IVSS vs. IVSX

Last updated Jun 5, 2026

IVSS (Applied Finance IVS US SMID ETF) and IVSX (Applied Finance IVS International SMID ETF) are both exchange-traded funds - IVSS is a Mid Cap Blend Equities fund actively managed by Applied Finance, while IVSX is a Foreign Small & Mid Cap Equities fund actively managed by Applied Finance. Both are actively managed. A 0.68 correlation means they provide meaningful diversification when combined. IVSS charges 0.59%/yr vs 0.75%/yr for IVSX.

Performance

IVSS vs. IVSX - Performance Comparison

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

Returns By Period

IVSS

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

IVSX

• 1D: 1.01%
• 1M: 2.45%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVSS vs. IVSX - Yearly Performance Comparison

	2026 (YTD)
IVSS Applied Finance IVS US SMID ETF	3.65%
IVSX Applied Finance IVS International SMID ETF	-1.66%

Correlation

The correlation between IVSS and IVSX is 0.68, 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 Feb 23, 2026	0.68

Return for Risk

IVSS vs. IVSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS US SMID ETF (IVSS) and Applied Finance IVS International SMID ETF (IVSX). 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	IVSX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	-0.28	+2.18

Drawdowns

IVSS vs. IVSX - Drawdown Comparison

The maximum IVSS drawdown since its inception was -8.31%, smaller than the maximum IVSX drawdown of -11.96%. Use the drawdown chart below to compare losses from any high point for IVSS and IVSX.

Drawdown Indicators

	IVSS	IVSX	Difference
Max Drawdown Largest peak-to-trough decline	-8.31%	-11.96%	+3.65%
Current Drawdown Current decline from peak	0.00%	-2.37%	+2.37%
Average Drawdown Average peak-to-trough decline	-1.82%	-4.96%	+3.14%

Volatility

Volatility by Period

	IVSS	IVSX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	20.57%	-5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	20.57%	-5.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	20.57%	-5.33%

IVSS vs. IVSX - Expense Ratio Comparison

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

Dividends

IVSS vs. IVSX - Dividend Comparison

IVSS's dividend yield for the trailing twelve months is around 0.06%, while IVSX has not paid dividends to shareholders.

Position	TTM	2025
IVSS Applied Finance IVS US SMID ETF	0.06%	0.07%
IVSX Applied Finance IVS International SMID ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVSS and IVSX in my portfolio?

IVSS and IVSX have a correlation of 0.68, 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 IVSX?

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 IVSX?

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

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

IVSS has the higher dividend yield at 0.06%, compared with 0.00% for IVSX.

What is the main difference between IVSS and IVSX?

IVSS is categorized as Mid Cap Blend Equities, while IVSX is Foreign Small & Mid Cap Equities. Their fees differ too: 0.59% for IVSS and 0.75% for IVSX.