IVSI vs. SPDW

Last updated Jun 25, 2026

IVSI (Applied Finance IVS International Large ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds. IVSI is actively managed, while SPDW is passively managed. Their correlation of 0.93 suggests significant overlap in exposure. IVSI charges 0.65%/yr vs 0.04%/yr for SPDW.

Performance

IVSI vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Finance IVS International Large ETF (IVSI) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVSI achieves a 9.90% return, which is significantly lower than SPDW's 13.42% return.

IVSI

• 1D: -0.12%
• 1M: 0.10%
• YTD: 9.90%
• 6M: 9.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPDW

• 1D: 0.12%
• 1M: 0.32%
• YTD: 13.42%
• 6M: 13.07%
• 1Y: 28.56%
• 3Y*: 19.49%
• 5Y*: 9.26%
• 10Y*: 10.65%

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

IVSI vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025
IVSI Applied Finance IVS International Large ETF	9.90%	0.66%
SPDW SPDR Portfolio World ex-US ETF	13.42%	1.42%

Correlation

The correlation between IVSI and SPDW is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.93

Return for Risk

IVSI vs. SPDW — Risk / Return Rank

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

IVSI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPDW

SPDW Risk / Return Rank: 57
SPDW Sharpe Ratio Rank: 56
SPDW Sortino Ratio Rank: 55
SPDW Omega Ratio Rank: 57
SPDW Calmar Ratio Rank: 56
SPDW Martin Ratio Rank: 59

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.

IVSI vs. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International Large ETF (IVSI) and SPDR Portfolio World ex-US ETF (SPDW). 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.

	IVSI	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	—	1.72	—
Sortino ratio: Return per unit of downside risk	—	2.38	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	2.48	—
Martin ratio: Return relative to average drawdown	—	9.57	—

Drawdowns

IVSI vs. SPDW - Drawdown Comparison

The maximum IVSI drawdown since its inception was -11.73%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for IVSI and SPDW.

Drawdown Indicators

	IVSI	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-11.73%	-60.02%	+48.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.55%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-2.06%	-2.87%	+0.81%
Average Drawdown Average peak-to-trough decline	-2.41%	-12.87%	+10.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.99%	—

Volatility

Volatility by Period

	IVSI	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.04%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.77%	16.71%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	16.70%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.77%	17.13%	+0.64%

IVSI vs. SPDW - Expense Ratio Comparison

IVSI has a 0.65% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

IVSI vs. SPDW - Dividend Comparison

IVSI's dividend yield for the trailing twelve months is around 0.04%, less than SPDW's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVSI Applied Finance IVS International Large ETF	0.04%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDW SPDR Portfolio World ex-US ETF	3.05%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both IVSI and SPDW in my portfolio?

With a correlation of 0.93, IVSI and SPDW 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 ETF is better, IVSI or SPDW?

On fees, SPDW is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVSI or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.65% for IVSI.

Which ETF pays a higher dividend yield, IVSI or SPDW?

SPDW has the higher dividend yield at 3.05%, compared with 0.04% for IVSI.

What is the main difference between IVSI and SPDW?

They also come from different issuers: Applied Finance and State Street. Their fees differ too: 0.65% for IVSI and 0.04% for SPDW.