TASCX vs. VBR

Last updated Jun 23, 2026

TASCX (Third Avenue Small Cap Value Fund) and VBR (Vanguard Small-Cap Value ETF) are both Small Cap Value Equities funds. Over the past 10 years, TASCX returned 10.69%/yr vs 11.02%/yr for VBR. Their correlation of 0.90 suggests significant overlap in exposure. TASCX charges 1.15%/yr vs 0.05%/yr for VBR.

Performance

TASCX vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Third Avenue Small Cap Value Fund (TASCX) and Vanguard Small-Cap Value ETF (VBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TASCX achieves a 16.38% return, which is significantly higher than VBR's 13.42% return. Both investments have delivered pretty close results over the past 10 years, with TASCX having a 10.69% annualized return and VBR not far ahead at 11.02%.

TASCX

• 1D: 0.00%
• 1M: 1.35%
• YTD: 16.38%
• 6M: 14.22%
• 1Y: 32.53%
• 3Y*: 16.62%
• 5Y*: 11.43%
• 10Y*: 10.69%

VBR

• 1D: 0.18%
• 1M: 2.65%
• YTD: 13.42%
• 6M: 11.41%
• 1Y: 27.72%
• 3Y*: 16.95%
• 5Y*: 8.85%
• 10Y*: 11.02%

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

TASCX vs. VBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TASCX Third Avenue Small Cap Value Fund	16.38%	14.79%	3.04%	22.49%	-1.87%	25.92%	-2.96%	22.92%	-12.55%	8.89%
VBR Vanguard Small-Cap Value ETF	13.42%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between TASCX and VBR is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.90

The correlation between TASCX and VBR shifts across timeframes, from 0.79 (3 years) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TASCX vs. VBR — Risk / Return Rank

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

TASCX

TASCX Risk / Return Rank: 80
TASCX Sharpe Ratio Rank: 75
TASCX Sortino Ratio Rank: 78
TASCX Omega Ratio Rank: 64
TASCX Calmar Ratio Rank: 95
TASCX Martin Ratio Rank: 90

VBR

VBR Risk / Return Rank: 59
VBR Sharpe Ratio Rank: 56
VBR Sortino Ratio Rank: 58
VBR Omega Ratio Rank: 52
VBR Calmar Ratio Rank: 65
VBR Martin Ratio Rank: 63

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.

TASCX vs. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Third Avenue Small Cap Value Fund (TASCX) and Vanguard Small-Cap Value ETF (VBR). 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.

	TASCX	VBR	Difference
Sharpe ratio: Return per unit of total volatility	2.31	1.82	+0.49
Sortino ratio: Return per unit of downside risk	3.41	2.67	+0.75
Omega ratio: Gain probability vs. loss probability	1.40	1.31	+0.09
Calmar ratio: Return relative to maximum drawdown	5.25	3.14	+2.11
Martin ratio: Return relative to average drawdown	16.54	11.11	+5.43

TASCX vs. VBR - Sharpe Ratio Comparison

The current TASCX Sharpe Ratio is 2.31, which is comparable to the VBR Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of TASCX and VBR, 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

TASCX vs. VBR - Drawdown Comparison

The maximum TASCX drawdown since its inception was -58.55%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for TASCX and VBR.

Drawdown Indicators

	TASCX	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-61.98%	+3.43%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-8.85%	+2.56%
Max Drawdown (3Y) Largest decline over 3 years	-30.26%	-24.19%	-6.07%
Max Drawdown (5Y) Largest decline over 5 years	-30.26%	-24.19%	-6.07%
Max Drawdown (10Y) Largest decline over 10 years	-40.45%	-45.28%	+4.83%
Current Drawdown Current decline from peak	-1.64%	-1.03%	-0.61%
Average Drawdown Average peak-to-trough decline	-8.60%	-8.25%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.50%	-0.51%

Volatility

TASCX vs. VBR - Volatility Comparison

The current volatility for Third Avenue Small Cap Value Fund (TASCX) is 3.17%, while Vanguard Small-Cap Value ETF (VBR) has a volatility of 3.97%. This indicates that TASCX experiences smaller price fluctuations and is considered to be less risky than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TASCX	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	3.97%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	9.04%	10.66%	-1.62%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	15.33%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.34%	19.73%	+5.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.13%	21.75%	+2.38%

TASCX vs. VBR - Expense Ratio Comparison

TASCX has a 1.15% expense ratio, which is higher than VBR's 0.05% expense ratio.

Dividends

TASCX vs. VBR - Dividend Comparison

TASCX's dividend yield for the trailing twelve months is around 3.24%, more than VBR's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TASCX Third Avenue Small Cap Value Fund	3.24%	3.78%	11.87%	14.38%	5.40%	8.55%	1.50%	7.75%	12.67%	13.61%	9.15%	14.70%
VBR Vanguard Small-Cap Value ETF	1.73%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both TASCX and VBR in my portfolio?

TASCX and VBR have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TASCX or VBR?

VBR has higher volatility (3.97%) compared to TASCX (3.17%). In terms of maximum drawdown, TASCX dropped -58.55% vs VBR's -61.98%.

Which has better risk-adjusted returns?

TASCX currently has the higher Sharpe Ratio (2.31 vs 1.82), 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.