IVSS vs. CPAI

Last updated Jul 12, 2026

IVSS (Applied Finance IVS US SMID ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both Mid Cap Blend Equities funds. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. IVSS charges 0.59%/yr vs 0.75%/yr for CPAI.

Performance

IVSS vs. CPAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Finance IVS US SMID ETF (IVSS) and Counterpoint Quantitative Equity ETF (CPAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVSS achieves a 19.40% return, which is significantly lower than CPAI's 28.00% return.

IVSS

• 1D: 0.20%
• 1M: 4.06%
• 6M: 14.15%
• YTD: 19.40%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPAI

• 1D: -0.70%
• 1M: 1.72%
• 6M: 18.65%
• YTD: 28.00%
• 1Y: 44.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVSS vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025
IVSS Applied Finance IVS US SMID ETF	19.40%	0.05%
CPAI Counterpoint Quantitative Equity ETF	28.00%	1.63%

Correlation

The correlation between IVSS and CPAI is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2025	0.67

Return for Risk

IVSS vs. CPAI — Risk / Return Rank

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

IVSS

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

CPAI

CPAI Risk / Return Rank: 87
CPAI Sharpe Ratio Rank: 89
CPAI Sortino Ratio Rank: 85
CPAI Omega Ratio Rank: 83
CPAI Calmar Ratio Rank: 89
CPAI Martin Ratio Rank: 90

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.

IVSS vs. CPAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS US SMID ETF (IVSS) and Counterpoint Quantitative Equity ETF (CPAI). 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.

	IVSS	CPAI	Difference
Sharpe ratio: Return per unit of total volatility	—	2.32	—
Sortino ratio: Return per unit of downside risk	—	3.00	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	4.22	—
Martin ratio: Return relative to average drawdown	—	15.91	—

Drawdowns

IVSS vs. CPAI - Drawdown Comparison

The maximum IVSS drawdown since its inception was -8.31%, smaller than the maximum CPAI drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for IVSS and CPAI.

Drawdown Indicators

	IVSS	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-8.31%	-21.46%	+13.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.48%	—
Current Drawdown Current decline from peak	-0.31%	-1.38%	+1.07%
Average Drawdown Average peak-to-trough decline	-1.58%	-2.95%	+1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.77%	—

Volatility

Volatility by Period

	IVSS	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.79%	19.08%	-4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.79%	19.39%	-4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.79%	19.39%	-4.60%

IVSS vs. CPAI - Expense Ratio Comparison

IVSS has a 0.59% expense ratio, which is lower than CPAI's 0.75% expense ratio.

Dividends

IVSS vs. CPAI - Dividend Comparison

IVSS's dividend yield for the trailing twelve months is around 0.06%, less than CPAI's 0.70% yield.

Position	TTM	2025	2024	2023
CPAI Counterpoint Quantitative Equity ETF	0.70%	0.89%	0.41%	0.06%
IVSS Applied Finance IVS US SMID ETF	0.06%	0.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVSS and CPAI in my portfolio?

IVSS and CPAI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IVSS or CPAI?

On fees, IVSS is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVSS or CPAI?

IVSS is cheaper with a 0.59% expense ratio, compared with 0.75% for CPAI.

Which ETF pays a higher dividend yield, IVSS or CPAI?

CPAI has the higher dividend yield at 0.70%, compared with 0.06% for IVSS.

What is the main difference between IVSS and CPAI?

They also come from different issuers: Applied Finance and Counterpoint Funds. Their fees differ too: 0.59% for IVSS and 0.75% for CPAI.