IVSX vs. IVSS

Last updated Jun 3, 2026

IVSX (Applied Finance IVS International SMID ETF) and IVSS (Applied Finance IVS US SMID ETF) are both exchange-traded funds - IVSX is a Foreign Small & Mid Cap Equities fund actively managed by Applied Finance, while IVSS is a Mid Cap Blend Equities fund actively managed by Applied Finance. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. IVSX charges 0.75%/yr vs 0.59%/yr for IVSS.

Performance

IVSX vs. IVSS - Performance Comparison

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

Returns By Period

IVSX

• 1D: -0.10%
• 1M: 2.30%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVSS

• 1D: 0.11%
• 1M: 1.57%
• YTD: 12.86%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVSX vs. IVSS - Yearly Performance Comparison

	2026 (YTD)
IVSX Applied Finance IVS International SMID ETF	-1.94%
IVSS Applied Finance IVS US SMID ETF	3.28%

Correlation

The correlation between IVSX and IVSS is 0.67, 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	0.67

Return for Risk

IVSX vs. IVSS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International SMID ETF (IVSX) and Applied Finance IVS US SMID ETF (IVSS). 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

	IVSX	IVSS	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	1.88	-2.21

Drawdowns

IVSX vs. IVSS - Drawdown Comparison

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

Drawdown Indicators

	IVSX	IVSS	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-8.31%	-3.65%
Current Drawdown Current decline from peak	-2.65%	0.00%	-2.65%
Average Drawdown Average peak-to-trough decline	-5.02%	-1.85%	-3.17%

Volatility

Volatility by Period

	IVSX	IVSS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	20.73%	15.18%	+5.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.73%	15.18%	+5.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	15.18%	+5.55%

IVSX vs. IVSS - Expense Ratio Comparison

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

Dividends

IVSX vs. IVSS - Dividend Comparison

IVSX has not paid dividends to shareholders, while IVSS's dividend yield for the trailing twelve months is around 0.07%.

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

Frequently Asked Questions

Can I hold both IVSX and IVSS in my portfolio?

IVSX and IVSS have a correlation of 0.67, 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 IVSS?

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, IVSX or IVSS?

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

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

IVSS has the higher dividend yield at 0.07%, compared with 0.00% for IVSX.

What is the main difference between IVSX and IVSS?

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