IVSX vs. DLS
IVSX (Applied Finance IVS International SMID ETF) and DLS (WisdomTree International SmallCap Dividend Fund) are both Foreign Small & Mid Cap Equities funds. IVSX is actively managed, while DLS is passively managed. Their correlation of 0.92 means they have usually moved in the same direction. IVSX charges 0.75%/yr vs 0.58%/yr for DLS.
Performance
IVSX vs. DLS - Performance Comparison
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Returns By Period
IVSX
- 1D
- 0.60%
- 1M
- 2.44%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
DLS
- 1D
- 0.38%
- 1M
- 1.63%
- 6M
- 3.76%
- YTD
- 8.83%
- 1Y
- 18.81%
- 3Y*
- 17.23%
- 5Y*
- 7.14%
- 10Y*
- 7.86%
- ALL TIME*
- 6.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.55M | $1.40M | $1.52M | |
| $9.84K | $7.98K | $13.54K |
IVSX vs. DLS - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
IVSX Applied Finance IVS International SMID ETF | 0.28% |
DLS WisdomTree International SmallCap Dividend Fund | 0.04% |
Correlation
The correlation between IVSX and DLS is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 20, 2026 | 0.92 |
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Return for Risk
IVSX vs. DLS — Risk / Return Rank
IVSX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
DLS
IVSX vs. DLS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International SMID ETF (IVSX) and WisdomTree International SmallCap Dividend Fund (DLS). 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 | DLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.25 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.71 | — |
| Martin ratioReturn relative to average drawdown | — | 5.78 | — |
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Drawdowns
IVSX vs. DLS - Drawdown Comparison
The maximum IVSX drawdown since its inception was -11.96%, smaller than the maximum DLS drawdown of -63.13%. Use the drawdown chart below to compare losses from any high point for IVSX and DLS.
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Drawdown Indicators
| IVSX | DLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.96% | -63.13% | +51.17% |
Max Drawdown (1Y)Largest decline over 1 year | — | -11.04% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.69% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.22% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.77% | — |
Current DrawdownCurrent decline from peak | -0.86% | -1.21% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -4.34% | -13.56% | +9.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.26% | — |
Volatility
IVSX vs. DLS - Volatility Comparison
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Volatility by Period
| IVSX | DLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.11% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 11.78% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.81% | 13.92% | +4.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.81% | 15.64% | +3.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.81% | 16.38% | +2.43% |
IVSX vs. DLS - Expense Ratio Comparison
IVSX has a 0.75% expense ratio, which is higher than DLS's 0.58% expense ratio.
Dividends
IVSX vs. DLS - Dividend Comparison
IVSX has not paid dividends to shareholders, while DLS's dividend yield for the trailing twelve months is around 3.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DLS WisdomTree International SmallCap Dividend Fund | 3.49% | 3.87% | 4.56% | 4.29% | 4.96% | 3.29% | 2.50% | 3.37% | 3.66% | 2.79% | 3.29% | 2.72% |
IVSX Applied Finance IVS International SMID ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, IVSX and DLS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, DLS is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DLS is cheaper with a 0.58% expense ratio, compared with 0.75% for IVSX.
DLS has the higher dividend yield at 3.49%, compared with 0.00% for IVSX.
They also come from different issuers: Applied Finance and WisdomTree. Their fees differ too: 0.75% for IVSX and 0.58% for DLS.
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