NISM vs. VSS

Last updated Jul 8, 2026

NISM (NYLI International Small-Mid Cap Equity ETF) and VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) are both Foreign Small & Mid Cap Equities funds. NISM is actively managed, while VSS is passively managed. Their correlation of 0.86 suggests significant overlap in exposure. NISM charges 0.70%/yr vs 0.07%/yr for VSS.

Performance

NISM vs. VSS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI International Small-Mid Cap Equity ETF (NISM) 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

NISM

• 1D: -1.87%
• 1M: 1.42%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VSS

• 1D: -2.10%
• 1M: -0.02%
• 6M: 5.16%
• YTD: 7.70%
• 1Y: 19.03%
• 3Y*: 15.35%
• 5Y*: 5.73%
• 10Y*: 8.18%

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

NISM vs. VSS - Yearly Performance Comparison

	2026 (YTD)
NISM NYLI International Small-Mid Cap Equity ETF	-1.93%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	-3.78%

Correlation

The correlation between NISM and VSS is 0.86, 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	0.86

Return for Risk

NISM vs. VSS — 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.

VSS

VSS Risk / Return Rank: 39
VSS Sharpe Ratio Rank: 39
VSS Sortino Ratio Rank: 36
VSS Omega Ratio Rank: 40
VSS Calmar Ratio Rank: 37
VSS Martin Ratio Rank: 43

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. VSS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI International Small-Mid Cap Equity ETF (NISM) 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.

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	VSS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.21	—
Sortino ratio: Return per unit of downside risk	—	1.70	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.65	—
Martin ratio: Return relative to average drawdown	—	5.88	—

Drawdowns

NISM vs. VSS - Drawdown Comparison

The maximum NISM drawdown since its inception was -4.35%, smaller than the maximum VSS drawdown of -43.51%. Use the drawdown chart below to compare losses from any high point for NISM and VSS.

Drawdown Indicators

	NISM	VSS	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-43.51%	+39.16%
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	-2.00%	-5.11%	+3.11%
Average Drawdown Average peak-to-trough decline	-1.68%	-9.61%	+7.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.25%	—

Volatility

Volatility by Period

	NISM	VSS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.55%	15.89%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	16.66%	-2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.55%	17.11%	-2.56%

NISM vs. VSS - Expense Ratio Comparison

NISM has a 0.70% expense ratio, which is higher than VSS's 0.07% expense ratio.

Dividends

NISM vs. VSS - Dividend Comparison

NISM's dividend yield for the trailing twelve months is around 0.24%, less than VSS's 3.24% 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%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	3.24%	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 NISM and VSS in my portfolio?

NISM and VSS have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NISM 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, NISM or VSS?

VSS is cheaper with a 0.07% expense ratio, compared with 0.70% for NISM.

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

VSS has the higher dividend yield at 3.24%, compared with 0.24% for NISM.

What is the main difference between NISM and VSS?

They also come from different issuers: New York Life Investment Management and Vanguard. Their fees differ too: 0.70% for NISM and 0.07% for VSS.