TASCX vs. VEVFX

Last updated Jun 24, 2026

TASCX (Third Avenue Small Cap Value Fund) and VEVFX (Vanguard Explorer Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, TASCX returned 11.00%/yr vs 10.62%/yr for VEVFX. Their correlation of 0.90 suggests significant overlap in exposure. TASCX charges 1.15%/yr vs 0.52%/yr for VEVFX.

Performance

TASCX vs. VEVFX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with TASCX having a 16.38% return and VEVFX slightly higher at 17.12%. Both investments have delivered pretty close results over the past 10 years, with TASCX having a 11.00% annualized return and VEVFX not far behind at 10.62%.

TASCX

• 1D: 0.00%
• 1M: 1.35%
• YTD: 16.38%
• 6M: 14.39%
• 1Y: 31.55%
• 3Y*: 17.24%
• 5Y*: 11.39%
• 10Y*: 11.00%

VEVFX

• 1D: 0.06%
• 1M: 4.38%
• YTD: 17.12%
• 6M: 16.04%
• 1Y: 32.35%
• 3Y*: 17.51%
• 5Y*: 8.25%
• 10Y*: 10.62%

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

TASCX vs. VEVFX - 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%
VEVFX Vanguard Explorer Value Fund	17.12%	7.40%	13.81%	15.29%	-14.11%	28.14%	3.29%	26.92%	-13.03%	12.43%

Correlation

The correlation between TASCX and VEVFX is 0.82, 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	0.82
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 Mar 30, 2010	0.90

The correlation between TASCX and VEVFX 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. VEVFX — Risk / Return Rank

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

TASCX

TASCX Risk / Return Rank: 79
TASCX Sharpe Ratio Rank: 73
TASCX Sortino Ratio Rank: 77
TASCX Omega Ratio Rank: 62
TASCX Calmar Ratio Rank: 94
TASCX Martin Ratio Rank: 90

VEVFX

VEVFX Risk / Return Rank: 56
VEVFX Sharpe Ratio Rank: 51
VEVFX Sortino Ratio Rank: 55
VEVFX Omega Ratio Rank: 45
VEVFX Calmar Ratio Rank: 77
VEVFX Martin Ratio Rank: 54

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. VEVFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Third Avenue Small Cap Value Fund (TASCX) and Vanguard Explorer Value Fund (VEVFX). 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	VEVFX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.94	+0.35
Sortino ratio: Return per unit of downside risk	3.38	2.85	+0.53
Omega ratio: Gain probability vs. loss probability	1.40	1.33	+0.07
Calmar ratio: Return relative to maximum drawdown	5.19	3.32	+1.87
Martin ratio: Return relative to average drawdown	16.34	10.29	+6.05

TASCX vs. VEVFX - Sharpe Ratio Comparison

The current TASCX Sharpe Ratio is 2.29, which is comparable to the VEVFX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of TASCX and VEVFX, 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. VEVFX - Drawdown Comparison

The maximum TASCX drawdown since its inception was -58.55%, which is greater than VEVFX's maximum drawdown of -47.53%. Use the drawdown chart below to compare losses from any high point for TASCX and VEVFX.

Drawdown Indicators

	TASCX	VEVFX	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-47.53%	-11.02%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-10.31%	+4.02%
Max Drawdown (3Y) Largest decline over 3 years	-30.26%	-27.32%	-2.94%
Max Drawdown (5Y) Largest decline over 5 years	-30.26%	-27.32%	-2.94%
Max Drawdown (10Y) Largest decline over 10 years	-40.45%	-47.53%	+7.08%
Current Drawdown Current decline from peak	-1.64%	-0.16%	-1.48%
Average Drawdown Average peak-to-trough decline	-8.60%	-6.60%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	3.32%	-1.32%

Volatility

TASCX vs. VEVFX - Volatility Comparison

The current volatility for Third Avenue Small Cap Value Fund (TASCX) is 2.97%, while Vanguard Explorer Value Fund (VEVFX) has a volatility of 4.46%. This indicates that TASCX experiences smaller price fluctuations and is considered to be less risky than VEVFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TASCX	VEVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	4.46%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	9.04%	12.23%	-3.19%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	17.72%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.34%	20.70%	+4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.14%	22.51%	+1.63%

TASCX vs. VEVFX - Expense Ratio Comparison

TASCX has a 1.15% expense ratio, which is higher than VEVFX's 0.52% expense ratio.

Dividends

TASCX vs. VEVFX - Dividend Comparison

TASCX's dividend yield for the trailing twelve months is around 3.24%, less than VEVFX's 8.76% 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%
VEVFX Vanguard Explorer Value Fund	8.76%	10.26%	14.55%	2.49%	3.85%	3.83%	0.86%	1.47%	8.92%	3.00%	2.26%	6.31%

Frequently Asked Questions

Can I hold both TASCX and VEVFX in my portfolio?

TASCX and VEVFX have a correlation of 0.82, 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 VEVFX?

VEVFX has higher volatility (4.46%) compared to TASCX (2.97%). In terms of maximum drawdown, TASCX dropped -58.55% vs VEVFX's -47.53%.

Which has better risk-adjusted returns?

TASCX currently has the higher Sharpe Ratio (2.29 vs 1.94), 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.