VLUE vs. CCASX

Last updated Jun 4, 2026

VLUE (iShares Edge MSCI USA Value Factor ETF) and CCASX (Conestoga Small Cap) are both funds - VLUE is a Large Cap Value Equities fund tracking the MSCI USA Value Weighted Index, while CCASX is a Small Cap Growth Equities fund managed by Conestoga Capital Advisors. Over the past 10 years, VLUE returned 15.43%/yr vs 9.17%/yr for CCASX. A 0.71 correlation means they provide meaningful diversification when combined. VLUE charges 0.15%/yr vs 1.10%/yr for CCASX.

Performance

VLUE vs. CCASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI USA Value Factor ETF (VLUE) and Conestoga Small Cap (CCASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLUE achieves a 49.00% return, which is significantly higher than CCASX's 1.93% return. Over the past 10 years, VLUE has outperformed CCASX with an annualized return of 15.43%, while CCASX has yielded a comparatively lower 9.17% annualized return.

VLUE

• 1D: -0.42%
• 1M: 20.77%
• YTD: 49.00%
• 6M: 51.40%
• 1Y: 91.45%
• 3Y*: 34.26%
• 5Y*: 16.36%
• 10Y*: 15.43%

CCASX

• 1D: 0.35%
• 1M: 2.66%
• YTD: 1.93%
• 6M: 0.36%
• 1Y: -2.91%
• 3Y*: 2.10%
• 5Y*: -0.32%
• 10Y*: 9.17%

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

VLUE vs. CCASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VLUE iShares Edge MSCI USA Value Factor ETF	49.00%	32.67%	7.25%	14.26%	-14.17%	28.93%	-0.23%	27.20%	-11.13%	21.95%
CCASX Conestoga Small Cap	1.93%	-11.00%	8.74%	22.13%	-28.32%	16.02%	30.34%	25.18%	0.60%	28.42%

Correlation

The correlation between VLUE and CCASX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 19, 2013	0.71

The correlation between VLUE and CCASX shifts across timeframes, from 0.64 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VLUE vs. CCASX — Risk / Return Rank

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

VLUE

VLUE Risk / Return Rank: 97
VLUE Sharpe Ratio Rank: 98
VLUE Sortino Ratio Rank: 98
VLUE Omega Ratio Rank: 97
VLUE Calmar Ratio Rank: 96
VLUE Martin Ratio Rank: 97

CCASX

CCASX Risk / Return Rank: 2
CCASX Sharpe Ratio Rank: 2
CCASX Sortino Ratio Rank: 2
CCASX Omega Ratio Rank: 2
CCASX Calmar Ratio Rank: 2
CCASX Martin Ratio Rank: 2

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.

VLUE vs. CCASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI USA Value Factor ETF (VLUE) and Conestoga Small Cap (CCASX). 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.

	VLUE	CCASX	Difference
Sharpe ratio Return per unit of total volatility	5.32	-0.07	+5.39
Sortino ratio Return per unit of downside risk	6.86	0.04	+6.82
Omega ratio Gain probability vs. loss probability	1.91	1.00	+0.90
Calmar ratio Return relative to maximum drawdown	10.17	-0.09	+10.26
Martin ratio Return relative to average drawdown	45.62	-0.23	+45.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VLUE vs. CCASX - Sharpe Ratio Comparison

The current VLUE Sharpe Ratio is 5.32, which is higher than the CCASX Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of VLUE and CCASX, 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

	VLUE	CCASX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.32	-0.07	+5.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	-0.01	+0.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.43	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.44	+0.32

Drawdowns

VLUE vs. CCASX - Drawdown Comparison

The maximum VLUE drawdown since its inception was -39.47%, smaller than the maximum CCASX drawdown of -48.00%. Use the drawdown chart below to compare losses from any high point for VLUE and CCASX.

Drawdown Indicators

	VLUE	CCASX	Difference
Max Drawdown Largest peak-to-trough decline	-39.47%	-48.00%	+8.53%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-14.51%	+5.47%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	-27.74%	+9.85%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-38.14%	+11.02%
Max Drawdown (10Y) Largest decline over 10 years	-39.47%	-38.14%	-1.33%
Current Drawdown Current decline from peak	-0.42%	-18.14%	+17.72%
Average Drawdown Average peak-to-trough decline	-6.01%	-9.19%	+3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	5.52%	-3.51%

Volatility

VLUE vs. CCASX - Volatility Comparison

iShares Edge MSCI USA Value Factor ETF (VLUE) has a higher volatility of 8.03% compared to Conestoga Small Cap (CCASX) at 4.88%. This indicates that VLUE's price experiences larger fluctuations and is considered to be riskier than CCASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLUE	CCASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	4.88%	+3.15%
Volatility (6M) Calculated over the trailing 6-month period	13.96%	13.55%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	18.72%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	21.77%	-3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.82%	21.51%	-1.69%

VLUE vs. CCASX - Expense Ratio Comparison

VLUE has a 0.15% expense ratio, which is lower than CCASX's 1.10% expense ratio.

Dividends

VLUE vs. CCASX - Dividend Comparison

VLUE's dividend yield for the trailing twelve months is around 1.40%, less than CCASX's 5.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCASX Conestoga Small Cap	5.48%	5.58%	0.00%	0.86%	4.12%	5.27%	0.00%	2.14%	1.46%	5.63%	1.18%	1.88%
VLUE iShares Edge MSCI USA Value Factor ETF	1.40%	2.11%	2.73%	2.66%	3.18%	2.22%	2.42%	2.61%	2.70%	2.14%	2.07%	2.39%

Frequently Asked Questions

Can I hold both VLUE and CCASX in my portfolio?

VLUE and CCASX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLUE or CCASX?

VLUE has higher volatility (8.03%) compared to CCASX (4.88%). In terms of maximum drawdown, VLUE dropped -39.47% vs CCASX's -48.00%.

Which has better risk-adjusted returns?

VLUE currently has the higher Sharpe Ratio (5.32 vs -0.07), 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.