AFMCX vs. HDPSX

Last updated Jun 3, 2026

AFMCX (Acuitas US Microcap Fund) and HDPSX (Hodges Small Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, AFMCX returned 11.38%/yr vs 15.61%/yr for HDPSX. Their correlation of 0.89 suggests significant overlap in exposure. AFMCX charges 1.50%/yr vs 1.36%/yr for HDPSX.

Performance

AFMCX vs. HDPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Acuitas US Microcap Fund (AFMCX) and Hodges Small Cap Fund (HDPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFMCX achieves a 20.96% return, which is significantly lower than HDPSX's 29.53% return. Over the past 10 years, AFMCX has underperformed HDPSX with an annualized return of 11.38%, while HDPSX has yielded a comparatively higher 15.61% annualized return.

AFMCX

• 1D: 0.77%
• 1M: 4.96%
• YTD: 20.96%
• 6M: 25.53%
• 1Y: 54.01%
• 3Y*: 18.38%
• 5Y*: 6.75%
• 10Y*: 11.38%

HDPSX

• 1D: 0.42%
• 1M: 5.80%
• YTD: 29.53%
• 6M: 28.59%
• 1Y: 51.98%
• 3Y*: 33.72%
• 5Y*: 16.34%
• 10Y*: 15.61%

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

AFMCX vs. HDPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFMCX Acuitas US Microcap Fund	20.96%	13.54%	8.32%	17.41%	-19.11%	29.20%	14.07%	21.89%	-13.26%	10.32%
HDPSX Hodges Small Cap Fund	29.53%	3.07%	62.98%	14.88%	-12.78%	35.60%	16.98%	16.85%	-16.35%	9.34%

Correlation

The correlation between AFMCX and HDPSX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.89

The correlation between AFMCX and HDPSX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

AFMCX vs. HDPSX — Risk / Return Rank

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

AFMCX

AFMCX Risk / Return Rank: 76
AFMCX Sharpe Ratio Rank: 79
AFMCX Sortino Ratio Rank: 69
AFMCX Omega Ratio Rank: 57
AFMCX Calmar Ratio Rank: 92
AFMCX Martin Ratio Rank: 83

HDPSX

HDPSX Risk / Return Rank: 74
HDPSX Sharpe Ratio Rank: 76
HDPSX Sortino Ratio Rank: 65
HDPSX Omega Ratio Rank: 57
HDPSX Calmar Ratio Rank: 92
HDPSX Martin Ratio Rank: 80

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.

AFMCX vs. HDPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Acuitas US Microcap Fund (AFMCX) and Hodges Small Cap Fund (HDPSX). 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.

	AFMCX	HDPSX	Difference
Sharpe ratio Return per unit of total volatility	2.59	2.53	+0.06
Sortino ratio Return per unit of downside risk	3.47	3.37	+0.10
Omega ratio Gain probability vs. loss probability	1.42	1.42	0.00
Calmar ratio Return relative to maximum drawdown	4.94	4.95	-0.01
Martin ratio Return relative to average drawdown	15.79	15.01	+0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFMCX vs. HDPSX - Sharpe Ratio Comparison

The current AFMCX Sharpe Ratio is 2.59, which is comparable to the HDPSX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of AFMCX and HDPSX, 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

	AFMCX	HDPSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.53	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.61	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.57	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.44	+0.01

Drawdowns

AFMCX vs. HDPSX - Drawdown Comparison

The maximum AFMCX drawdown since its inception was -51.65%, smaller than the maximum HDPSX drawdown of -65.86%. Use the drawdown chart below to compare losses from any high point for AFMCX and HDPSX.

Drawdown Indicators

	AFMCX	HDPSX	Difference
Max Drawdown Largest peak-to-trough decline	-51.65%	-65.86%	+14.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-10.42%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-31.09%	-28.83%	-2.26%
Max Drawdown (5Y) Largest decline over 5 years	-31.09%	-28.83%	-2.26%
Max Drawdown (10Y) Largest decline over 10 years	-51.65%	-58.96%	+7.31%
Current Drawdown Current decline from peak	0.00%	-0.23%	+0.23%
Average Drawdown Average peak-to-trough decline	-10.16%	-10.85%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	3.43%	-0.07%

Volatility

AFMCX vs. HDPSX - Volatility Comparison

The current volatility for Acuitas US Microcap Fund (AFMCX) is 5.24%, while Hodges Small Cap Fund (HDPSX) has a volatility of 6.38%. This indicates that AFMCX experiences smaller price fluctuations and is considered to be less risky than HDPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFMCX	HDPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	6.38%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	14.90%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	21.13%	21.01%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.52%	27.00%	-3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.95%	27.50%	-3.55%

AFMCX vs. HDPSX - Expense Ratio Comparison

AFMCX has a 1.50% expense ratio, which is higher than HDPSX's 1.36% expense ratio.

Dividends

AFMCX vs. HDPSX - Dividend Comparison

AFMCX's dividend yield for the trailing twelve months is around 3.92%, less than HDPSX's 5.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFMCX Acuitas US Microcap Fund	3.92%	4.74%	3.18%	0.00%	6.40%	8.34%	0.00%	0.10%	28.38%	3.58%	0.92%	6.58%
HDPSX Hodges Small Cap Fund	5.90%	7.64%	44.97%	5.01%	6.46%	19.53%	0.00%	8.25%	4.66%	14.53%	0.32%	0.35%

Frequently Asked Questions

Can I hold both AFMCX and HDPSX in my portfolio?

AFMCX and HDPSX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFMCX or HDPSX?

HDPSX has higher volatility (6.38%) compared to AFMCX (5.24%). In terms of maximum drawdown, AFMCX dropped -51.65% vs HDPSX's -65.86%.

Which has better risk-adjusted returns?

AFMCX currently has the higher Sharpe Ratio (2.59 vs 2.53), 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.