LST vs. IVSS

Last updated Jun 4, 2026

LST (Leuthold Select Industries ETF) and IVSS (Applied Finance IVS US SMID ETF) are both Mid Cap Blend Equities funds. Both are actively managed. A 0.79 correlation means they provide meaningful diversification when combined. LST charges 0.65%/yr vs 0.59%/yr for IVSS.

Performance

LST vs. IVSS - Performance Comparison

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

Returns By Period

In the year-to-date period, LST achieves a 16.81% return, which is significantly higher than IVSS's 11.78% return.

LST

• 1D: -0.18%
• 1M: 7.41%
• YTD: 16.81%
• 6M: 18.46%
• 1Y: 34.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVSS

• 1D: -0.96%
• 1M: 1.51%
• YTD: 11.78%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LST vs. IVSS - Yearly Performance Comparison

	2026 (YTD)	2025
LST Leuthold Select Industries ETF	16.81%	0.91%
IVSS Applied Finance IVS US SMID ETF	11.78%	-0.02%

Correlation

The correlation between LST and IVSS is 0.79, 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 Dec 5, 2025	0.79

Return for Risk

LST vs. IVSS — Risk / Return Rank

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

LST

LST Risk / Return Rank: 73
LST Sharpe Ratio Rank: 76
LST Sortino Ratio Rank: 77
LST Omega Ratio Rank: 73
LST Calmar Ratio Rank: 66
LST Martin Ratio Rank: 72

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.

LST vs. IVSS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leuthold Select Industries ETF (LST) 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.

	LST	IVSS	Difference
Sharpe ratio: Return per unit of total volatility	2.44	—	—
Sortino ratio: Return per unit of downside risk	3.42	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	3.23	—	—
Martin ratio: Return relative to average drawdown	13.38	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	LST	IVSS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	1.69	-0.31

Drawdowns

LST vs. IVSS - Drawdown Comparison

The maximum LST drawdown since its inception was -19.47%, which is greater than IVSS's maximum drawdown of -8.31%. Use the drawdown chart below to compare losses from any high point for LST and IVSS.

Drawdown Indicators

	LST	IVSS	Difference
Max Drawdown Largest peak-to-trough decline	-19.47%	-8.31%	-11.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	—	—
Current Drawdown Current decline from peak	-0.18%	-0.96%	+0.78%
Average Drawdown Average peak-to-trough decline	-2.92%	-1.84%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	—	—

Volatility

Volatility by Period

	LST	IVSS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	15.19%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	15.19%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	15.19%	+2.74%

LST vs. IVSS - Expense Ratio Comparison

LST has a 0.65% expense ratio, which is higher than IVSS's 0.59% expense ratio.

Dividends

LST vs. IVSS - Dividend Comparison

LST's dividend yield for the trailing twelve months is around 1.15%, more than IVSS's 0.07% yield.

Position	TTM	2025
IVSS Applied Finance IVS US SMID ETF	0.07%	0.07%
LST Leuthold Select Industries ETF	1.15%	1.34%

Frequently Asked Questions

Can I hold both LST and IVSS in my portfolio?

LST and IVSS have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LST 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, LST or IVSS?

IVSS is cheaper with a 0.59% expense ratio, compared with 0.65% for LST.

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

LST has the higher dividend yield at 1.15%, compared with 0.07% for IVSS.

What is the main difference between LST and IVSS?

They also come from different issuers: Leuthold Group and Applied Finance. Their fees differ too: 0.65% for LST and 0.59% for IVSS.