IVSI vs. VEU

Last updated Jul 17, 2026

IVSI (Applied Finance IVS International Large ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds. IVSI is actively managed, while VEU is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. IVSI charges 0.65%/yr vs 0.04%/yr for VEU.

Performance

IVSI vs. VEU - Performance Comparison

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

Returns By Period

In the year-to-date period, IVSI achieves a 12.82% return, which is significantly higher than VEU's 11.58% return.

IVSI

• 1D: -0.35%
• 1M: 0.54%
• 6M: 9.50%
• YTD: 12.82%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VEU

• 1D: -0.79%
• 1M: -2.80%
• 6M: 6.97%
• YTD: 11.58%
• 1Y: 24.65%
• 3Y*: 16.97%
• 5Y*: 8.80%
• 10Y*: 9.62%

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

IVSI vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025
IVSI Applied Finance IVS International Large ETF	12.82%	0.66%
VEU Vanguard FTSE All-World ex-US ETF	11.58%	1.16%

Correlation

The correlation between IVSI and VEU is 0.90, 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	0.90

Return for Risk

IVSI vs. VEU — 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.

VEU

VEU Risk / Return Rank: 54
VEU Sharpe Ratio Rank: 54
VEU Sortino Ratio Rank: 52
VEU Omega Ratio Rank: 54
VEU Calmar Ratio Rank: 53
VEU Martin Ratio Rank: 58

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. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International Large ETF (IVSI) and Vanguard FTSE All-World ex-US ETF (VEU). 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	VEU	Difference
Sharpe ratio: Return per unit of total volatility	—	1.48	—
Sortino ratio: Return per unit of downside risk	—	2.07	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.17	—
Martin ratio: Return relative to average drawdown	—	8.06	—

Drawdowns

IVSI vs. VEU - Drawdown Comparison

The maximum IVSI drawdown since its inception was -11.73%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for IVSI and VEU.

Drawdown Indicators

	IVSI	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-11.73%	-61.52%	+49.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.43%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-0.87%	-4.29%	+3.42%
Average Drawdown Average peak-to-trough decline	-2.25%	-13.06%	+10.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.06%	—

Volatility

Volatility by Period

	IVSI	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.32%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	16.73%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.28%	16.33%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.28%	17.04%	+0.24%

IVSI vs. VEU - Expense Ratio Comparison

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

Dividends

IVSI vs. VEU - Dividend Comparison

IVSI's dividend yield for the trailing twelve months is around 0.04%, less than VEU's 2.60% 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%
VEU Vanguard FTSE All-World ex-US ETF	2.60%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both IVSI and VEU in my portfolio?

IVSI and VEU have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IVSI or VEU?

On fees, VEU 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 VEU?

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

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

VEU has the higher dividend yield at 2.60%, compared with 0.04% for IVSI.

What is the main difference between IVSI and VEU?

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