TCV vs. SMIG

Last updated Jul 10, 2026

TCV (Towle Value ETF) and SMIG (Bahl & Gaynor Small/Mid Cap Income Growth ETF) are both Small Cap Value Equities funds. Both are actively managed. A 0.65 correlation means they provide meaningful diversification when combined. TCV charges 0.85%/yr vs 0.60%/yr for SMIG.

Performance

TCV vs. SMIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Towle Value ETF (TCV) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCV achieves a 24.97% return, which is significantly higher than SMIG's 15.77% return.

TCV

• 1D: 0.94%
• 1M: 2.06%
• 6M: 16.12%
• YTD: 24.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMIG

• 1D: 0.85%
• 1M: 4.15%
• 6M: 13.14%
• YTD: 15.77%
• 1Y: 14.98%
• 3Y*: 13.53%
• 5Y*: —
• 10Y*: —

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

TCV vs. SMIG - Yearly Performance Comparison

	2026 (YTD)	2025
TCV Towle Value ETF	24.97%	2.99%
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	15.77%	-0.38%

Correlation

The correlation between TCV and SMIG is 0.65, 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 Jul 17, 2025	0.65

Return for Risk

TCV vs. SMIG — 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.

SMIG

SMIG Risk / Return Rank: 43
SMIG Sharpe Ratio Rank: 44
SMIG Sortino Ratio Rank: 47
SMIG Omega Ratio Rank: 41
SMIG Calmar Ratio Rank: 43
SMIG Martin Ratio Rank: 37

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. SMIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Towle Value ETF (TCV) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). 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	SMIG	Difference
Sharpe ratio: Return per unit of total volatility	—	1.26	—
Sortino ratio: Return per unit of downside risk	—	1.93	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.77	—
Martin ratio: Return relative to average drawdown	—	4.59	—

Drawdowns

TCV vs. SMIG - Drawdown Comparison

The maximum TCV drawdown since its inception was -12.23%, smaller than the maximum SMIG drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for TCV and SMIG.

Drawdown Indicators

	TCV	SMIG	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-19.65%	+7.42%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.52%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.23%	—
Current Drawdown Current decline from peak	-0.69%	-0.30%	-0.39%
Average Drawdown Average peak-to-trough decline	-3.35%	-6.43%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.27%	—

Volatility

Volatility by Period

	TCV	SMIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.26%	11.94%	+9.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	16.11%	+5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	16.11%	+5.15%

TCV vs. SMIG - Expense Ratio Comparison

TCV has a 0.85% expense ratio, which is higher than SMIG's 0.60% expense ratio.

Dividends

TCV vs. SMIG - Dividend Comparison

TCV's dividend yield for the trailing twelve months is around 0.58%, less than SMIG's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	1.67%	1.82%	1.75%	1.91%	2.00%	0.50%
TCV Towle Value ETF	0.58%	0.31%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCV and SMIG in my portfolio?

TCV and SMIG have a correlation of 0.65, 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 SMIG?

On fees, SMIG is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TCV or SMIG?

SMIG is cheaper with a 0.60% expense ratio, compared with 0.85% for TCV.

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

SMIG has the higher dividend yield at 1.67%, compared with 0.58% for TCV.

What is the main difference between TCV and SMIG?

They also come from different issuers: Towle and Bahl & Gaynor. Their fees differ too: 0.85% for TCV and 0.60% for SMIG.