IVSX vs. CGV

Last updated Aug 4, 2026

IVSX (Applied Finance IVS International SMID ETF) and CGV (Conductor Global Equity Value ETF) are both Foreign Small & Mid Cap Equities funds. Both are actively managed. Their 0.79 correlation means they have sometimes moved together and sometimes differently. IVSX charges 0.75%/yr vs 1.25%/yr for CGV.

Performance

IVSX vs. CGV - Performance Comparison

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

Returns By Period

IVSX

• 1D: 0.60%
• 1M: 2.44%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CGV

• 1D: 0.61%
• 1M: 0.10%
• 6M: 1.23%
• YTD: 8.34%
• 1Y: 20.62%
• 3Y*: 11.08%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CGV Conductor Global Equity Value ETF	$253.13K	$212.54K	$305.95K
IVSX Applied Finance IVS International SMID ETF	$9.84K	$7.98K	$13.54K

IVSX vs. CGV - Yearly Performance Comparison

	2026 (YTD)
IVSX Applied Finance IVS International SMID ETF	0.28%
CGV Conductor Global Equity Value ETF	-3.28%

Correlation

The correlation between IVSX and CGV is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 20, 2026	0.79

Return for Risk

IVSX vs. CGV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IVSX

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

CGV

CGV Risk / Return Rank: 48
CGV Sharpe Ratio Rank: 52
CGV Sortino Ratio Rank: 51
CGV Omega Ratio Rank: 51
CGV Calmar Ratio Rank: 44
CGV Martin Ratio Rank: 41

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IVSX vs. CGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International SMID ETF (IVSX) and Conductor Global Equity Value ETF (CGV). 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.

	IVSX	CGV	Difference
Sharpe ratio: Return per unit of total volatility	—	1.38	—
Sortino ratio: Return per unit of downside risk	—	1.93	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	1.71	—
Martin ratio: Return relative to average drawdown	—	4.71	—

Drawdowns

IVSX vs. CGV - Drawdown Comparison

The maximum IVSX drawdown since its inception was -11.96%, smaller than the maximum CGV drawdown of -16.64%. Use the drawdown chart below to compare losses from any high point for IVSX and CGV.

Drawdown Indicators

	IVSX	CGV	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-16.64%	+4.68%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.13%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.64%	—
Current Drawdown Current decline from peak	-0.86%	-6.89%	+6.03%
Average Drawdown Average peak-to-trough decline	-4.34%	-3.79%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.39%	—

Volatility

Volatility by Period

	IVSX	CGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.66%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.81%	15.05%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.81%	13.67%	+5.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.81%	13.67%	+5.14%

IVSX vs. CGV - Expense Ratio Comparison

IVSX has a 0.75% expense ratio, which is lower than CGV's 1.25% expense ratio.

Dividends

IVSX vs. CGV - Dividend Comparison

IVSX has not paid dividends to shareholders, while CGV's dividend yield for the trailing twelve months is around 4.83%.

Position	TTM	2025	2024	2023	2022
CGV Conductor Global Equity Value ETF	4.83%	4.58%	2.87%	4.56%	0.71%
IVSX Applied Finance IVS International SMID ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVSX and CGV in my portfolio?

IVSX and CGV have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IVSX or CGV?

On fees, IVSX is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVSX or CGV?

IVSX is cheaper with a 0.75% expense ratio, compared with 1.25% for CGV.

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

CGV has the higher dividend yield at 4.83%, compared with 0.00% for IVSX.

What is the main difference between IVSX and CGV?

They also come from different issuers: Applied Finance and Conductor. Their fees differ too: 0.75% for IVSX and 1.25% for CGV.