IVSS vs. CTEF

Last updated Jun 5, 2026

IVSS (Applied Finance IVS US SMID ETF) and CTEF (Castellan Targeted Equity ETF) are both Mid Cap Blend Equities funds. Both are actively managed. A 0.66 correlation means they provide meaningful diversification when combined. IVSS charges 0.59%/yr vs 0.45%/yr for CTEF.

Performance

IVSS vs. CTEF - Performance Comparison

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

Returns By Period

In the year-to-date period, IVSS achieves a 13.28% return, which is significantly lower than CTEF's 29.80% return.

IVSS

• 1D: 1.34%
• 1M: 1.22%
• YTD: 13.28%
• 6M: 13.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CTEF

• 1D: 0.35%
• 1M: 8.48%
• YTD: 29.80%
• 6M: 30.96%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVSS vs. CTEF - Yearly Performance Comparison

	2026 (YTD)	2025
IVSS Applied Finance IVS US SMID ETF	13.28%	-0.02%
CTEF Castellan Targeted Equity ETF	29.80%	0.90%

Correlation

The correlation between IVSS and CTEF is 0.66, 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 5, 2025	0.66

Return for Risk

IVSS vs. CTEF - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	IVSS	CTEF	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	3.56	-1.66

Drawdowns

IVSS vs. CTEF - Drawdown Comparison

The maximum IVSS drawdown since its inception was -8.31%, smaller than the maximum CTEF drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for IVSS and CTEF.

Drawdown Indicators

	IVSS	CTEF	Difference
Max Drawdown Largest peak-to-trough decline	-8.31%	-15.00%	+6.69%
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-1.82%	-1.79%	-0.03%

Volatility

Volatility by Period

	IVSS	CTEF	Difference
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	21.76%	-6.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	21.76%	-6.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	21.76%	-6.52%

IVSS vs. CTEF - Expense Ratio Comparison

IVSS has a 0.59% expense ratio, which is higher than CTEF's 0.45% expense ratio.

Dividends

IVSS vs. CTEF - Dividend Comparison

IVSS's dividend yield for the trailing twelve months is around 0.06%, which matches CTEF's 0.06% yield.

Position	TTM	2025
CTEF Castellan Targeted Equity ETF	0.06%	0.08%
IVSS Applied Finance IVS US SMID ETF	0.06%	0.07%

Frequently Asked Questions

Can I hold both IVSS and CTEF in my portfolio?

IVSS and CTEF have a correlation of 0.66, 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 CTEF?

On fees, CTEF is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVSS or CTEF?

CTEF is cheaper with a 0.45% expense ratio, compared with 0.59% for IVSS.

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

IVSS and CTEF have nearly identical dividend yields, around 0.06%.

What is the main difference between IVSS and CTEF?

They also come from different issuers: Applied Finance and Castellan. Their fees differ too: 0.59% for IVSS and 0.45% for CTEF.