- ISIN
- US25264S4030
- CUSIP
- 25264S403
- Issuer
- Diamond Hill
- Inception Date
- Jun 29, 2000
- Category
- Long-Short
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
DIAMX Performance Chart
Diamond Hill Long-Short Fund (DIAMX) is down 6.8% since the beginning of the year. DIAMX is currently trading at $28 per share. Investors who bought $1,000 worth of DIAMX shares 5 years ago would now be looking at an investment worth $1,326.
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Returns By Period
Diamond Hill Long-Short Fund (DIAMX) has returned -6.80% so far this year and 4.48% over the past 12 months. Over the last ten years, DIAMX has returned 6.90% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Diamond Hill Long-Short Fund
- 1D
- 0.07%
- 1M
- -3.46%
- YTD
- -6.80%
- 6M
- -6.24%
- 1Y
- 4.48%
- 3Y*
- 9.63%
- 5Y*
- 5.80%
- 10Y*
- 6.90%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
DIAMX Monthly Returns History
Based on dividend-adjusted daily data since Jun 30, 2000, DIAMX's average daily return is +0.03%, while the average monthly return is +0.60%. At this rate, an investment would double in approximately 9.7 years.
Historically, 63% of months were positive and 37% were negative. The best month was Nov 2020 with a return of +11.3%, while the worst month was Sep 2001 at -20.4%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 6 months.
On a daily basis, DIAMX closed higher 52% of trading days. The best single day was Oct 13, 2008 with a return of +8.9%, while the worst single day was Mar 16, 2020 at -8.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.59% | 0.03% | -4.41% | 2.89% | -2.07% | -2.70% | -6.80% | ||||||
| 2025 | 4.21% | -0.44% | -1.00% | -1.31% | 4.12% | 2.94% | 0.85% | 1.33% | 1.76% | 1.12% | 1.58% | 2.33% | 18.76% |
| 2024 | 2.65% | 2.02% | 4.56% | -2.00% | 2.47% | 0.07% | 0.07% | 1.19% | -0.17% | -1.52% | 0.60% | -0.24% | 9.93% |
| 2023 | 6.67% | -2.53% | -3.31% | 2.43% | -2.21% | 3.01% | 2.36% | -0.78% | -0.39% | -1.58% | 5.22% | 3.20% | 12.14% |
| 2022 | 2.05% | -2.44% | 0.47% | -4.47% | 2.83% | -7.48% | 4.04% | -2.13% | -7.00% | 5.31% | 2.38% | -1.70% | -8.75% |
| 2021 | -2.78% | 7.35% | 4.18% | 4.12% | 1.91% | -1.91% | 1.40% | 1.01% | -1.30% | 2.94% | -2.92% | 4.12% | 19.04% |
Benchmark Metrics
Diamond Hill Long-Short Fund has an annualized alpha of 2.18%, beta of 0.64, and R2 of 0.74 versus S&P 500 Index. Calculated based on daily prices since June 30, 2000.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (67.82%) than losses (66.81%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 2.18% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.64 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 2.18%
- Beta
- 0.64
- R²
- 0.74
- Upside Capture
- 67.82%
- Downside Capture
- 66.81%
Expense Ratio
DIAMX has a high expense ratio of 1.36%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
DIAMX ranks 7 for risk / return — in the bottom 7% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Diamond Hill Long-Short Fund (DIAMX) 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.
| DIAMX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.37 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 2.78 | -2.22 |
| Martin ratioReturn relative to average drawdown | 1.61 | 12.44 | -10.83 |
Dividends
Dividend History
Diamond Hill Long-Short Fund provided a 1.50% dividend yield over the last twelve months, with an annual payout of $0.43 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.43 | $0.43 | $2.48 | $1.05 | $1.22 | $3.00 | $0.25 | $1.66 | $1.13 | $0.55 | $0.85 | $0.11 |
Dividend yield | 1.50% | 1.39% | 9.52% | 4.03% | 5.07% | 10.81% | 0.97% | 6.32% | 4.94% | 2.15% | 3.42% | 0.48% |
Monthly Dividends
The table displays the monthly dividend distributions for Diamond Hill Long-Short 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 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.43 | $0.43 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.48 | $2.48 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.05 | $1.05 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.22 | $1.22 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.00 | $3.00 |
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 Long-Short 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 Long-Short Fund was 40.92%, occurring on Mar 9, 2009. Recovery took 978 trading sessions.
The current Diamond Hill Long-Short Fund drawdown is 7.44%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -40.92%Mar 2009 | 9mo 22d | 3y 10mo | 4y 8moMay 2008 - Jan 2013 |
Dot-com crash2000–2002 | -35.14%Oct 2002 | 1y 4mo | 1y 9mo | 3y 1moMay 2001 - Jul 2004 |
COVID crash2020 | -31.57%Mar 2020 | 2mo 2d | 9mo 20d | 11mo 22dJan 2020 - Jan 2021 |
Bear market2022 | -16.96%Sep 2022 | 7mo 29d | 1y 3mo | 1y 11moFeb 2022 - Jan 2024 |
Rate-hike selloffLate 2018 | -15.15%Dec 2018 | 3mo 4d | 3mo 24d | 6mo 28dSep 2018 - Apr 2019 |
Drawdown Indicators
| DIAMX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.92% | -56.78% | +15.86% |
Max Drawdown (1Y)Largest decline over 1 year | -7.50% | -9.10% | +1.60% |
Max Drawdown (3Y)Largest decline over 3 years | -8.61% | -18.90% | +10.29% |
Max Drawdown (5Y)Largest decline over 5 years | -16.96% | -25.43% | +8.47% |
Max Drawdown (10Y)Largest decline over 10 years | -31.57% | -33.92% | +2.35% |
Current DrawdownCurrent decline from peak | -7.44% | -1.80% | -5.64% |
Average DrawdownAverage peak-to-trough decline | -6.84% | -10.71% | +3.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 2.03% | +0.60% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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