TSMWX vs. IVOG

Last updated Apr 1, 2026

Compare and contrast key facts about TIAA-CREF Quant Small/Mid-Cap Equity Fund (TSMWX) and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG).

TSMWX is managed by TIAA Investments. It was launched on Aug 5, 2016. IVOG is a passively managed fund by Vanguard that tracks the performance of the S&P MidCap 400 Growth Index. It was launched on Sep 7, 2010.

Performance

TSMWX vs. IVOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Quant Small/Mid-Cap Equity Fund (TSMWX) and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG). The values are adjusted to include any dividend payments, if applicable.

TSMWX vs. IVOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSMWX TIAA-CREF Quant Small/Mid-Cap Equity Fund	-1.27%	16.07%	18.33%	20.97%	-16.46%	32.06%	15.98%	30.01%	-7.82%	17.44%
IVOG Vanguard S&P Mid-Cap 400 Growth ETF	4.02%	7.34%	15.62%	17.36%	-19.08%	18.85%	22.60%	26.13%	-10.58%	19.41%

Returns By Period

In the year-to-date period, TSMWX achieves a -1.27% return, which is significantly lower than IVOG's 4.02% return.

TSMWX

• 1D: -1.59%
• 1M: -7.63%
• YTD: -1.27%
• 6M: 0.62%
• 1Y: 22.52%
• 3Y*: 16.44%
• 5Y*: 9.34%
• 10Y*: —

IVOG

• 1D: 3.41%
• 1M: -5.58%
• YTD: 4.02%
• 6M: 5.31%
• 1Y: 21.96%
• 3Y*: 13.02%
• 5Y*: 5.74%
• 10Y*: 10.50%

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

TSMWX vs. IVOG - Expense Ratio Comparison

TSMWX has a 0.47% expense ratio, which is higher than IVOG's 0.15% expense ratio.

TSMWX

TIAA-CREF Quant Small/Mid-Cap Equity Fund

IVOG

Vanguard S&P Mid-Cap 400 Growth ETF

Return for Risk

TSMWX vs. IVOG — Risk / Return Rank

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

TSMWX

TSMWX Risk / Return Rank: 58
TSMWX Sharpe Ratio Rank: 55
TSMWX Sortino Ratio Rank: 58
TSMWX Omega Ratio Rank: 53
TSMWX Calmar Ratio Rank: 59
TSMWX Martin Ratio Rank: 64

IVOG

IVOG Risk / Return Rank: 63
IVOG Sharpe Ratio Rank: 58
IVOG Sortino Ratio Rank: 63
IVOG Omega Ratio Rank: 58
IVOG Calmar Ratio Rank: 66
IVOG Martin Ratio Rank: 71

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.

TSMWX vs. IVOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Quant Small/Mid-Cap Equity Fund (TSMWX) and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG). 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.

	TSMWX	IVOG	Difference
Sharpe ratio Return per unit of total volatility	1.02	0.99	+0.03
Sortino ratio Return per unit of downside risk	1.52	1.54	-0.02
Omega ratio Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio Return relative to maximum drawdown	1.37	1.58	-0.20
Martin ratio Return relative to average drawdown	6.12	6.87	-0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMWX vs. IVOG - Sharpe Ratio Comparison

The current TSMWX Sharpe Ratio is 1.02, which is comparable to the IVOG Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of TSMWX and IVOG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSMWX	IVOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	0.99	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.28	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.60	-0.04

Correlation

The correlation between TSMWX and IVOG is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TSMWX vs. IVOG - Dividend Comparison

TSMWX's dividend yield for the trailing twelve months is around 9.03%, more than IVOG's 0.62% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSMWX TIAA-CREF Quant Small/Mid-Cap Equity Fund	9.03%	8.92%	12.84%	2.50%	7.84%	20.81%	1.81%	5.84%	13.26%	4.51%	0.00%	0.00%
IVOG Vanguard S&P Mid-Cap 400 Growth ETF	0.62%	0.64%	0.79%	1.15%	1.05%	0.47%	0.74%	1.17%	1.01%	0.93%	1.11%	1.04%

Drawdowns

TSMWX vs. IVOG - Drawdown Comparison

The maximum TSMWX drawdown since its inception was -44.34%, which is greater than IVOG's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for TSMWX and IVOG.

Drawdown Indicators

	TSMWX	IVOG	Difference
Max Drawdown Largest peak-to-trough decline	-44.34%	-39.32%	-5.02%
Max Drawdown (1Y) Largest decline over 1 year	-13.92%	-13.76%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-25.87%	-29.31%	+3.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.32%	—
Current Drawdown Current decline from peak	-8.78%	-6.61%	-2.17%
Average Drawdown Average peak-to-trough decline	-6.86%	-5.93%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	3.16%	-0.02%

Volatility

TSMWX vs. IVOG - Volatility Comparison

The current volatility for TIAA-CREF Quant Small/Mid-Cap Equity Fund (TSMWX) is 6.72%, while Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) has a volatility of 7.71%. This indicates that TSMWX experiences smaller price fluctuations and is considered to be less risky than IVOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMWX	IVOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	7.71%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	13.38%	13.28%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	22.17%	22.30%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.63%	20.52%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.33%	20.52%	+1.81%