TBG vs. VMAX

Last updated Jun 26, 2026

TBG (TBG Dividend Focus ETF) and VMAX (Hartford US Value ETF) are both Large Cap Value Equities funds. Both are actively managed. Over the past year, TBG returned 18.69% vs 29.83% for VMAX. A 0.80 correlation means they provide meaningful diversification when combined. TBG charges 0.59%/yr vs 0.29%/yr for VMAX.

Performance

TBG vs. VMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TBG Dividend Focus ETF (TBG) and Hartford US Value ETF (VMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBG achieves a 11.05% return, which is significantly lower than VMAX's 15.89% return.

TBG

• 1D: 0.44%
• 1M: -0.38%
• YTD: 11.05%
• 6M: 9.93%
• 1Y: 18.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VMAX

• 1D: 0.74%
• 1M: 3.06%
• YTD: 15.89%
• 6M: 14.20%
• 1Y: 29.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBG vs. VMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBG TBG Dividend Focus ETF	11.05%	7.50%	20.58%	5.20%
VMAX Hartford US Value ETF	15.89%	15.65%	15.89%	5.71%

Correlation

The correlation between TBG and VMAX is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	0.80

The correlation between TBG and VMAX has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

TBG vs. VMAX - Sectors Allocation Comparison

Sectors	TBG	VMAX
Healthcare	15.4%	11.1%
Financial Services	13.7%	32.4%
Energy	13.6%	11.0%
Technology	12.6%	13.3%
Real Estate	12.5%	4.4%
Consumer Defensive	10.0%	3.7%
Utilities	6.8%	5.3%
Consumer Cyclical	6.5%	3.7%
Industrials	3.7%	5.5%
Communication Services	3.6%	6.6%
Basic Materials	1.7%	2.8%

Return for Risk

TBG vs. VMAX — Risk / Return Rank

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

TBG

TBG Risk / Return Rank: 67
TBG Sharpe Ratio Rank: 70
TBG Sortino Ratio Rank: 72
TBG Omega Ratio Rank: 64
TBG Calmar Ratio Rank: 70
TBG Martin Ratio Rank: 60

VMAX

VMAX Risk / Return Rank: 88
VMAX Sharpe Ratio Rank: 86
VMAX Sortino Ratio Rank: 85
VMAX Omega Ratio Rank: 83
VMAX Calmar Ratio Rank: 94
VMAX Martin Ratio Rank: 93

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.

TBG vs. VMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TBG Dividend Focus ETF (TBG) and Hartford US Value ETF (VMAX). 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.

	TBG	VMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.44	-0.49
Sortino ratio: Return per unit of downside risk	2.83	3.32	-0.49
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	3.06	6.08	-3.02
Martin ratio: Return relative to average drawdown	9.38	21.32	-11.94

TBG vs. VMAX - Sharpe Ratio Comparison

The current TBG Sharpe Ratio is 1.95, which is comparable to the VMAX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of TBG and VMAX, 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

TBG vs. VMAX - Drawdown Comparison

The maximum TBG drawdown since its inception was -14.76%, smaller than the maximum VMAX drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for TBG and VMAX.

Drawdown Indicators

	TBG	VMAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.76%	-19.05%	+4.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.13%	-4.93%	-1.20%
Current Drawdown Current decline from peak	-1.60%	0.00%	-1.60%
Average Drawdown Average peak-to-trough decline	-2.08%	-2.52%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.40%	+0.60%

Volatility

TBG vs. VMAX - Volatility Comparison

The current volatility for TBG Dividend Focus ETF (TBG) is 3.03%, while Hartford US Value ETF (VMAX) has a volatility of 3.22%. This indicates that TBG experiences smaller price fluctuations and is considered to be less risky than VMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBG	VMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	3.22%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	8.83%	-1.91%
Volatility (1Y) Calculated over the trailing 1-year period	9.66%	12.29%	-2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.18%	15.39%	-3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.18%	15.39%	-3.21%

TBG vs. VMAX - Expense Ratio Comparison

TBG has a 0.59% expense ratio, which is higher than VMAX's 0.29% expense ratio.

Dividends

TBG vs. VMAX - Dividend Comparison

TBG's dividend yield for the trailing twelve months is around 2.68%, more than VMAX's 1.86% yield.

Position	TTM	2025	2024	2023
TBG TBG Dividend Focus ETF	2.68%	2.80%	2.33%	0.48%
VMAX Hartford US Value ETF	1.86%	2.14%	1.95%	0.00%

Frequently Asked Questions

Can I hold both TBG and VMAX in my portfolio?

TBG and VMAX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBG or VMAX?

VMAX has higher volatility (3.22%) compared to TBG (3.03%). In terms of maximum drawdown, TBG dropped -14.76% vs VMAX's -19.05%.

Which ETF is better, TBG or VMAX?

On 1-year performance, VMAX leads with 29.83% vs 18.69% for TBG. On fees, VMAX is cheaper at 0.29% per year. On volatility, TBG has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBG or VMAX?

Over the 1-year period, VMAX has performed better with a 29.83% return vs 18.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBG or VMAX?

VMAX is cheaper with a 0.29% expense ratio, compared with 0.59% for TBG.

Which ETF pays a higher dividend yield, TBG or VMAX?

TBG has the higher dividend yield at 2.68%, compared with 1.86% for VMAX.

What is the main difference between TBG and VMAX?

They also come from different issuers: EA Series Trust and Hartford. Their fees differ too: 0.59% for TBG and 0.29% for VMAX.

Which has better risk-adjusted returns?

VMAX currently has the higher Sharpe Ratio (2.44 vs 1.95), 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.