IVSX vs. NISM

Last updated Jul 17, 2026

IVSX (Applied Finance IVS International SMID ETF) and NISM (NYLI International Small-Mid Cap Equity ETF) are both Foreign Small & Mid Cap Equities funds. Both are actively managed. Their correlation of 0.83 suggests significant overlap in exposure. IVSX charges 0.75%/yr vs 0.70%/yr for NISM.

Performance

IVSX vs. NISM - Performance Comparison

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

Returns By Period

IVSX

• 1D: -0.31%
• 1M: -0.40%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NISM

• 1D: -0.57%
• 1M: -1.23%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVSX vs. NISM - Yearly Performance Comparison

	2026 (YTD)
IVSX Applied Finance IVS International SMID ETF	0.52%
NISM NYLI International Small-Mid Cap Equity ETF	-1.88%

Correlation

The correlation between IVSX and NISM is 0.83, 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 May 13, 2026	0.84

Return for Risk

IVSX vs. NISM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International SMID ETF (IVSX) and NYLI International Small-Mid Cap Equity ETF (NISM). 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.

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

Drawdowns

IVSX vs. NISM - Drawdown Comparison

The maximum IVSX drawdown since its inception was -11.96%, which is greater than NISM's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for IVSX and NISM.

Drawdown Indicators

	IVSX	NISM	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-4.35%	-7.61%
Current Drawdown Current decline from peak	-2.94%	-1.96%	-0.98%
Average Drawdown Average peak-to-trough decline	-4.55%	-1.75%	-2.80%

Volatility

Volatility by Period

	IVSX	NISM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	14.09%	+5.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.12%	14.09%	+5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.12%	14.09%	+5.03%

IVSX vs. NISM - Expense Ratio Comparison

IVSX has a 0.75% expense ratio, which is higher than NISM's 0.70% expense ratio.

Dividends

IVSX vs. NISM - Dividend Comparison

IVSX has not paid dividends to shareholders, while NISM's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM
IVSX Applied Finance IVS International SMID ETF	0.00%
NISM NYLI International Small-Mid Cap Equity ETF	0.24%

Frequently Asked Questions

Can I hold both IVSX and NISM in my portfolio?

IVSX and NISM have a correlation of 0.83, 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 NISM?

On fees, NISM is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVSX or NISM?

NISM is cheaper with a 0.70% expense ratio, compared with 0.75% for IVSX.

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

NISM has the higher dividend yield at 0.24%, compared with 0.00% for IVSX.

What is the main difference between IVSX and NISM?

They also come from different issuers: Applied Finance and New York Life Investment Management. Their fees differ too: 0.75% for IVSX and 0.70% for NISM.