AVSC vs. TCMSX

Last updated Jun 4, 2026

AVSC (Avantis US Small Cap Equity ETF) and TCMSX (Voya Small Cap Growth Fund) are both funds - AVSC is a Small Cap Value Equities fund tracking the Russell 2000 Index, while TCMSX is a Small Cap Growth Equities fund managed by TCM Funds. Over the past 3 years, AVSC returned 17.09%/yr vs 21.24%/yr for TCMSX. Their correlation of 0.84 suggests significant overlap in exposure. AVSC charges 0.25%/yr vs 0.93%/yr for TCMSX.

Performance

AVSC vs. TCMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis US Small Cap Equity ETF (AVSC) and Voya Small Cap Growth Fund (TCMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVSC achieves a 16.85% return, which is significantly lower than TCMSX's 18.13% return.

AVSC

• 1D: -1.32%
• 1M: 1.45%
• YTD: 16.85%
• 6M: 16.56%
• 1Y: 38.76%
• 3Y*: 17.09%
• 5Y*: —
• 10Y*: —

TCMSX

• 1D: 1.16%
• 1M: 6.11%
• YTD: 18.13%
• 6M: 17.07%
• 1Y: 46.45%
• 3Y*: 21.24%
• 5Y*: 9.32%
• 10Y*: 14.85%

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

AVSC vs. TCMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AVSC Avantis US Small Cap Equity ETF	16.85%	9.42%	7.75%	19.68%	-11.72%
TCMSX Voya Small Cap Growth Fund	18.13%	14.32%	18.46%	20.32%	-18.63%

Correlation

The correlation between AVSC and TCMSX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 14, 2022	0.84

The correlation between AVSC and TCMSX shifts across timeframes, from 0.71 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AVSC vs. TCMSX — Risk / Return Rank

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

AVSC

AVSC Risk / Return Rank: 70
AVSC Sharpe Ratio Rank: 63
AVSC Sortino Ratio Rank: 66
AVSC Omega Ratio Rank: 59
AVSC Calmar Ratio Rank: 86
AVSC Martin Ratio Rank: 78

TCMSX

TCMSX Risk / Return Rank: 63
TCMSX Sharpe Ratio Rank: 68
TCMSX Sortino Ratio Rank: 54
TCMSX Omega Ratio Rank: 52
TCMSX Calmar Ratio Rank: 72
TCMSX Martin Ratio Rank: 66

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.

AVSC vs. TCMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis US Small Cap Equity ETF (AVSC) and Voya Small Cap Growth Fund (TCMSX). 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.

	AVSC	TCMSX	Difference
Sharpe ratio Return per unit of total volatility	2.16	2.42	-0.26
Sortino ratio Return per unit of downside risk	3.09	3.11	-0.02
Omega ratio Gain probability vs. loss probability	1.37	1.40	-0.03
Calmar ratio Return relative to maximum drawdown	4.93	3.30	+1.64
Martin ratio Return relative to average drawdown	15.33	12.89	+2.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVSC vs. TCMSX - Sharpe Ratio Comparison

The current AVSC Sharpe Ratio is 2.16, which is comparable to the TCMSX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of AVSC and TCMSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AVSC	TCMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.42	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.49	-0.09

Drawdowns

AVSC vs. TCMSX - Drawdown Comparison

The maximum AVSC drawdown since its inception was -28.40%, smaller than the maximum TCMSX drawdown of -55.98%. Use the drawdown chart below to compare losses from any high point for AVSC and TCMSX.

Drawdown Indicators

	AVSC	TCMSX	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-55.98%	+27.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.89%	-16.86%	+8.97%
Max Drawdown (3Y) Largest decline over 3 years	-28.40%	-30.74%	+2.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.29%	—
Current Drawdown Current decline from peak	-1.32%	-0.45%	-0.87%
Average Drawdown Average peak-to-trough decline	-7.37%	-11.77%	+4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	4.12%	-1.58%

Volatility

AVSC vs. TCMSX - Volatility Comparison

The current volatility for Avantis US Small Cap Equity ETF (AVSC) is 4.49%, while Voya Small Cap Growth Fund (TCMSX) has a volatility of 7.98%. This indicates that AVSC experiences smaller price fluctuations and is considered to be less risky than TCMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVSC	TCMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	7.98%	-3.49%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	17.80%	-6.09%
Volatility (1Y) Calculated over the trailing 1-year period	18.10%	22.99%	-4.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.34%	24.35%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	23.64%	-1.30%

AVSC vs. TCMSX - Expense Ratio Comparison

AVSC has a 0.25% expense ratio, which is lower than TCMSX's 0.93% expense ratio.

Dividends

AVSC vs. TCMSX - Dividend Comparison

AVSC's dividend yield for the trailing twelve months is around 0.92%, less than TCMSX's 4.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVSC Avantis US Small Cap Equity ETF	0.92%	1.16%	1.17%	1.42%	1.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TCMSX Voya Small Cap Growth Fund	4.72%	5.57%	10.53%	0.00%	0.00%	20.02%	6.69%	1.40%	14.82%	16.10%	0.00%	16.82%

Frequently Asked Questions

Can I hold both AVSC and TCMSX in my portfolio?

AVSC and TCMSX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVSC or TCMSX?

TCMSX has higher volatility (7.98%) compared to AVSC (4.49%). In terms of maximum drawdown, AVSC dropped -28.40% vs TCMSX's -55.98%.

Which has better risk-adjusted returns?

TCMSX currently has the higher Sharpe Ratio (2.42 vs 2.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.