IVOO vs. LSAF

Last updated Aug 2, 2026

IVOO (Vanguard S&P Mid-Cap 400 ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - IVOO tracks the S&P MidCap 400 Index while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 5 years, IVOO returned 8.41%/yr vs 10.90%/yr for LSAF. Their correlation of 0.92 means they have usually moved in the same direction. IVOO charges 0.07%/yr vs 0.75%/yr for LSAF.

Performance

IVOO vs. LSAF - Performance Comparison

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

Returns By Period

In the year-to-date period, IVOO achieves a 14.58% return, which is significantly lower than LSAF's 19.96% return.

IVOO

• 1D: -0.08%
• 1M: -1.02%
• 6M: 10.08%
• YTD: 14.58%
• 1Y: 22.85%
• 3Y*: 12.98%
• 5Y*: 8.41%
• 10Y*: 10.98%
• ALL TIME*: 12.19%

LSAF

• 1D: -0.55%
• 1M: 2.49%
• 6M: 17.23%
• YTD: 19.96%
• 1Y: 30.03%
• 3Y*: 18.58%
• 5Y*: 10.90%
• 10Y*: —
• ALL TIME*: 11.02%

*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)
IVOO Vanguard S&P Mid-Cap 400 ETF	$9.28M	$9.17M	$9.84M
LSAF LeaderShares AlphaFactor US Core Equity ETF	$265.84K	$205.64K	$201.86K

IVOO vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IVOO Vanguard S&P Mid-Cap 400 ETF	14.58%	7.47%	13.77%	16.45%	-13.17%	24.61%	13.61%	26.18%	-16.75%
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.96%	12.01%	18.09%	15.48%	-13.12%	22.75%	6.92%	28.35%	-15.47%

Correlation

The correlation between IVOO and LSAF is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.92

The correlation between IVOO and LSAF has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

IVOO vs. LSAF - Sectors Allocation Comparison

Sectors	IVOO	LSAF
Industrials	25.4%	10.7%
Technology	17.4%	15.4%
Financial Services	13.8%	16.2%
Consumer Cyclical	10.5%	19.9%
Healthcare	8.9%	7.8%
Real Estate	7.2%	2.1%
Basic Materials	4.8%	5.8%
Energy	4.6%	3.3%
Consumer Defensive	3.2%	4.1%
Utilities	2.8%	0.9%
Communication Services	1.5%	4.7%

Return for Risk

IVOO vs. LSAF — Risk / Return Rank

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

IVOO

IVOO Risk / Return Rank: 62
IVOO Sharpe Ratio Rank: 57
IVOO Sortino Ratio Rank: 60
IVOO Omega Ratio Rank: 55
IVOO Calmar Ratio Rank: 70
IVOO Martin Ratio Rank: 71

LSAF

LSAF Risk / Return Rank: 88
LSAF Sharpe Ratio Rank: 85
LSAF Sortino Ratio Rank: 87
LSAF Omega Ratio Rank: 82
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

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.

IVOO vs. LSAF - Risk-Adjusted Trends Comparison

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

	IVOO	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.03	-0.68
Sortino ratio: Return per unit of downside risk	2.01	2.98	-0.97
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.11
Calmar ratio: Return relative to maximum drawdown	2.40	4.41	-2.02
Martin ratio: Return relative to average drawdown	8.72	14.86	-6.14

IVOO vs. LSAF - Sharpe Ratio Comparison

The current IVOO Sharpe Ratio is 1.35, which is lower than the LSAF Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of IVOO and LSAF, 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

IVOO vs. LSAF - Drawdown Comparison

The maximum IVOO drawdown since its inception was -42.33%, roughly equal to the maximum LSAF drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for IVOO and LSAF.

Drawdown Indicators

	IVOO	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-42.33%	-41.67%	-0.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-6.58%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-24.22%	-20.26%	-3.96%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-24.94%	+0.72%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	-2.33%	-1.48%	-0.85%
Average Drawdown Average peak-to-trough decline	-5.23%	-6.21%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	1.95%	+0.47%

Volatility

IVOO vs. LSAF - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 ETF (IVOO) is 3.43%, while LeaderShares AlphaFactor US Core Equity ETF (LSAF) has a volatility of 4.21%. This indicates that IVOO experiences smaller price fluctuations and is considered to be less risky than LSAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOO	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	4.21%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	10.49%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	14.36%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	18.38%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.15%	21.73%	-0.58%

IVOO vs. LSAF - Expense Ratio Comparison

IVOO has a 0.07% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

IVOO vs. LSAF - Dividend Comparison

IVOO's dividend yield for the trailing twelve months is around 1.18%, more than LSAF's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOO Vanguard S&P Mid-Cap 400 ETF	1.18%	1.35%	1.30%	1.25%	1.58%	1.14%	1.23%	1.49%	1.56%	1.22%	1.37%	1.45%
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.57%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVOO and LSAF in my portfolio?

IVOO and LSAF have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOO or LSAF?

LSAF has higher volatility (4.21%) compared to IVOO (3.43%). In terms of maximum drawdown, IVOO dropped -42.33% vs LSAF's -41.67%.

Which ETF is better, IVOO or LSAF?

On 5-year performance, LSAF leads with 10.90% vs 8.41% for IVOO. On fees, IVOO is cheaper at 0.07% per year. On volatility, IVOO has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOO or LSAF?

Over the 5-year period, LSAF has performed better with a 10.90% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOO or LSAF?

IVOO is cheaper with a 0.07% expense ratio, compared with 0.75% for LSAF.

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

IVOO has the higher dividend yield at 1.18%, compared with 0.57% for LSAF.

What is the main difference between IVOO and LSAF?

IVOO tracks S&P MidCap 400 Index, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: Vanguard and Redwood. Their fees differ too: 0.07% for IVOO and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.03 vs 1.34), 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.