- ISIN
- US25264S8171
- CUSIP
- 25264S817
- Issuer
- Diamond Hill
- Inception Date
- Dec 30, 2005
- Category
- Mid Cap Value Equities
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
DHMAX Performance Chart
Diamond Hill Small-Mid Cap Fund (DHMAX) is up 8.5% since the beginning of the year. DHMAX is currently trading at $28 per share. Investors who bought $1,000 worth of DHMAX shares 5 years ago would now be looking at an investment worth $1,324.
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Returns By Period
Diamond Hill Small-Mid Cap Fund (DHMAX) has returned 8.47% so far this year and 13.50% over the past 12 months. Over the last ten years, DHMAX has returned 7.39% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Diamond Hill Small-Mid Cap Fund
- 1D
- -1.16%
- 1M
- 0.07%
- 6M
- 5.47%
- YTD
- 8.47%
- 1Y
- 13.50%
- 3Y*
- 8.79%
- 5Y*
- 5.78%
- 10Y*
- 7.39%
- ALL TIME*
- 7.66%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
DHMAX Monthly Returns History
Based on dividend-adjusted daily data since Jan 3, 2006, DHMAX's average daily return is +0.04%, while the average monthly return is +0.76%. At this rate, an investment would double in approximately 7.6 years.
Historically, 61% of months were positive and 39% were negative. The best month was Apr 2009 with a return of +22.1%, while the worst month was Mar 2020 at -25.1%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, DHMAX closed higher 52% of trading days. The best single day was Oct 13, 2008 with a return of +10.5%, while the worst single day was Mar 16, 2020 at -13.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.85% | 2.51% | -7.74% | 5.70% | -0.67% | 4.45% | 1.70% | 8.47% | |||||
| 2025 | 2.20% | -2.46% | -3.91% | -2.75% | 3.59% | 4.60% | 3.39% | 3.92% | -1.09% | -2.13% | 2.92% | 0.18% | 8.26% |
| 2024 | -0.75% | 3.58% | 4.34% | -6.33% | 2.24% | -2.11% | 7.96% | 0.44% | -0.11% | -1.85% | 7.56% | -6.28% | 7.77% |
| 2023 | 11.28% | -0.12% | -7.58% | -0.68% | -4.76% | 9.20% | 2.94% | -4.37% | -5.65% | -6.78% | 9.78% | 10.19% | 11.15% |
| 2022 | -4.63% | 1.23% | 0.33% | -5.96% | 1.41% | -10.11% | 8.03% | -2.07% | -8.76% | 9.96% | 3.56% | -5.64% | -13.88% |
| 2021 | 0.04% | 10.93% | 3.42% | 5.84% | 2.39% | -2.80% | -1.06% | 3.35% | -1.21% | 3.83% | -2.43% | 5.69% | 30.75% |
Benchmark Metrics
Diamond Hill Small-Mid Cap Fund has an annualized alpha of -0.87%, beta of 1.01, and R2 of 0.80 versus S&P 500 Index. Calculated based on daily prices since January 03, 2006.
- This fund participated in 103.35% of S&P 500 Index downside but only 97.16% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 1.01 and R2 of 0.80, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -0.87%
- Beta
- 1.01
- R²
- 0.80
- Upside Capture
- 97.16%
- Downside Capture
- 103.35%
Expense Ratio
DHMAX has a high expense ratio of 1.21%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
DHMAX ranks 20 for risk / return — above 20% of mutual funds peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Diamond Hill Small-Mid Cap Fund (DHMAX) and compare them to S&P 500 Index.
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.
| DHMAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 2.00 | -0.91 |
| Martin ratioReturn relative to average drawdown | 3.19 | 8.49 | -5.30 |
Dividends
Dividend History
Diamond Hill Small-Mid Cap Fund provided a 5.66% dividend yield over the last twelve months, with an annual payout of $1.59 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.59 | $1.59 | $1.97 | $0.25 | $1.15 | $1.56 | $0.11 | $1.09 | $0.84 | $0.10 | $0.37 | $0.22 |
Dividend yield | 5.66% | 6.14% | 7.75% | 1.00% | 5.01% | 5.55% | 0.49% | 4.81% | 4.51% | 0.45% | 1.74% | 1.20% |
Monthly Dividends
The table displays the monthly dividend distributions for Diamond Hill Small-Mid Cap Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.59 | $1.59 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.97 | $1.97 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.25 | $0.25 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.15 | $1.15 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.56 | $1.56 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Diamond Hill Small-Mid Cap Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Diamond Hill Small-Mid Cap Fund was 57.04%, occurring on Mar 9, 2009. Recovery took 283 trading sessions.
The current Diamond Hill Small-Mid Cap Fund drawdown is 1.47%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-57.04%Mar 2009 | 1y 9mo | 1y 1mo | 2y 10moJun 2007 - Apr 2010 | Financial crisis2007–2009 |
-45.46%Mar 2020 | 2mo 20d | 8mo 29d | 11mo 19dJan 2020 - Dec 2020 | COVID crash2020 |
-24.36%Oct 2011 | 5mo 4d | 1y 3mo | 1y 8moMay 2011 - Jan 2013 | — |
-23.02%Oct 2023 | 1y 9mo | 5mo 2d | 2y 2moJan 2022 - Mar 2024 | — |
-21.20%Dec 2018 | 3mo 26d | 8mo 23d | 1y 14dAug 2018 - Sep 2019 | Rate-hike selloffLate 2018 |
Drawdown Indicators
| DHMAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.04% | -56.78% | -0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -9.10% | -1.63% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -18.90% | -2.00% |
Max Drawdown (5Y)Largest decline over 5 years | -23.02% | -25.43% | +2.41% |
Max Drawdown (10Y)Largest decline over 10 years | -45.46% | -33.92% | -11.54% |
Current DrawdownCurrent decline from peak | -1.47% | -1.58% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -7.35% | -10.70% | +3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 2.14% | +1.53% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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