SMIG vs. TCV

Last updated Aug 4, 2026

SMIG (Bahl & Gaynor Small/Mid Cap Income Growth ETF) and TCV (Towle Value ETF) are both Small Cap Value Equities funds. Both are actively managed. Over the past year, SMIG returned 17.18% vs 44.66% for TCV. Their 0.64 correlation means they have sometimes moved together and sometimes differently. SMIG charges 0.60%/yr vs 0.85%/yr for TCV.

Performance

SMIG vs. TCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) and Towle Value ETF (TCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMIG achieves a 16.80% return, which is significantly lower than TCV's 28.66% return.

SMIG

• 1D: 0.42%
• 1M: 1.10%
• 6M: 11.06%
• YTD: 16.80%
• 1Y: 17.18%
• 3Y*: 13.23%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.96%

TCV

• 1D: 1.41%
• 1M: 4.51%
• 6M: 14.76%
• YTD: 28.66%
• 1Y: 44.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	$7.52M	$7.59M	$8.51M
TCV Towle Value ETF	$832.96K	$682.19K	$341.78K

SMIG vs. TCV - Yearly Performance Comparison

	2026 (YTD)	2025
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	16.80%	-0.38%
TCV Towle Value ETF	28.66%	2.99%

Correlation

The correlation between SMIG and TCV is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (All Time) Calculated using the full available price history since Jul 17, 2025	0.64

The correlation between SMIG and TCV has been stable across timeframes, ranging from 0.64 to 0.64 - a consistent structural relationship.

Return for Risk

SMIG vs. TCV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMIG

SMIG Risk / Return Rank: 54
SMIG Sharpe Ratio Rank: 57
SMIG Sortino Ratio Rank: 61
SMIG Omega Ratio Rank: 53
SMIG Calmar Ratio Rank: 53
SMIG Martin Ratio Rank: 45

TCV

TCV Risk / Return Rank: 84
TCV Sharpe Ratio Rank: 86
TCV Sortino Ratio Rank: 85
TCV Omega Ratio Rank: 80
TCV Calmar Ratio Rank: 87
TCV Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMIG vs. TCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) 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.

	SMIG	TCV	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.22	-0.75
Sortino ratio: Return per unit of downside risk	2.20	3.05	-0.84
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	2.03	3.70	-1.67
Martin ratio: Return relative to average drawdown	5.29	11.91	-6.61

SMIG vs. TCV - Sharpe Ratio Comparison

The current SMIG Sharpe Ratio is 1.46, which is lower than the TCV Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of SMIG and TCV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMIG vs. TCV - Drawdown Comparison

The maximum SMIG drawdown since its inception was -19.65%, which is greater than TCV's maximum drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for SMIG and TCV.

Drawdown Indicators

	SMIG	TCV	Difference
Max Drawdown Largest peak-to-trough decline	-19.65%	-12.23%	-7.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.52%	-12.13%	+3.61%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	—	—
Current Drawdown Current decline from peak	-0.83%	-1.33%	+0.50%
Average Drawdown Average peak-to-trough decline	-6.35%	-3.21%	-3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.76%	-0.51%

Volatility

SMIG vs. TCV - Volatility Comparison

The current volatility for Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) is 3.19%, while Towle Value ETF (TCV) has a volatility of 4.70%. This indicates that SMIG experiences smaller price fluctuations and is considered to be less risky than TCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIG	TCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	4.70%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	13.59%	-5.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	20.29%	-8.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	21.02%	-4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.04%	21.02%	-4.98%

SMIG vs. TCV - Expense Ratio Comparison

SMIG has a 0.60% expense ratio, which is lower than TCV's 0.85% expense ratio.

Dividends

SMIG vs. TCV - Dividend Comparison

SMIG's dividend yield for the trailing twelve months is around 1.65%, more than TCV's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	1.65%	1.82%	1.75%	1.91%	2.00%	0.50%
TCV Towle Value ETF	0.56%	0.31%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMIG and TCV in my portfolio?

SMIG and TCV have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMIG or TCV?

TCV has higher volatility (4.70%) compared to SMIG (3.19%). In terms of maximum drawdown, SMIG dropped -19.65% vs TCV's -12.23%.

Which ETF is better, SMIG or TCV?

On 1-year performance, TCV leads with 44.66% vs 17.18% for SMIG. On fees, SMIG is cheaper at 0.60% per year. On volatility, SMIG has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIG or TCV?

Over the 1-year period, TCV has performed better with a 44.66% return vs 17.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIG or TCV?

SMIG is cheaper with a 0.60% expense ratio, compared with 0.85% for TCV.

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

SMIG has the higher dividend yield at 1.65%, compared with 0.56% for TCV.

What is the main difference between SMIG and TCV?

They also come from different issuers: Bahl & Gaynor and Alpha Architect. Their fees differ too: 0.60% for SMIG and 0.85% for TCV.

Which has better risk-adjusted returns?

TCV currently has the higher Sharpe Ratio (2.22 vs 1.46), 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.