ADVGX vs. HDCTX

Last updated Jun 4, 2026

ADVGX (North Square Advisory Research Small Cap Value Fund) and HDCTX (Rational Equity Armor Fund) are both Large Cap Value Equities funds. Over the past 10 years, ADVGX returned 11.61%/yr vs 5.66%/yr for HDCTX. A 0.76 correlation means they provide meaningful diversification when combined. ADVGX charges 0.95%/yr vs 1.17%/yr for HDCTX.

Performance

ADVGX vs. HDCTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square Advisory Research Small Cap Value Fund (ADVGX) and Rational Equity Armor Fund (HDCTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ADVGX having a 11.42% return and HDCTX slightly lower at 11.26%. Over the past 10 years, ADVGX has outperformed HDCTX with an annualized return of 11.61%, while HDCTX has yielded a comparatively lower 5.66% annualized return.

ADVGX

• 1D: -0.20%
• 1M: 7.28%
• YTD: 11.42%
• 6M: 12.87%
• 1Y: 27.39%
• 3Y*: 17.96%
• 5Y*: 9.77%
• 10Y*: 11.61%

HDCTX

• 1D: 0.34%
• 1M: 4.63%
• YTD: 11.26%
• 6M: 8.64%
• 1Y: 21.27%
• 3Y*: 16.02%
• 5Y*: 7.04%
• 10Y*: 5.66%

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

ADVGX vs. HDCTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADVGX North Square Advisory Research Small Cap Value Fund	11.42%	7.13%	15.52%	20.90%	-12.98%	29.94%	-2.61%	27.64%	-3.27%	19.60%
HDCTX Rational Equity Armor Fund	11.26%	12.64%	16.85%	2.95%	-10.68%	14.52%	15.85%	11.32%	-11.94%	-1.99%

Correlation

The correlation between ADVGX and HDCTX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 18, 2009	0.76

Over the past year, the correlation between ADVGX and HDCTX has dropped to 0.49 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

ADVGX vs. HDCTX — Risk / Return Rank

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

ADVGX

ADVGX Risk / Return Rank: 27
ADVGX Sharpe Ratio Rank: 29
ADVGX Sortino Ratio Rank: 30
ADVGX Omega Ratio Rank: 26
ADVGX Calmar Ratio Rank: 29
ADVGX Martin Ratio Rank: 20

HDCTX

HDCTX Risk / Return Rank: 57
HDCTX Sharpe Ratio Rank: 61
HDCTX Sortino Ratio Rank: 64
HDCTX Omega Ratio Rank: 55
HDCTX Calmar Ratio Rank: 65
HDCTX Martin Ratio Rank: 38

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.

ADVGX vs. HDCTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square Advisory Research Small Cap Value Fund (ADVGX) and Rational Equity Armor Fund (HDCTX). 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.

	ADVGX	HDCTX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.30	-0.75
Sortino ratio: Return per unit of downside risk	2.29	3.36	-1.07
Omega ratio: Gain probability vs. loss probability	1.27	1.41	-0.14
Calmar ratio: Return relative to maximum drawdown	2.01	3.11	-1.10
Martin ratio: Return relative to average drawdown	5.34	8.25	-2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADVGX vs. HDCTX - Sharpe Ratio Comparison

The current ADVGX Sharpe Ratio is 1.55, which is lower than the HDCTX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of ADVGX and HDCTX, 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

	ADVGX	HDCTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.30	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.66	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.49	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.40	+0.18

Drawdowns

ADVGX vs. HDCTX - Drawdown Comparison

The maximum ADVGX drawdown since its inception was -41.34%, smaller than the maximum HDCTX drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for ADVGX and HDCTX.

Drawdown Indicators

	ADVGX	HDCTX	Difference
Max Drawdown Largest peak-to-trough decline	-41.34%	-59.05%	+17.71%
Max Drawdown (1Y) Largest decline over 1 year	-14.92%	-6.95%	-7.97%
Max Drawdown (3Y) Largest decline over 3 years	-27.69%	-11.74%	-15.95%
Max Drawdown (5Y) Largest decline over 5 years	-27.69%	-18.22%	-9.47%
Max Drawdown (10Y) Largest decline over 10 years	-41.34%	-19.43%	-21.91%
Current Drawdown Current decline from peak	-0.81%	-0.83%	+0.02%
Average Drawdown Average peak-to-trough decline	-5.57%	-6.41%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.60%	2.61%	+2.99%

Volatility

ADVGX vs. HDCTX - Volatility Comparison

North Square Advisory Research Small Cap Value Fund (ADVGX) has a higher volatility of 6.24% compared to Rational Equity Armor Fund (HDCTX) at 3.84%. This indicates that ADVGX's price experiences larger fluctuations and is considered to be riskier than HDCTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADVGX	HDCTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.24%	3.84%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	13.84%	6.95%	+6.89%
Volatility (1Y) Calculated over the trailing 1-year period	19.36%	9.39%	+9.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.45%	10.67%	+10.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	11.53%	+9.53%

ADVGX vs. HDCTX - Expense Ratio Comparison

ADVGX has a 0.95% expense ratio, which is lower than HDCTX's 1.17% expense ratio.

Dividends

ADVGX vs. HDCTX - Dividend Comparison

ADVGX's dividend yield for the trailing twelve months is around 5.10%, more than HDCTX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADVGX North Square Advisory Research Small Cap Value Fund	5.10%	5.68%	1.16%	0.85%	6.87%	7.52%	11.47%	11.43%	41.46%	9.66%	7.34%	19.79%
HDCTX Rational Equity Armor Fund	0.18%	0.00%	0.00%	0.17%	0.78%	1.21%	1.10%	5.37%	7.86%	5.60%	3.28%	15.32%

Frequently Asked Questions

Can I hold both ADVGX and HDCTX in my portfolio?

ADVGX and HDCTX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADVGX or HDCTX?

ADVGX has higher volatility (6.24%) compared to HDCTX (3.84%). In terms of maximum drawdown, ADVGX dropped -41.34% vs HDCTX's -59.05%.

Which has better risk-adjusted returns?

HDCTX currently has the higher Sharpe Ratio (2.30 vs 1.55), 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.