TNVIX vs. USCAX

Last updated Jun 4, 2026

TNVIX (1290 GAMCO Small/Mid Cap Value Fund) and USCAX (USAA Small Cap Stock Fund) are both Small Cap Blend Equities funds. Over the past 10 years, TNVIX returned 11.51%/yr vs 10.34%/yr for USCAX. Their correlation of 0.91 suggests significant overlap in exposure. TNVIX charges 0.95%/yr vs 1.10%/yr for USCAX.

Performance

TNVIX vs. USCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 1290 GAMCO Small/Mid Cap Value Fund (TNVIX) and USAA Small Cap Stock Fund (USCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TNVIX achieves a 16.43% return, which is significantly lower than USCAX's 17.84% return. Over the past 10 years, TNVIX has outperformed USCAX with an annualized return of 11.51%, while USCAX has yielded a comparatively lower 10.34% annualized return.

TNVIX

• 1D: 0.83%
• 1M: 1.59%
• YTD: 16.43%
• 6M: 17.46%
• 1Y: 35.41%
• 3Y*: 19.30%
• 5Y*: 9.26%
• 10Y*: 11.51%

USCAX

• 1D: 0.63%
• 1M: 5.04%
• YTD: 17.84%
• 6M: 17.27%
• 1Y: 36.47%
• 3Y*: 14.69%
• 5Y*: 5.00%
• 10Y*: 10.34%

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

TNVIX vs. USCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNVIX 1290 GAMCO Small/Mid Cap Value Fund	16.43%	13.91%	11.48%	21.31%	-11.37%	21.85%	11.33%	19.81%	-14.34%	19.00%
USCAX USAA Small Cap Stock Fund	17.84%	9.15%	5.34%	17.35%	-19.99%	17.08%	22.22%	29.04%	-9.97%	10.10%

Correlation

The correlation between TNVIX and USCAX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 1, 2014	0.91

The correlation between TNVIX and USCAX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

TNVIX vs. USCAX — Risk / Return Rank

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

TNVIX

TNVIX Risk / Return Rank: 63
TNVIX Sharpe Ratio Rank: 58
TNVIX Sortino Ratio Rank: 58
TNVIX Omega Ratio Rank: 49
TNVIX Calmar Ratio Rank: 81
TNVIX Martin Ratio Rank: 68

USCAX

USCAX Risk / Return Rank: 64
USCAX Sharpe Ratio Rank: 55
USCAX Sortino Ratio Rank: 54
USCAX Omega Ratio Rank: 46
USCAX Calmar Ratio Rank: 87
USCAX Martin Ratio Rank: 76

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.

TNVIX vs. USCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 1290 GAMCO Small/Mid Cap Value Fund (TNVIX) and USAA Small Cap Stock Fund (USCAX). 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.

	TNVIX	USCAX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.18	+0.07
Sortino ratio: Return per unit of downside risk	3.22	3.08	+0.13
Omega ratio: Gain probability vs. loss probability	1.38	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	3.70	4.26	-0.55
Martin ratio: Return relative to average drawdown	13.07	14.42	-1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNVIX vs. USCAX - Sharpe Ratio Comparison

The current TNVIX Sharpe Ratio is 2.24, which is comparable to the USCAX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of TNVIX and USCAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TNVIX	USCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.18	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.15	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.36	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.33	+0.17

Drawdowns

TNVIX vs. USCAX - Drawdown Comparison

The maximum TNVIX drawdown since its inception was -42.75%, smaller than the maximum USCAX drawdown of -60.17%. Use the drawdown chart below to compare losses from any high point for TNVIX and USCAX.

Drawdown Indicators

	TNVIX	USCAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.75%	-60.17%	+17.42%
Max Drawdown (1Y) Largest decline over 1 year	-10.14%	-9.11%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-20.59%	-28.89%	+8.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.61%	-47.97%	+22.36%
Max Drawdown (10Y) Largest decline over 10 years	-42.75%	-47.97%	+5.22%
Current Drawdown Current decline from peak	-1.18%	-9.97%	+8.79%
Average Drawdown Average peak-to-trough decline	-6.21%	-18.73%	+12.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	2.68%	+0.19%

Volatility

TNVIX vs. USCAX - Volatility Comparison

1290 GAMCO Small/Mid Cap Value Fund (TNVIX) and USAA Small Cap Stock Fund (USCAX) have volatilities of 5.29% and 5.20%, 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.

Volatility by Period

	TNVIX	USCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	5.20%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	12.28%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	16.76%	17.80%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.80%	33.18%	-13.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.14%	28.87%	-7.73%

TNVIX vs. USCAX - Expense Ratio Comparison

TNVIX has a 0.95% expense ratio, which is lower than USCAX's 1.10% expense ratio.

Dividends

TNVIX vs. USCAX - Dividend Comparison

TNVIX's dividend yield for the trailing twelve months is around 3.39%, less than USCAX's 6.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TNVIX 1290 GAMCO Small/Mid Cap Value Fund	3.39%	3.95%	8.76%	3.82%	2.51%	7.05%	0.47%	1.74%	1.58%	1.87%	1.79%	0.00%
USCAX USAA Small Cap Stock Fund	6.39%	7.53%	6.00%	0.18%	6.19%	43.14%	8.50%	9.92%	13.94%	11.05%	1.24%	9.23%

Frequently Asked Questions

Can I hold both TNVIX and USCAX in my portfolio?

With a correlation of 0.90, TNVIX and USCAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TNVIX or USCAX?

TNVIX has higher volatility (5.29%) compared to USCAX (5.20%). In terms of maximum drawdown, TNVIX dropped -42.75% vs USCAX's -60.17%.

Which has better risk-adjusted returns?

TNVIX currently has the higher Sharpe Ratio (2.24 vs 2.18), 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.