NISM vs. PDN

Last updated Jul 17, 2026

NISM (NYLI International Small-Mid Cap Equity ETF) and PDN (Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF) are both Foreign Small & Mid Cap Equities funds. NISM is actively managed, while PDN is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. NISM charges 0.70%/yr vs 0.49%/yr for PDN.

Performance

NISM vs. PDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI International Small-Mid Cap Equity ETF (NISM) and Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NISM

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

PDN

• 1D: -0.64%
• 1M: -2.38%
• 6M: 4.64%
• YTD: 8.59%
• 1Y: 20.03%
• 3Y*: 16.08%
• 5Y*: 6.85%
• 10Y*: 8.41%

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

NISM vs. PDN - Yearly Performance Comparison

	2026 (YTD)
NISM NYLI International Small-Mid Cap Equity ETF	-1.88%
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	-2.75%

Correlation

The correlation between NISM and PDN is 0.90, 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	0.90

Return for Risk

NISM vs. PDN — Risk / Return Rank

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

NISM

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

PDN

PDN Risk / Return Rank: 45
PDN Sharpe Ratio Rank: 46
PDN Sortino Ratio Rank: 46
PDN Omega Ratio Rank: 46
PDN Calmar Ratio Rank: 43
PDN Martin Ratio Rank: 47

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.

NISM vs. PDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI International Small-Mid Cap Equity ETF (NISM) and Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN). 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.

	NISM	PDN	Difference
Sharpe ratio: Return per unit of total volatility	—	1.31	—
Sortino ratio: Return per unit of downside risk	—	1.89	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	1.79	—
Martin ratio: Return relative to average drawdown	—	6.34	—

Drawdowns

NISM vs. PDN - Drawdown Comparison

The maximum NISM drawdown since its inception was -4.35%, smaller than the maximum PDN drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for NISM and PDN.

Drawdown Indicators

	NISM	PDN	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-59.32%	+54.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.26%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.94%	—
Current Drawdown Current decline from peak	-1.96%	-4.06%	+2.10%
Average Drawdown Average peak-to-trough decline	-1.75%	-11.54%	+9.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.17%	—

Volatility

Volatility by Period

	NISM	PDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.09%	15.35%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.09%	16.47%	-2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.09%	16.90%	-2.81%

NISM vs. PDN - Expense Ratio Comparison

NISM has a 0.70% expense ratio, which is higher than PDN's 0.49% expense ratio.

Dividends

NISM vs. PDN - Dividend Comparison

NISM's dividend yield for the trailing twelve months is around 0.24%, less than PDN's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NISM NYLI International Small-Mid Cap Equity ETF	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	3.28%	3.36%	3.36%	3.16%	2.68%	2.42%	1.79%	2.60%	2.21%	2.42%	2.16%	2.06%

Frequently Asked Questions

Can I hold both NISM and PDN in my portfolio?

With a correlation of 0.90, NISM and PDN 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, NISM or PDN?

On fees, PDN is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NISM or PDN?

PDN is cheaper with a 0.49% expense ratio, compared with 0.70% for NISM.

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

PDN has the higher dividend yield at 3.28%, compared with 0.24% for NISM.

What is the main difference between NISM and PDN?

They also come from different issuers: New York Life Investment Management and Invesco. Their fees differ too: 0.70% for NISM and 0.49% for PDN.