PDN vs. NISM
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 0.92 means they have usually moved in the same direction. PDN charges 0.49%/yr vs 0.70%/yr for NISM.
Performance
PDN vs. NISM - Performance Comparison
Loading charts...
Returns By Period
PDN
- 1D
- -1.00%
- 1M
- 0.32%
- 6M
- 3.05%
- YTD
- 9.46%
- 1Y
- 21.59%
- 3Y*
- 16.30%
- 5Y*
- 6.75%
- 10Y*
- 8.32%
- ALL TIME*
- 5.65%
NISM
- 1D
- -0.48%
- 1M
- 0.90%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.13K | $1.70K | $7.87K | |
| $407.49K | $457.49K | $907.00K |
PDN vs. NISM - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | -1.98% |
NISM NYLI International Small-Mid Cap Equity ETF | -0.61% |
Correlation
The correlation between PDN and NISM is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since May 13, 2026 | 0.92 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PDN vs. NISM — Risk / Return Rank
PDN
NISM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.26 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | — | — |
| Martin ratioReturn relative to average drawdown | 6.69 | — | — |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| PDN | NISM | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -12.69% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -33.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.94% | — | — |
Current DrawdownCurrent decline from peak | -3.30% | -0.68% | -2.62% |
Average DrawdownAverage peak-to-trough decline | -11.52% | -1.80% | -9.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | — | — |
Volatility
PDN vs. NISM - Volatility Comparison
Loading charts...
Volatility by Period
| PDN | NISM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 13.40% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 14.26% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.47% | 14.26% | +2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.92% | 14.26% | +2.66% |
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 3.26%, more than NISM's 0.24% 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% |
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 3.26% | 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
With a correlation of 0.92, PDN and NISM 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.
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.
PDN is cheaper with a 0.49% expense ratio, compared with 0.70% for NISM.
PDN has the higher dividend yield at 3.26%, compared with 0.24% for NISM.
They also come from different issuers: Invesco and New York Life. Their fees differ too: 0.49% for PDN and 0.70% for NISM.
Find the right allocation for PDN and NISM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer