IVSX vs. VSS

Last updated Jun 5, 2026

IVSX (Applied Finance IVS International SMID ETF) and VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) are both Foreign Small & Mid Cap Equities funds. IVSX is actively managed, while VSS is passively managed. Their correlation of 0.92 suggests significant overlap in exposure. IVSX charges 0.75%/yr vs 0.07%/yr for VSS.

Performance

IVSX vs. VSS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Finance IVS International SMID ETF (IVSX) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IVSX

• 1D: 1.01%
• 1M: 2.45%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VSS

• 1D: 0.96%
• 1M: 1.00%
• YTD: 11.63%
• 6M: 14.10%
• 1Y: 27.72%
• 3Y*: 17.32%
• 5Y*: 5.96%
• 10Y*: 8.11%

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

IVSX vs. VSS - Yearly Performance Comparison

	2026 (YTD)
IVSX Applied Finance IVS International SMID ETF	-1.66%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	0.79%

Correlation

The correlation between IVSX and VSS is 0.92, 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 23, 2026	0.92

Return for Risk

IVSX vs. VSS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VSS

VSS Risk / Return Rank: 54
VSS Sharpe Ratio Rank: 56
VSS Sortino Ratio Rank: 54
VSS Omega Ratio Rank: 57
VSS Calmar Ratio Rank: 49
VSS Martin Ratio Rank: 55

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IVSX vs. VSS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International SMID ETF (IVSX) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). 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	VSS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.88	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.28	0.55	-0.83

Drawdowns

IVSX vs. VSS - Drawdown Comparison

The maximum IVSX drawdown since its inception was -11.96%, smaller than the maximum VSS drawdown of -43.51%. Use the drawdown chart below to compare losses from any high point for IVSX and VSS.

Drawdown Indicators

	IVSX	VSS	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-43.51%	+31.55%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.62%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.51%	—
Current Drawdown Current decline from peak	-2.37%	-1.65%	-0.72%
Average Drawdown Average peak-to-trough decline	-4.96%	-9.64%	+4.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.00%	—

Volatility

Volatility by Period

	IVSX	VSS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.66%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.57%	14.83%	+5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	16.46%	+4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	17.27%	+3.30%

IVSX vs. VSS - Expense Ratio Comparison

IVSX has a 0.75% expense ratio, which is higher than VSS's 0.07% expense ratio.

Dividends

IVSX vs. VSS - Dividend Comparison

IVSX has not paid dividends to shareholders, while VSS's dividend yield for the trailing twelve months is around 3.04%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	3.04%	3.39%	3.44%	3.14%	2.30%	2.74%	1.90%	3.25%	2.80%	2.83%	2.93%	2.66%

Frequently Asked Questions

Can I hold both IVSX and VSS in my portfolio?

With a correlation of 0.92, IVSX and VSS 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.

Which ETF is better, IVSX or VSS?

On fees, VSS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVSX or VSS?

VSS is cheaper with a 0.07% expense ratio, compared with 0.75% for IVSX.

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

VSS has the higher dividend yield at 3.04%, compared with 0.00% for IVSX.

What is the main difference between IVSX and VSS?

They also come from different issuers: Applied Finance and Vanguard. Their fees differ too: 0.75% for IVSX and 0.07% for VSS.