TCV vs. SASS

Last updated Jul 17, 2026

TCV (Towle Value ETF) and SASS (M.D. Sass Concentrated Value ETF) are both exchange-traded funds - TCV is a Small Cap Value Equities fund actively managed by Towle, while SASS is a Actively Managed fund actively managed by M.D. Sass. Both are actively managed. A 0.52 correlation means they provide meaningful diversification when combined. TCV charges 0.85%/yr vs 0.75%/yr for SASS.

Performance

TCV vs. SASS - Performance Comparison

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

Returns By Period

TCV

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

SASS

• 1D: 0.51%
• 1M: -0.63%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TCV vs. SASS - Yearly Performance Comparison

	2026 (YTD)
TCV Towle Value ETF	15.63%
SASS M.D. Sass Concentrated Value ETF	-1.13%

Correlation

The correlation between TCV and SASS is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 4, 2026	0.52

Return for Risk

TCV vs. SASS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Towle Value ETF (TCV) and M.D. Sass Concentrated Value ETF (SASS). 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.

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

Drawdowns

TCV vs. SASS - Drawdown Comparison

The maximum TCV drawdown since its inception was -12.23%, which is greater than SASS's maximum drawdown of -9.61%. Use the drawdown chart below to compare losses from any high point for TCV and SASS.

Drawdown Indicators

	TCV	SASS	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-9.61%	-2.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.23%	—	—
Current Drawdown Current decline from peak	-0.09%	-2.17%	+2.08%
Average Drawdown Average peak-to-trough decline	-3.29%	-3.46%	+0.17%

Volatility

Volatility by Period

	TCV	SASS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	17.23%	+3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.12%	17.23%	+3.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	17.23%	+3.89%

TCV vs. SASS - Expense Ratio Comparison

TCV has a 0.85% expense ratio, which is higher than SASS's 0.75% expense ratio.

Dividends

TCV vs. SASS - Dividend Comparison

TCV's dividend yield for the trailing twelve months is around 0.56%, while SASS has not paid dividends to shareholders.

Position	TTM	2025
SASS M.D. Sass Concentrated Value ETF	0.00%	0.00%
TCV Towle Value ETF	0.56%	0.31%

Frequently Asked Questions

Can I hold both TCV and SASS in my portfolio?

TCV and SASS have a correlation of 0.52, 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 SASS?

On fees, SASS is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TCV or SASS?

SASS is cheaper with a 0.75% expense ratio, compared with 0.85% for TCV.

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

TCV has the higher dividend yield at 0.56%, compared with 0.00% for SASS.

What is the main difference between TCV and SASS?

TCV is categorized as Small Cap Value Equities, while SASS is Actively Managed. They also come from different issuers: Towle and M.D. Sass. Their fees differ too: 0.85% for TCV and 0.75% for SASS.