IVSS vs. VO

Last updated Jun 4, 2026

IVSS (Applied Finance IVS US SMID ETF) and VO (Vanguard Mid-Cap ETF) are both Mid Cap Blend Equities funds. IVSS is actively managed, while VO is passively managed. Their correlation of 0.84 suggests significant overlap in exposure. IVSS charges 0.59%/yr vs 0.03%/yr for VO.

Performance

IVSS vs. VO - Performance Comparison

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

Returns By Period

In the year-to-date period, IVSS achieves a 11.78% return, which is significantly higher than VO's 10.05% return.

IVSS

• 1D: -0.96%
• 1M: 1.51%
• YTD: 11.78%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VO

• 1D: -0.45%
• 1M: 3.20%
• YTD: 10.05%
• 6M: 9.73%
• 1Y: 18.13%
• 3Y*: 16.69%
• 5Y*: 7.87%
• 10Y*: 11.55%

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

IVSS vs. VO - Yearly Performance Comparison

	2026 (YTD)	2025
IVSS Applied Finance IVS US SMID ETF	11.78%	-0.02%
VO Vanguard Mid-Cap ETF	10.05%	-0.52%

Correlation

The correlation between IVSS and VO is 0.84, 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 5, 2025	0.84

Return for Risk

IVSS vs. VO — Risk / Return Rank

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

VO

VO Risk / Return Rank: 43
VO Sharpe Ratio Rank: 41
VO Sortino Ratio Rank: 41
VO Omega Ratio Rank: 38
VO Calmar Ratio Rank: 44
VO Martin Ratio Rank: 50

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. VO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS US SMID ETF (IVSS) and Vanguard Mid-Cap ETF (VO). 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	VO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.48	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.45	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	0.50	+1.19

Drawdowns

IVSS vs. VO - Drawdown Comparison

The maximum IVSS drawdown since its inception was -8.31%, smaller than the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for IVSS and VO.

Drawdown Indicators

	IVSS	VO	Difference
Max Drawdown Largest peak-to-trough decline	-8.31%	-58.87%	+50.56%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.02%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.57%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.37%	—
Current Drawdown Current decline from peak	-0.96%	-0.45%	-0.51%
Average Drawdown Average peak-to-trough decline	-1.84%	-7.86%	+6.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.14%	—

Volatility

Volatility by Period

	IVSS	VO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.21%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.19%	12.34%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.19%	17.59%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	18.95%	-3.76%

IVSS vs. VO - Expense Ratio Comparison

IVSS has a 0.59% expense ratio, which is higher than VO's 0.03% expense ratio.

Dividends

IVSS vs. VO - Dividend Comparison

IVSS's dividend yield for the trailing twelve months is around 0.07%, less than VO's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVSS Applied Finance IVS US SMID ETF	0.07%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VO Vanguard Mid-Cap ETF	1.36%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both IVSS and VO in my portfolio?

IVSS and VO have a correlation of 0.84, 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 VO?

On fees, VO is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVSS or VO?

VO is cheaper with a 0.03% expense ratio, compared with 0.59% for IVSS.

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

VO has the higher dividend yield at 1.36%, compared with 0.07% for IVSS.

What is the main difference between IVSS and VO?

They also come from different issuers: Applied Finance and Vanguard. Their fees differ too: 0.59% for IVSS and 0.03% for VO.