SASS vs. TCV

Last updated Jul 10, 2026

SASS (M.D. Sass Concentrated Value ETF) and TCV (Towle Value ETF) are both exchange-traded funds - SASS is a Actively Managed fund actively managed by M.D. Sass, while TCV is a Small Cap Value Equities fund actively managed by Towle. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. SASS charges 0.75%/yr vs 0.85%/yr for TCV.

Performance

SASS vs. TCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in M.D. Sass Concentrated Value ETF (SASS) and Towle Value ETF (TCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SASS

• 1D: 1.28%
• 1M: 1.08%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCV

• 1D: 0.94%
• 1M: 2.06%
• 6M: 16.12%
• YTD: 24.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SASS vs. TCV - Yearly Performance Comparison

	2026 (YTD)
SASS M.D. Sass Concentrated Value ETF	-1.59%
TCV Towle Value ETF	12.27%

Correlation

The correlation between SASS and TCV is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 4, 2026	0.53

Return for Risk

SASS vs. TCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for M.D. Sass Concentrated Value ETF (SASS) and Towle Value ETF (TCV). 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.

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

Drawdowns

SASS vs. TCV - Drawdown Comparison

The maximum SASS drawdown since its inception was -9.61%, smaller than the maximum TCV drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for SASS and TCV.

Drawdown Indicators

	SASS	TCV	Difference
Max Drawdown Largest peak-to-trough decline	-9.61%	-12.23%	+2.62%
Current Drawdown Current decline from peak	-2.63%	-0.69%	-1.94%
Average Drawdown Average peak-to-trough decline	-3.51%	-3.35%	-0.16%

Volatility

Volatility by Period

	SASS	TCV	Difference
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	21.26%	-3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.53%	21.26%	-3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.53%	21.26%	-3.73%

SASS vs. TCV - Expense Ratio Comparison

SASS has a 0.75% expense ratio, which is lower than TCV's 0.85% expense ratio.

Dividends

SASS vs. TCV - Dividend Comparison

SASS has not paid dividends to shareholders, while TCV's dividend yield for the trailing twelve months is around 0.58%.

Position	TTM	2025
SASS M.D. Sass Concentrated Value ETF	0.00%	0.00%
TCV Towle Value ETF	0.58%	0.31%

Frequently Asked Questions

Can I hold both SASS and TCV in my portfolio?

SASS and TCV have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SASS or TCV?

On fees, SASS is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SASS or TCV?

SASS is cheaper with a 0.75% expense ratio, compared with 0.85% for TCV.

Which ETF pays a higher dividend yield, SASS or TCV?

TCV has the higher dividend yield at 0.58%, compared with 0.00% for SASS.

What is the main difference between SASS and TCV?

SASS is categorized as Actively Managed, while TCV is Small Cap Value Equities. They also come from different issuers: M.D. Sass and Towle. Their fees differ too: 0.75% for SASS and 0.85% for TCV.