TAREX vs. TASCX
TAREX (Third Avenue Real Estate Value Fund) and TASCX (Third Avenue Small Cap Value Fund) are both mutual funds - TAREX is a REIT fund managed by Third Avenue, while TASCX is a Small Cap Value Equities fund managed by Third Avenue. Over the past 10 years, TAREX returned 4.15%/yr vs 10.81%/yr for TASCX. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 1.15% expense ratio.
Performance
TAREX vs. TASCX - Performance Comparison
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Returns By Period
In the year-to-date period, TAREX achieves a -5.76% return, which is significantly lower than TASCX's 21.43% return. Over the past 10 years, TAREX has underperformed TASCX with an annualized return of 4.15%, while TASCX has yielded a comparatively higher 10.81% annualized return.
TAREX
- 1D
- 0.13%
- 1M
- -0.81%
- 6M
- -8.58%
- YTD
- -5.76%
- 1Y
- -2.04%
- 3Y*
- 11.01%
- 5Y*
- 3.48%
- 10Y*
- 4.15%
TASCX
- 1D
- 0.16%
- 1M
- 2.62%
- 6M
- 16.19%
- YTD
- 21.43%
- 1Y
- 30.37%
- 3Y*
- 17.41%
- 5Y*
- 12.66%
- 10Y*
- 10.81%
TAREX vs. TASCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAREX Third Avenue Real Estate Value Fund | -5.76% | 12.52% | 13.54% | 23.48% | -26.53% | 30.69% | -8.23% | 21.09% | -19.98% | 16.10% |
TASCX Third Avenue Small Cap Value Fund | 21.43% | 14.79% | 3.04% | 22.49% | -1.87% | 25.92% | -2.96% | 22.92% | -12.55% | 8.89% |
Correlation
The correlation between TAREX and TASCX is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999 | 0.73 |
The correlation between TAREX and TASCX has been stable across timeframes, ranging from 0.64 to 0.74 - a consistent structural relationship.
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Return for Risk
TAREX vs. TASCX — Risk / Return Rank
TAREX
TASCX
TAREX vs. TASCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Third Avenue Real Estate Value Fund (TAREX) and Third Avenue Small Cap Value Fund (TASCX). 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.
| TAREX | TASCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.38 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.16 | 4.77 | -4.93 |
| Martin ratioReturn relative to average drawdown | -0.39 | 14.99 | -15.38 |
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Drawdowns
TAREX vs. TASCX - Drawdown Comparison
The maximum TAREX drawdown since its inception was -67.68%, which is greater than TASCX's maximum drawdown of -58.55%. Use the drawdown chart below to compare losses from any high point for TAREX and TASCX.
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Drawdown Indicators
| TAREX | TASCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.68% | -58.55% | -9.13% |
Max Drawdown (1Y)Largest decline over 1 year | -15.81% | -6.29% | -9.52% |
Max Drawdown (3Y)Largest decline over 3 years | -19.88% | -30.26% | +10.38% |
Max Drawdown (5Y)Largest decline over 5 years | -31.89% | -30.26% | -1.63% |
Max Drawdown (10Y)Largest decline over 10 years | -44.73% | -40.45% | -4.28% |
Current DrawdownCurrent decline from peak | -9.71% | -0.56% | -9.15% |
Average DrawdownAverage peak-to-trough decline | -11.17% | -8.59% | -2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.46% | 2.00% | +4.46% |
Volatility
TAREX vs. TASCX - Volatility Comparison
Third Avenue Real Estate Value Fund (TAREX) has a higher volatility of 4.62% compared to Third Avenue Small Cap Value Fund (TASCX) at 3.33%. This indicates that TAREX's price experiences larger fluctuations and is considered to be riskier than TASCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAREX | TASCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 3.33% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 12.25% | 9.24% | +3.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 14.18% | +1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.40% | 25.30% | -6.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.66% | 24.04% | -5.38% |
TAREX vs. TASCX - Expense Ratio Comparison
Both TAREX and TASCX have an expense ratio of 1.15%.
Dividends
TAREX vs. TASCX - Dividend Comparison
TAREX's dividend yield for the trailing twelve months is around 6.03%, more than TASCX's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TAREX Third Avenue Real Estate Value Fund | 6.03% | 5.68% | 6.59% | 5.28% | 8.76% | 9.03% | 0.99% | 18.22% | 11.07% | 1.06% | 1.80% | 5.60% |
TASCX Third Avenue Small Cap Value Fund | 3.11% | 3.78% | 11.87% | 14.38% | 5.40% | 8.55% | 1.50% | 7.75% | 12.67% | 13.61% | 9.15% | 14.70% |
Frequently Asked Questions
TAREX and TASCX 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.
TAREX has higher volatility (4.62%) compared to TASCX (3.33%). In terms of maximum drawdown, TAREX dropped -67.68% vs TASCX's -58.55%.
TASCX currently has the higher Sharpe Ratio (2.12 vs -0.16), 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.
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