SMLF vs. TAVFX
SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and TAVFX (Third Avenue Value Fund) are both funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while TAVFX is a Global Equities fund managed by Third Avenue. Over the past 10 years, SMLF returned 12.36%/yr vs 10.89%/yr for TAVFX. A 0.70 correlation means they provide meaningful diversification when combined. SMLF charges 0.30%/yr vs 1.15%/yr for TAVFX.
Performance
SMLF vs. TAVFX - Performance Comparison
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Returns By Period
In the year-to-date period, SMLF achieves a 14.46% return, which is significantly lower than TAVFX's 16.28% return. Over the past 10 years, SMLF has outperformed TAVFX with an annualized return of 12.36%, while TAVFX has yielded a comparatively lower 10.89% annualized return.
SMLF
- 1D
- -0.72%
- 1M
- 4.07%
- YTD
- 14.46%
- 6M
- 14.20%
- 1Y
- 30.98%
- 3Y*
- 19.85%
- 5Y*
- 10.89%
- 10Y*
- 12.36%
TAVFX
- 1D
- 0.80%
- 1M
- 4.80%
- YTD
- 16.28%
- 6M
- 18.09%
- 1Y
- 44.22%
- 3Y*
- 19.67%
- 5Y*
- 14.77%
- 10Y*
- 10.89%
SMLF vs. TAVFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 14.46% | 12.30% | 16.33% | 19.99% | -12.19% | 26.53% | 8.38% | 21.56% | -8.42% | 12.70% |
TAVFX Third Avenue Value Fund | 16.28% | 35.93% | -2.43% | 20.26% | 17.46% | 22.39% | 7.76% | 12.95% | -25.95% | 8.81% |
Correlation
The correlation between SMLF and TAVFX is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since May 1, 2015 | 0.70 |
The correlation between SMLF and TAVFX has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.
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Return for Risk
SMLF vs. TAVFX — Risk / Return Rank
SMLF
TAVFX
SMLF vs. TAVFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Third Avenue Value Fund (TAVFX). 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.
| SMLF | TAVFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.51 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 3.95 | -0.38 |
| Martin ratioReturn relative to average drawdown | 12.27 | 16.13 | -3.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMLF | TAVFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.81 | 2.96 | -1.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.18 | +0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.18 | +0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.30 | +0.24 |
Drawdowns
SMLF vs. TAVFX - Drawdown Comparison
The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum TAVFX drawdown of -66.11%. Use the drawdown chart below to compare losses from any high point for SMLF and TAVFX.
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Drawdown Indicators
| SMLF | TAVFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.89% | -66.11% | +24.22% |
Max Drawdown (1Y)Largest decline over 1 year | -8.71% | -11.48% | +2.77% |
Max Drawdown (3Y)Largest decline over 3 years | -26.28% | -66.11% | +39.83% |
Max Drawdown (5Y)Largest decline over 5 years | -26.28% | -66.11% | +39.83% |
Max Drawdown (10Y)Largest decline over 10 years | -41.89% | -66.11% | +24.22% |
Current DrawdownCurrent decline from peak | -0.72% | 0.00% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -6.60% | -9.57% | +2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 2.80% | -0.27% |
Volatility
SMLF vs. TAVFX - Volatility Comparison
iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a higher volatility of 4.80% compared to Third Avenue Value Fund (TAVFX) at 3.76%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than TAVFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMLF | TAVFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.80% | 3.76% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 12.31% | 10.77% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.21% | 15.29% | +1.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.09% | 81.99% | -60.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.78% | 60.31% | -38.53% |
SMLF vs. TAVFX - Expense Ratio Comparison
SMLF has a 0.30% expense ratio, which is lower than TAVFX's 1.15% expense ratio.
Dividends
SMLF vs. TAVFX - Dividend Comparison
SMLF's dividend yield for the trailing twelve months is around 1.03%, less than TAVFX's 5.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 1.03% | 1.14% | 1.33% | 1.13% | 1.23% | 1.07% | 1.33% | 1.39% | 1.17% | 0.93% | 0.78% | 0.79% |
TAVFX Third Avenue Value Fund | 5.96% | 6.93% | 9.86% | 4.48% | 5.67% | 3.74% | 0.70% | 5.95% | 4.45% | 3.03% | 8.24% | 8.43% |
Frequently Asked Questions
SMLF and TAVFX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMLF has higher volatility (4.80%) compared to TAVFX (3.76%). In terms of maximum drawdown, SMLF dropped -41.89% vs TAVFX's -66.11%.
TAVFX currently has the higher Sharpe Ratio (2.96 vs 1.81), 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.
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