TCV vs. USVM

Last updated Jul 10, 2026

TCV (Towle Value ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both exchange-traded funds - TCV is a Small Cap Value Equities fund actively managed by Towle, while USVM is a Momentum fund tracking the Nasdaq Victory US Small Mid Cap Value Momentum Index. TCV is actively managed, while USVM is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. TCV charges 0.85%/yr vs 0.29%/yr for USVM.

Performance

TCV vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Towle Value ETF (TCV) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). 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 USVM's 20.07% return.

TCV

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

USVM

• 1D: 1.01%
• 1M: 3.29%
• 6M: 15.13%
• YTD: 20.07%
• 1Y: 30.06%
• 3Y*: 19.68%
• 5Y*: 10.64%
• 10Y*: —

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

TCV vs. USVM - Yearly Performance Comparison

	2026 (YTD)	2025
TCV Towle Value ETF	24.97%	2.99%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	20.07%	9.90%

Correlation

The correlation between TCV and USVM is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 17, 2025	0.80

Return for Risk

TCV vs. USVM — 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.

USVM

USVM Risk / Return Rank: 82
USVM Sharpe Ratio Rank: 81
USVM Sortino Ratio Rank: 84
USVM Omega Ratio Rank: 76
USVM Calmar Ratio Rank: 84
USVM Martin Ratio Rank: 85

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. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Towle Value ETF (TCV) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). 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	USVM	Difference
Sharpe ratio: Return per unit of total volatility	—	2.03	—
Sortino ratio: Return per unit of downside risk	—	2.98	—
Omega ratio: Gain probability vs. loss probability	—	1.35	—
Calmar ratio: Return relative to maximum drawdown	—	3.61	—
Martin ratio: Return relative to average drawdown	—	13.57	—

Drawdowns

TCV vs. USVM - Drawdown Comparison

The maximum TCV drawdown since its inception was -12.23%, smaller than the maximum USVM drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for TCV and USVM.

Drawdown Indicators

	TCV	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-42.38%	+30.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.36%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-24.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.27%	—
Current Drawdown Current decline from peak	-0.69%	-0.98%	+0.29%
Average Drawdown Average peak-to-trough decline	-3.35%	-7.82%	+4.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.22%	—

Volatility

Volatility by Period

	TCV	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.26%	14.85%	+6.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	19.59%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	21.92%	-0.66%

TCV vs. USVM - Expense Ratio Comparison

TCV has a 0.85% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

TCV vs. USVM - Dividend Comparison

TCV's dividend yield for the trailing twelve months is around 0.58%, less than USVM's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCV Towle Value ETF	0.58%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	2.04%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%

Frequently Asked Questions

Can I hold both TCV and USVM in my portfolio?

TCV and USVM have a correlation of 0.80, 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 USVM?

On fees, USVM is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TCV or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.85% for TCV.

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

USVM has the higher dividend yield at 2.04%, compared with 0.58% for TCV.

What is the main difference between TCV and USVM?

TCV is categorized as Small Cap Value Equities, while USVM is Momentum. They also come from different issuers: Towle and Victory Capital. Their fees differ too: 0.85% for TCV and 0.29% for USVM.