IVOO vs. BKSE

Last updated Jun 3, 2026

IVOO (Vanguard S&P Mid-Cap 400 ETF) and BKSE (BNY Mellon US Small Cap Core Equity ETF) are both Small Cap Growth Equities funds - IVOO tracks the S&P MidCap 400 Index while BKSE tracks the Morningstar US Small Cap Index. Both are passively managed. Over the past 5 years, IVOO returned 8.27%/yr vs 7.21%/yr for BKSE. With a 0.96 correlation, they move nearly in lockstep. IVOO charges 0.10%/yr vs 0.04%/yr for BKSE.

Performance

IVOO vs. BKSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 ETF (IVOO) and BNY Mellon US Small Cap Core Equity ETF (BKSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IVOO having a 14.15% return and BKSE slightly higher at 14.30%.

IVOO

• 1D: 0.86%
• 1M: 3.31%
• YTD: 14.15%
• 6M: 15.23%
• 1Y: 27.06%
• 3Y*: 16.07%
• 5Y*: 8.27%
• 10Y*: 11.22%

BKSE

• 1D: 0.34%
• 1M: 3.07%
• YTD: 14.30%
• 6M: 15.09%
• 1Y: 36.43%
• 3Y*: 17.83%
• 5Y*: 7.21%
• 10Y*: —

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

IVOO vs. BKSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IVOO Vanguard S&P Mid-Cap 400 ETF	14.15%	7.47%	13.77%	16.45%	-13.17%	24.61%	47.15%
BKSE BNY Mellon US Small Cap Core Equity ETF	14.30%	13.09%	9.56%	22.37%	-18.44%	16.18%	55.56%

Correlation

The correlation between IVOO and BKSE is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 13, 2020	0.96

The correlation between IVOO and BKSE has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

IVOO vs. BKSE - Sectors Allocation Comparison

Sectors	IVOO	BKSE
Industrials	25.1%	15.4%
Technology	15.7%	16.8%
Financial Services	14.4%	16.4%
Consumer Cyclical	10.7%	13.3%
Healthcare	8.6%	11.4%
Real Estate	7.5%	6.6%
Energy	5.5%	7.0%
Basic Materials	4.8%	4.5%
Consumer Defensive	3.8%	3.2%
Utilities	3.1%	3.4%
Communication Services	1.0%	2.2%

Return for Risk

IVOO vs. BKSE — Risk / Return Rank

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

IVOO

IVOO Risk / Return Rank: 54
IVOO Sharpe Ratio Rank: 50
IVOO Sortino Ratio Rank: 52
IVOO Omega Ratio Rank: 48
IVOO Calmar Ratio Rank: 61
IVOO Martin Ratio Rank: 62

BKSE

BKSE Risk / Return Rank: 65
BKSE Sharpe Ratio Rank: 61
BKSE Sortino Ratio Rank: 63
BKSE Omega Ratio Rank: 57
BKSE Calmar Ratio Rank: 75
BKSE Martin Ratio Rank: 70

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.

IVOO vs. BKSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 ETF (IVOO) and BNY Mellon US Small Cap Core Equity ETF (BKSE). 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.

	IVOO	BKSE	Difference
Sharpe ratio Return per unit of total volatility	1.75	2.08	-0.33
Sortino ratio Return per unit of downside risk	2.54	2.98	-0.45
Omega ratio Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio Return relative to maximum drawdown	3.06	3.84	-0.78
Martin ratio Return relative to average drawdown	11.19	13.40	-2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOO vs. BKSE - Sharpe Ratio Comparison

The current IVOO Sharpe Ratio is 1.75, which is comparable to the BKSE Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of IVOO and BKSE, 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

	IVOO	BKSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.08	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.34	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.74	-0.13

Drawdowns

IVOO vs. BKSE - Drawdown Comparison

The maximum IVOO drawdown since its inception was -42.33%, which is greater than BKSE's maximum drawdown of -29.08%. Use the drawdown chart below to compare losses from any high point for IVOO and BKSE.

Drawdown Indicators

	IVOO	BKSE	Difference
Max Drawdown Largest peak-to-trough decline	-42.33%	-29.08%	-13.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-9.40%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-24.22%	-26.76%	+2.54%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-29.08%	+4.86%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.27%	-9.06%	+3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.69%	-0.28%

Volatility

IVOO vs. BKSE - Volatility Comparison

Vanguard S&P Mid-Cap 400 ETF (IVOO) and BNY Mellon US Small Cap Core Equity ETF (BKSE) have volatilities of 4.46% and 4.36%, 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

	IVOO	BKSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	4.36%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	11.92%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	17.59%	-2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	21.43%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	22.30%	-1.10%

IVOO vs. BKSE - Expense Ratio Comparison

IVOO has a 0.10% expense ratio, which is higher than BKSE's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVOO vs. BKSE - Dividend Comparison

IVOO's dividend yield for the trailing twelve months is around 1.19%, more than BKSE's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKSE BNY Mellon US Small Cap Core Equity ETF	1.15%	1.26%	1.55%	1.38%	1.50%	1.17%	0.82%	0.00%	0.00%	0.00%	0.00%	0.00%
IVOO Vanguard S&P Mid-Cap 400 ETF	1.19%	1.35%	1.30%	1.25%	1.58%	1.14%	1.23%	1.49%	1.56%	1.22%	1.37%	1.45%

Frequently Asked Questions

Can I hold both IVOO and BKSE in my portfolio?

With a correlation of 0.95, IVOO and BKSE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IVOO or BKSE?

IVOO has higher volatility (4.46%) compared to BKSE (4.36%). In terms of maximum drawdown, IVOO dropped -42.33% vs BKSE's -29.08%.

Which ETF is better, IVOO or BKSE?

On 5-year performance, IVOO leads with 8.27% vs 7.21% for BKSE. On fees, BKSE is cheaper at 0.04% per year. On volatility, BKSE has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOO or BKSE?

Over the 5-year period, IVOO has performed better with a 8.27% return vs 7.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOO or BKSE?

BKSE is cheaper with a 0.04% expense ratio, compared with 0.10% for IVOO.

Which ETF pays a higher dividend yield, IVOO or BKSE?

IVOO has the higher dividend yield at 1.19%, compared with 1.15% for BKSE.

What is the main difference between IVOO and BKSE?

IVOO tracks S&P MidCap 400 Index, while BKSE tracks Morningstar US Small Cap Index. They also come from different issuers: Vanguard and BNY Mellon. Their fees differ too: 0.10% for IVOO and 0.04% for BKSE.

Which has better risk-adjusted returns?

BKSE currently has the higher Sharpe Ratio (2.08 vs 1.75), 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.