TCV vs. SAPH

Last updated Jul 17, 2026

TCV (Towle Value ETF) and SAPH (ADRhedged SAP ETF) are both exchange-traded funds - TCV is a Small Cap Value Equities fund actively managed by Towle, while SAPH is a Actively Managed fund actively managed by ADRhedged. Both are actively managed. Over the past year, TCV returned 32.54% vs -44.18% for SAPH. At a 0.04 correlation, their price movements are largely independent. TCV charges 0.85%/yr vs 0.19%/yr for SAPH.

Performance

TCV vs. SAPH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Towle Value ETF (TCV) and ADRhedged SAP ETF (SAPH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCV achieves a 28.70% return, which is significantly higher than SAPH's -29.61% return.

TCV

• 1D: 0.01%
• 1M: 4.66%
• 6M: 13.75%
• YTD: 28.70%
• 1Y: 32.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SAPH

• 1D: 3.72%
• 1M: -0.69%
• 6M: -28.50%
• YTD: -29.61%
• 1Y: -44.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TCV vs. SAPH - Yearly Performance Comparison

	2026 (YTD)	2025
TCV Towle Value ETF	28.70%	2.99%
SAPH ADRhedged SAP ETF	-29.61%	-20.71%

Correlation

The correlation between TCV and SAPH is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 17, 2025	0.04

Return for Risk

TCV vs. SAPH — Risk / Return Rank

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

TCV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SAPH

SAPH Risk / Return Rank: 1
SAPH Sharpe Ratio Rank: 0
SAPH Sortino Ratio Rank: 1
SAPH Omega Ratio Rank: 1
SAPH Calmar Ratio Rank: 1
SAPH Martin Ratio Rank: 1

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.

TCV vs. SAPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Towle Value ETF (TCV) and ADRhedged SAP ETF (SAPH). 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.

	TCV	SAPH	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.26	—
Sortino ratio: Return per unit of downside risk	—	-1.85	—
Omega ratio: Gain probability vs. loss probability	—	0.76	—
Calmar ratio: Return relative to maximum drawdown	—	-0.91	—
Martin ratio: Return relative to average drawdown	—	-1.45	—

Drawdowns

TCV vs. SAPH - Drawdown Comparison

The maximum TCV drawdown since its inception was -12.23%, smaller than the maximum SAPH drawdown of -51.14%. Use the drawdown chart below to compare losses from any high point for TCV and SAPH.

Drawdown Indicators

	TCV	SAPH	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-51.14%	+38.91%
Max Drawdown (1Y) Largest decline over 1 year	-12.23%	-48.85%	+36.62%
Current Drawdown Current decline from peak	-0.09%	-47.22%	+47.13%
Average Drawdown Average peak-to-trough decline	-3.29%	-22.55%	+19.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.53%	—

Volatility

Volatility by Period

	TCV	SAPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	31.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	35.26%	-14.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.12%	34.18%	-13.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	34.18%	-13.06%

TCV vs. SAPH - Expense Ratio Comparison

TCV has a 0.85% expense ratio, which is higher than SAPH's 0.19% expense ratio.

Dividends

TCV vs. SAPH - Dividend Comparison

TCV's dividend yield for the trailing twelve months is around 0.56%, less than SAPH's 3.96% yield.

Position	TTM	2025
SAPH ADRhedged SAP ETF	3.96%	0.00%
TCV Towle Value ETF	0.56%	0.31%

Frequently Asked Questions

Can I hold both TCV and SAPH in my portfolio?

TCV and SAPH have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TCV or SAPH?

On 1-year performance, TCV leads with 32.54% vs -44.18% for SAPH. On fees, SAPH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCV or SAPH?

Over the 1-year period, TCV has performed better with a 32.54% return vs -44.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCV or SAPH?

SAPH is cheaper with a 0.19% expense ratio, compared with 0.85% for TCV.

Which ETF pays a higher dividend yield, TCV or SAPH?

SAPH has the higher dividend yield at 3.96%, compared with 0.56% for TCV.

What is the main difference between TCV and SAPH?

TCV is categorized as Small Cap Value Equities, while SAPH is Actively Managed. They also come from different issuers: Towle and ADRhedged. Their fees differ too: 0.85% for TCV and 0.19% for SAPH.