPYPX

PPYPX Risk / Return Rank: 87
PPYPX Sharpe Ratio Rank: 89
PPYPX Sortino Ratio Rank: 85
PPYPX Omega Ratio Rank: 84
PPYPX Calmar Ratio Rank: 92
PPYPX Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IVIAX vs. PPYPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy International Core Equity Fund (IVIAX) and PIMCO RAE International Fund (PPYPX). 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.

	IVIAX	PPYPX	Difference
Sharpe ratio: Return per unit of total volatility	0.83	2.30	-1.47
Sortino ratio: Return per unit of downside risk	1.28	3.10	-1.82
Omega ratio: Gain probability vs. loss probability	1.17	1.42	-0.25
Calmar ratio: Return relative to maximum drawdown	1.08	3.98	-2.90
Martin ratio: Return relative to average drawdown	3.89	11.92	-8.03

IVIAX vs. PPYPX - Sharpe Ratio Comparison

The current IVIAX Sharpe Ratio is 0.83, which is lower than the PPYPX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of IVIAX and PPYPX, 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

IVIAX vs. PPYPX - Drawdown Comparison

The maximum IVIAX drawdown since its inception was -56.37%, which is greater than PPYPX's maximum drawdown of -42.48%. Use the drawdown chart below to compare losses from any high point for IVIAX and PPYPX.

Drawdown Indicators

	IVIAX	PPYPX	Difference
Max Drawdown Largest peak-to-trough decline	-56.37%	-42.48%	-13.89%
Max Drawdown (1Y) Largest decline over 1 year	-14.58%	-7.48%	-7.10%
Max Drawdown (3Y) Largest decline over 3 years	-15.50%	-14.00%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	-30.25%	-35.65%	+5.40%
Max Drawdown (10Y) Largest decline over 10 years	-40.87%	-42.48%	+1.61%
Current Drawdown Current decline from peak	-1.93%	-1.23%	-0.70%
Average Drawdown Average peak-to-trough decline	-12.24%	-10.03%	-2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	2.49%	+1.55%

Volatility

IVIAX vs. PPYPX - Volatility Comparison

Delaware Ivy International Core Equity Fund (IVIAX) has a higher volatility of 5.79% compared to PIMCO RAE International Fund (PPYPX) at 2.90%. This indicates that IVIAX's price experiences larger fluctuations and is considered to be riskier than PPYPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVIAX	PPYPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	2.90%	+2.89%
Volatility (6M) Calculated over the trailing 6-month period	16.85%	9.61%	+7.24%
Volatility (1Y) Calculated over the trailing 1-year period	18.92%	12.98%	+5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	19.47%	-1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	18.69%	-1.34%

IVIAX vs. PPYPX - Expense Ratio Comparison

IVIAX has a 1.04% expense ratio, which is higher than PPYPX's 0.60% expense ratio.

Dividends

IVIAX vs. PPYPX - Dividend Comparison

IVIAX's dividend yield for the trailing twelve months is around 11.13%, more than PPYPX's 6.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVIAX Delaware Ivy International Core Equity Fund	11.13%	12.05%	0.69%	2.55%	0.82%	2.43%	0.98%	2.39%	9.63%	1.01%	1.59%	0.82%
PPYPX PIMCO RAE International Fund	6.63%	7.78%	6.57%	10.09%	7.20%	27.06%	2.23%	4.20%	5.96%	2.53%	2.41%	0.00%

Frequently Asked Questions

Can I hold both IVIAX and PPYPX in my portfolio?

IVIAX and PPYPX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVIAX or PPYPX?

IVIAX has higher volatility (5.79%) compared to PPYPX (2.90%). In terms of maximum drawdown, IVIAX dropped -56.37% vs PPYPX's -42.48%.

Which has better risk-adjusted returns?

PPYPX currently has the higher Sharpe Ratio (2.30 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.