IVSX vs. GWX
IVSX (Applied Finance IVS International SMID ETF) and GWX (SPDR S&P International Small Cap ETF) are both Foreign Small & Mid Cap Equities funds. IVSX is actively managed, while GWX is passively managed. Their correlation of 0.89 suggests significant overlap in exposure. IVSX charges 0.75%/yr vs 0.40%/yr for GWX.
Performance
IVSX vs. GWX - Performance Comparison
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Returns By Period
IVSX
- 1D
- 0.05%
- 1M
- -1.97%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GWX
- 1D
- -0.10%
- 1M
- -4.81%
- YTD
- 7.56%
- 6M
- 7.19%
- 1Y
- 22.83%
- 3Y*
- 16.30%
- 5Y*
- 5.11%
- 10Y*
- 7.75%
IVSX vs. GWX - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
IVSX Applied Finance IVS International SMID ETF | -4.09% |
GWX SPDR S&P International Small Cap ETF | -3.54% |
Correlation
The correlation between IVSX and GWX is 0.89, 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 Feb 20, 2026 | 0.89 |
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Return for Risk
IVSX vs. GWX — Risk / Return Rank
IVSX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GWX
IVSX vs. GWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International SMID ETF (IVSX) and SPDR S&P International Small Cap ETF (GWX). 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 | GWX | 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 | — | 1.93 | — |
| Martin ratioReturn relative to average drawdown | — | 7.06 | — |
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Drawdowns
IVSX vs. GWX - Drawdown Comparison
The maximum IVSX drawdown since its inception was -11.96%, smaller than the maximum GWX drawdown of -63.25%. Use the drawdown chart below to compare losses from any high point for IVSX and GWX.
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Drawdown Indicators
| IVSX | GWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.96% | -63.25% | +51.29% |
Max Drawdown (1Y)Largest decline over 1 year | — | -11.91% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.73% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.58% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.27% | — |
Current DrawdownCurrent decline from peak | -5.18% | -6.54% | +1.36% |
Average DrawdownAverage peak-to-trough decline | -4.74% | -14.70% | +9.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.24% | — |
Volatility
IVSX vs. GWX - Volatility Comparison
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Volatility by Period
| IVSX | GWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.99% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 14.22% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 19.93% | 16.63% | +3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.93% | 16.94% | +2.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.93% | 17.34% | +2.59% |
IVSX vs. GWX - Expense Ratio Comparison
IVSX has a 0.75% expense ratio, which is higher than GWX's 0.40% expense ratio.
Dividends
IVSX vs. GWX - Dividend Comparison
IVSX has not paid dividends to shareholders, while GWX's dividend yield for the trailing twelve months is around 2.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GWX SPDR S&P International Small Cap ETF | 2.75% | 2.83% | 2.71% | 2.64% | 2.71% | 2.75% | 1.74% | 3.41% | 2.94% | 5.18% | 4.21% | 2.67% |
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
IVSX and GWX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GWX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GWX is cheaper with a 0.40% expense ratio, compared with 0.75% for IVSX.
GWX has the higher dividend yield at 2.75%, compared with 0.00% for IVSX.
They also come from different issuers: Applied Finance and State Street. Their fees differ too: 0.75% for IVSX and 0.40% for GWX.
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