TNVIX vs. IVV
TNVIX (1290 GAMCO Small/Mid Cap Value Fund) and IVV (iShares Core S&P 500 ETF) are both funds - TNVIX is a Small Cap Blend Equities fund managed by 1290 Funds, while IVV is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TNVIX returned 12.08%/yr vs 15.58%/yr for IVV. A 0.76 correlation means they provide meaningful diversification when combined. TNVIX charges 0.95%/yr vs 0.03%/yr for IVV.
Performance
TNVIX vs. IVV - Performance Comparison
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Returns By Period
In the year-to-date period, TNVIX achieves a 19.59% return, which is significantly higher than IVV's 8.20% return. Over the past 10 years, TNVIX has underperformed IVV with an annualized return of 12.08%, while IVV has yielded a comparatively higher 15.58% annualized return.
TNVIX
- 1D
- -0.53%
- 1M
- 4.69%
- YTD
- 19.59%
- 6M
- 17.76%
- 1Y
- 36.79%
- 3Y*
- 19.58%
- 5Y*
- 10.38%
- 10Y*
- 12.08%
IVV
- 1D
- -1.42%
- 1M
- -1.34%
- YTD
- 8.20%
- 6M
- 7.25%
- 1Y
- 23.72%
- 3Y*
- 20.79%
- 5Y*
- 13.13%
- 10Y*
- 15.58%
TNVIX vs. IVV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TNVIX 1290 GAMCO Small/Mid Cap Value Fund | 19.59% | 13.91% | 11.48% | 21.31% | -11.37% | 21.85% | 11.33% | 19.81% | -14.34% | 19.00% |
IVV iShares Core S&P 500 ETF | 8.20% | 17.85% | 24.93% | 26.31% | -18.16% | 28.76% | 18.40% | 31.07% | -4.49% | 21.75% |
Correlation
The correlation between TNVIX and IVV is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2014 | 0.76 |
The correlation between TNVIX and IVV has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.
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Return for Risk
TNVIX vs. IVV — Risk / Return Rank
TNVIX
IVV
TNVIX vs. IVV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 1290 GAMCO Small/Mid Cap Value Fund (TNVIX) and iShares Core S&P 500 ETF (IVV). 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.
| TNVIX | IVV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.35 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.84 | 2.68 | +1.16 |
| Martin ratioReturn relative to average drawdown | 13.56 | 11.98 | +1.58 |
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Drawdowns
TNVIX vs. IVV - Drawdown Comparison
The maximum TNVIX drawdown since its inception was -42.75%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for TNVIX and IVV.
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Drawdown Indicators
| TNVIX | IVV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.75% | -55.25% | +12.50% |
Max Drawdown (1Y)Largest decline over 1 year | -10.14% | -8.89% | -1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -20.59% | -18.75% | -1.84% |
Max Drawdown (5Y)Largest decline over 5 years | -25.61% | -24.53% | -1.08% |
Max Drawdown (10Y)Largest decline over 10 years | -42.75% | -33.90% | -8.85% |
Current DrawdownCurrent decline from peak | -0.53% | -3.14% | +2.61% |
Average DrawdownAverage peak-to-trough decline | -6.18% | -10.76% | +4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 1.99% | +0.88% |
Volatility
TNVIX vs. IVV - Volatility Comparison
1290 GAMCO Small/Mid Cap Value Fund (TNVIX) and iShares Core S&P 500 ETF (IVV) have volatilities of 5.02% and 4.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TNVIX | IVV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.02% | 4.88% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 12.42% | 9.85% | +2.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.02% | 12.48% | +4.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.83% | 16.98% | +2.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.16% | 18.07% | +3.09% |
TNVIX vs. IVV - Expense Ratio Comparison
TNVIX has a 0.95% expense ratio, which is higher than IVV's 0.03% expense ratio.
Dividends
TNVIX vs. IVV - Dividend Comparison
TNVIX's dividend yield for the trailing twelve months is around 3.30%, more than IVV's 1.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVV iShares Core S&P 500 ETF | 1.11% | 1.17% | 1.30% | 1.44% | 1.66% | 1.20% | 1.57% | 1.85% | 2.21% | 1.75% | 2.01% | 2.27% |
TNVIX 1290 GAMCO Small/Mid Cap Value Fund | 3.30% | 3.95% | 8.76% | 3.82% | 2.51% | 7.05% | 0.47% | 1.74% | 1.58% | 1.87% | 1.79% | 0.00% |
Frequently Asked Questions
TNVIX and IVV have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TNVIX has higher volatility (5.02%) compared to IVV (4.88%). In terms of maximum drawdown, TNVIX dropped -42.75% vs IVV's -55.25%.
TNVIX currently has the higher Sharpe Ratio (2.29 vs 1.91), 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.
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