PDN vs. NISM

Last updated Jul 14, 2026

PDN (Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF) and NISM (NYLI International Small-Mid Cap Equity ETF) are both Foreign Small & Mid Cap Equities funds. PDN is passively managed, while NISM is actively managed. Their correlation of 0.89 suggests significant overlap in exposure. PDN charges 0.49%/yr vs 0.70%/yr for NISM.

Performance

PDN vs. NISM - Performance Comparison

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

Returns By Period

PDN

• 1D: -1.17%
• 1M: -2.19%
• 6M: 4.13%
• YTD: 7.96%
• 1Y: 19.06%
• 3Y*: 15.79%
• 5Y*: 6.38%
• 10Y*: 8.38%

NISM

• 1D: -1.04%
• 1M: -1.17%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PDN vs. NISM - Yearly Performance Comparison

	2026 (YTD)
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	-3.31%
NISM NYLI International Small-Mid Cap Equity ETF	-2.69%

Correlation

The correlation between PDN and NISM is 0.89, 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	0.89

Return for Risk

PDN vs. NISM — Risk / Return Rank

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

PDN

PDN Risk / Return Rank: 44
PDN Sharpe Ratio Rank: 44
PDN Sortino Ratio Rank: 44
PDN Omega Ratio Rank: 45
PDN Calmar Ratio Rank: 42
PDN Martin Ratio Rank: 46

NISM

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

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.

PDN vs. NISM - Risk-Adjusted Trends Comparison

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

	PDN	NISM	Difference
Sharpe ratio: Return per unit of total volatility	1.25	—	—
Sortino ratio: Return per unit of downside risk	1.81	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.70	—	—
Martin ratio: Return relative to average drawdown	6.09	—	—

Drawdowns

PDN vs. NISM - Drawdown Comparison

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

Drawdown Indicators

	PDN	NISM	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-4.35%	-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	-4.62%	-2.77%	-1.85%
Average Drawdown Average peak-to-trough decline	-11.55%	-1.75%	-9.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	—	—

Volatility

Volatility by Period

	PDN	NISM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	14.27%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.47%	14.27%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	14.27%	+2.63%

PDN vs. NISM - Expense Ratio Comparison

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

Dividends

PDN vs. NISM - Dividend Comparison

PDN's dividend yield for the trailing twelve months is around 3.30%, more than NISM's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NISM NYLI International Small-Mid Cap Equity ETF	0.25%	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	3.30%	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 PDN and NISM in my portfolio?

PDN and NISM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PDN or NISM?

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, PDN or NISM?

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

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

PDN has the higher dividend yield at 3.30%, compared with 0.25% for NISM.

What is the main difference between PDN and NISM?

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