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VESMX vs. TASCX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VESMX vs. TASCX

Last updated Jun 24, 2026

VESMX (VELA Small Cap Fund) and TASCX (Third Avenue Small Cap Value Fund) are both Small Cap Value Equities funds. Over the past 5 years, VESMX returned 6.83%/yr vs 11.39%/yr for TASCX. Their correlation of 0.84 suggests significant overlap in exposure. VESMX charges 1.20%/yr vs 1.15%/yr for TASCX.

Performance

VESMX vs. TASCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VELA Small Cap Fund (VESMX) and Third Avenue Small Cap Value Fund (TASCX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VESMX achieves a 4.54% return, which is significantly lower than TASCX's 16.38% return.

VESMX

1D
-0.33%
1M
2.69%
YTD
4.54%
6M
3.03%
1Y
15.33%
3Y*
11.46%
5Y*
6.83%
10Y*
—

TASCX

1D
0.00%
1M
1.35%
YTD
16.38%
6M
14.39%
1Y
31.55%
3Y*
17.24%
5Y*
11.39%
10Y*
11.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VESMX vs. TASCX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
VESMX
VELA Small Cap Fund		4.54%8.12%10.77%11.22%-5.53%31.60%21.26%
TASCX
Third Avenue Small Cap Value Fund		16.38%14.79%3.04%22.49%-1.87%25.92%16.90%

Correlation

The correlation between VESMX and TASCX is 0.82, 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

0.82

Correlation (3Y)
Calculated over the trailing 3-year period

0.76

Correlation (5Y)
Calculated over the trailing 5-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Nov 2, 2020

0.84

The correlation between VESMX and TASCX has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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VELA Small Cap Fund

Third Avenue Small Cap Value Fund

Often compared with VESMX:
VESMX vs. VSMAXVESMX vs. ARSMXVESMX vs. VELIXVESMX vs. VEITXVESMX vs. BRSIXVESMX vs. NSDVXVESMX vs. RYSEX
Often compared with TASCX:
TASCX vs. AVALXTASCX vs. VSMAXTASCX vs. WMICXTASCX vs. VBTASCX vs. VBRTASCX vs. CSMIXTASCX vs. AXVIX

Return for Risk

VESMX vs. TASCX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VESMX
VESMX Risk / Return Rank: 2222
Overall Rank
VESMX Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
VESMX Sortino Ratio Rank: 2121
Sortino Ratio Rank
VESMX Omega Ratio Rank: 1818
Omega Ratio Rank
VESMX Calmar Ratio Rank: 2626
Calmar Ratio Rank
VESMX Martin Ratio Rank: 2323
Martin Ratio Rank
TASCX
TASCX Risk / Return Rank: 7979
Overall Rank
TASCX Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
TASCX Sortino Ratio Rank: 7777
Sortino Ratio Rank
TASCX Omega Ratio Rank: 6262
Omega Ratio Rank
TASCX Calmar Ratio Rank: 9494
Calmar Ratio Rank
TASCX Martin Ratio Rank: 9090
Martin Ratio Rank
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.

VESMX vs. TASCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VELA Small Cap Fund (VESMX) and Third Avenue Small Cap Value Fund (TASCX). 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.

VESMXTASCXDifference
Sharpe ratioReturn per unit of total volatility
1.16
2.29

-1.13

Sortino ratioReturn per unit of downside risk
1.76
3.38

-1.62

Omega ratioGain probability vs. loss probability

1.20

1.40

-0.20

Calmar ratioReturn relative to maximum drawdown

1.76

5.19

-3.44

Martin ratioReturn relative to average drawdown

5.21

16.34

-11.13

VESMX vs. TASCX - Sharpe Ratio Comparison

The current VESMX Sharpe Ratio is 1.16, which is lower than the TASCX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VESMX and TASCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VESMX vs. TASCX - Drawdown Comparison

The maximum VESMX drawdown since its inception was -20.35%, smaller than the maximum TASCX drawdown of -58.55%. Use the drawdown chart below to compare losses from any high point for VESMX and TASCX.

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Drawdown Indicators

VESMXTASCXDifference

Max Drawdown

Largest peak-to-trough decline

-20.35%

-58.55%

+38.20%

Max Drawdown (1Y)

Largest decline over 1 year

-9.48%

-6.29%

-3.19%

Max Drawdown (3Y)

Largest decline over 3 years

-20.35%

-30.26%

+9.91%

Max Drawdown (5Y)

Largest decline over 5 years

-20.35%

-30.26%

+9.91%

Max Drawdown (10Y)

Largest decline over 10 years

—

-40.45%

—

Current Drawdown

Current decline from peak

-2.51%

-1.64%

-0.87%

Average Drawdown

Average peak-to-trough decline

-4.54%

-8.60%

+4.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.19%

2.00%

+1.19%

Volatility

VESMX vs. TASCX - Volatility Comparison

VELA Small Cap Fund (VESMX) has a higher volatility of 3.24% compared to Third Avenue Small Cap Value Fund (TASCX) at 2.97%. This indicates that VESMX's price experiences larger fluctuations and is considered to be riskier than TASCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VESMXTASCXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.24%

2.97%

+0.27%

Volatility (6M)

Calculated over the trailing 6-month period

10.00%

9.04%

+0.96%

Volatility (1Y)

Calculated over the trailing 1-year period

14.39%

14.31%

+0.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.35%

25.34%

-7.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.18%

24.14%

-5.96%

VESMX vs. TASCX - Expense Ratio Comparison

VESMX has a 1.20% expense ratio, which is higher than TASCX's 1.15% expense ratio.

Dividends

VESMX vs. TASCX - Dividend Comparison

VESMX's dividend yield for the trailing twelve months is around 0.96%, less than TASCX's 3.24% yield.

PositionTTM20252024202320222021202020192018201720162015
TASCX
Third Avenue Small Cap Value Fund		3.24%3.78%11.87%14.38%5.40%8.55%1.50%7.75%12.67%13.61%9.15%14.70%
VESMX
VELA Small Cap Fund		0.96%1.01%0.22%0.66%0.69%0.98%0.06%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VESMX and TASCX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VESMX has higher volatility (3.24%) compared to TASCX (2.97%). In terms of maximum drawdown, VESMX dropped -20.35% vs TASCX's -58.55%.

TASCX currently has the higher Sharpe Ratio (2.29 vs 1.16), 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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Find the right allocation for VESMX and TASCX

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