TAVFX vs. SMLF
TAVFX (Third Avenue Value Fund) and SMLF (iShares MSCI USA Small-Cap Multifactor ETF) are both funds - TAVFX is a Global Equities fund managed by Third Avenue, while SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor. Over the past 10 years, TAVFX returned 10.63%/yr vs 12.77%/yr for SMLF. A 0.70 correlation means they provide meaningful diversification when combined. TAVFX charges 1.15%/yr vs 0.30%/yr for SMLF.
Performance
TAVFX vs. SMLF - Performance Comparison
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Returns By Period
In the year-to-date period, TAVFX achieves a 11.26% return, which is significantly lower than SMLF's 17.27% return. Over the past 10 years, TAVFX has underperformed SMLF with an annualized return of 10.63%, while SMLF has yielded a comparatively higher 12.77% annualized return.
TAVFX
- 1D
- -0.90%
- 1M
- -1.78%
- YTD
- 11.26%
- 6M
- 11.70%
- 1Y
- 38.61%
- 3Y*
- 17.25%
- 5Y*
- 15.46%
- 10Y*
- 10.63%
SMLF
- 1D
- 0.39%
- 1M
- 4.30%
- YTD
- 17.27%
- 6M
- 14.40%
- 1Y
- 34.32%
- 3Y*
- 20.78%
- 5Y*
- 11.57%
- 10Y*
- 12.77%
TAVFX vs. SMLF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAVFX Third Avenue Value Fund | 11.26% | 35.93% | -2.43% | 20.26% | 17.46% | 22.39% | 7.76% | 12.95% | -25.95% | 8.81% |
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 17.27% | 12.30% | 16.33% | 19.99% | -12.19% | 26.53% | 8.38% | 21.56% | -8.42% | 12.70% |
Correlation
The correlation between TAVFX and SMLF 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 Apr 30, 2015 | 0.70 |
The correlation between TAVFX and SMLF has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.
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Return for Risk
TAVFX vs. SMLF — Risk / Return Rank
TAVFX
SMLF
TAVFX vs. SMLF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Third Avenue Value Fund (TAVFX) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF). 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.
| TAVFX | SMLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.33 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 3.96 | -0.73 |
| Martin ratioReturn relative to average drawdown | 12.85 | 13.58 | -0.73 |
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Drawdowns
TAVFX vs. SMLF - Drawdown Comparison
The maximum TAVFX drawdown since its inception was -66.11%, which is greater than SMLF's maximum drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for TAVFX and SMLF.
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Drawdown Indicators
| TAVFX | SMLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.11% | -41.89% | -24.22% |
Max Drawdown (1Y)Largest decline over 1 year | -11.48% | -8.71% | -2.77% |
Max Drawdown (3Y)Largest decline over 3 years | -66.11% | -26.28% | -39.83% |
Max Drawdown (5Y)Largest decline over 5 years | -66.11% | -26.28% | -39.83% |
Max Drawdown (10Y)Largest decline over 10 years | -66.11% | -41.89% | -24.22% |
Current DrawdownCurrent decline from peak | -4.32% | 0.00% | -4.32% |
Average DrawdownAverage peak-to-trough decline | -9.56% | -6.58% | -2.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 2.53% | +0.34% |
Volatility
TAVFX vs. SMLF - Volatility Comparison
Third Avenue Value Fund (TAVFX) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF) have volatilities of 5.21% and 5.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAVFX | SMLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 5.25% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 11.53% | 12.90% | -1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.87% | 17.62% | -1.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.00% | 21.12% | +60.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.30% | 21.82% | +38.48% |
TAVFX vs. SMLF - Expense Ratio Comparison
TAVFX has a 1.15% expense ratio, which is higher than SMLF's 0.30% expense ratio.
Dividends
TAVFX vs. SMLF - Dividend Comparison
TAVFX's dividend yield for the trailing twelve months is around 6.23%, more than SMLF's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 1.01% | 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 | 6.23% | 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
TAVFX and SMLF 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 (5.25%) compared to TAVFX (5.21%). In terms of maximum drawdown, TAVFX dropped -66.11% vs SMLF's -41.89%.
TAVFX currently has the higher Sharpe Ratio (2.33 vs 1.96), 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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