VIOV vs. TCV

Last updated Jul 14, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and TCV (Towle Value ETF) are both Small Cap Value Equities funds. VIOV is passively managed, while TCV is actively managed. Their correlation of 0.83 suggests significant overlap in exposure. VIOV charges 0.10%/yr vs 0.85%/yr for TCV.

Performance

VIOV vs. TCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Towle Value ETF (TCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOV achieves a 19.73% return, which is significantly lower than TCV's 27.23% return.

VIOV

• 1D: 0.17%
• 1M: 0.26%
• 6M: 13.28%
• YTD: 19.73%
• 1Y: 32.38%
• 3Y*: 13.83%
• 5Y*: 7.93%
• 10Y*: 10.11%

TCV

• 1D: 1.28%
• 1M: 1.11%
• 6M: 15.54%
• YTD: 27.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VIOV vs. TCV - Yearly Performance Comparison

	2026 (YTD)	2025
VIOV Vanguard S&P Small-Cap 600 Value ETF	19.73%	12.48%
TCV Towle Value ETF	27.23%	2.99%

Correlation

The correlation between VIOV and TCV is 0.83, 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	0.83

Return for Risk

VIOV vs. TCV — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 74
VIOV Sharpe Ratio Rank: 70
VIOV Sortino Ratio Rank: 74
VIOV Omega Ratio Rank: 66
VIOV Calmar Ratio Rank: 82
VIOV Martin Ratio Rank: 77

TCV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

VIOV vs. TCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Towle Value ETF (TCV). 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.

	VIOV	TCV	Difference
Sharpe ratio: Return per unit of total volatility	1.80	—	—
Sortino ratio: Return per unit of downside risk	2.63	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	3.49	—	—
Martin ratio: Return relative to average drawdown	11.47	—	—

Drawdowns

VIOV vs. TCV - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, which is greater than TCV's maximum drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for VIOV and TCV.

Drawdown Indicators

	VIOV	TCV	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-12.23%	-35.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	—	—
Current Drawdown Current decline from peak	-1.07%	0.00%	-1.07%
Average Drawdown Average peak-to-trough decline	-7.34%	-3.32%	-4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	—	—

Volatility

Volatility by Period

	VIOV	TCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	21.21%	-3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.80%	21.21%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.82%	21.21%	+2.61%

VIOV vs. TCV - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is lower than TCV's 0.85% expense ratio.

Dividends

VIOV vs. TCV - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.69%, more than TCV's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TCV Towle Value ETF	0.57%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.69%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both VIOV and TCV in my portfolio?

VIOV and TCV have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VIOV or TCV?

On fees, VIOV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VIOV or TCV?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.85% for TCV.

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

VIOV has the higher dividend yield at 1.69%, compared with 0.57% for TCV.

What is the main difference between VIOV and TCV?

They also come from different issuers: Vanguard and Towle. Their fees differ too: 0.10% for VIOV and 0.85% for TCV.