AVMU vs. HWSM

Last updated Jun 24, 2026

AVMU (Avantis Core Municipal Fixed Income ETF) and HWSM (Hotchkis & Wiley SMID Cap Diversified Value ETF) are both exchange-traded funds - AVMU is a Municipal Bonds fund actively managed by Avantis, while HWSM is a Mid Cap Value Equities fund actively managed by Hotchkis & Wiley. Both are actively managed. Over the past year, AVMU returned 7.95% vs 23.75% for HWSM. At a 0.17 correlation, their price movements are largely independent. AVMU charges 0.15%/yr vs 0.55%/yr for HWSM.

Performance

AVMU vs. HWSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Core Municipal Fixed Income ETF (AVMU) and Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVMU achieves a 1.91% return, which is significantly lower than HWSM's 10.81% return.

AVMU

• 1D: -0.08%
• 1M: 1.43%
• YTD: 1.91%
• 6M: 2.15%
• 1Y: 7.95%
• 3Y*: 3.50%
• 5Y*: 1.00%
• 10Y*: —

HWSM

• 1D: 0.09%
• 1M: 2.22%
• YTD: 10.81%
• 6M: 9.51%
• 1Y: 23.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVMU vs. HWSM - Yearly Performance Comparison

	2026 (YTD)	2025
AVMU Avantis Core Municipal Fixed Income ETF	1.91%	4.97%
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	10.81%	12.92%

Correlation

The correlation between AVMU and HWSM is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Mar 31, 2025	0.17

Return for Risk

AVMU vs. HWSM — Risk / Return Rank

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

AVMU

AVMU Risk / Return Rank: 74
AVMU Sharpe Ratio Rank: 83
AVMU Sortino Ratio Rank: 89
AVMU Omega Ratio Rank: 89
AVMU Calmar Ratio Rank: 52
AVMU Martin Ratio Rank: 55

HWSM

HWSM Risk / Return Rank: 50
HWSM Sharpe Ratio Rank: 48
HWSM Sortino Ratio Rank: 52
HWSM Omega Ratio Rank: 46
HWSM Calmar Ratio Rank: 51
HWSM Martin Ratio Rank: 50

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.

AVMU vs. HWSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Core Municipal Fixed Income ETF (AVMU) and Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM). 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.

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.

	AVMU	HWSM	Difference
Sharpe ratio: Return per unit of total volatility	2.47	1.53	+0.94
Sortino ratio: Return per unit of downside risk	3.76	2.30	+1.46
Omega ratio: Gain probability vs. loss probability	1.52	1.27	+0.25
Calmar ratio: Return relative to maximum drawdown	2.40	2.33	+0.07
Martin ratio: Return relative to average drawdown	9.01	7.80	+1.22

AVMU vs. HWSM - Sharpe Ratio Comparison

The current AVMU Sharpe Ratio is 2.47, which is higher than the HWSM Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of AVMU and HWSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVMU vs. HWSM - Drawdown Comparison

The maximum AVMU drawdown since its inception was -12.41%, smaller than the maximum HWSM drawdown of -15.67%. Use the drawdown chart below to compare losses from any high point for AVMU and HWSM.

Drawdown Indicators

	AVMU	HWSM	Difference
Max Drawdown Largest peak-to-trough decline	-12.41%	-15.67%	+3.26%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-10.23%	+6.91%
Max Drawdown (3Y) Largest decline over 3 years	-6.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.41%	—	—
Current Drawdown Current decline from peak	-0.33%	-1.85%	+1.52%
Average Drawdown Average peak-to-trough decline	-3.74%	-2.68%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	3.05%	-2.17%

Volatility

AVMU vs. HWSM - Volatility Comparison

The current volatility for Avantis Core Municipal Fixed Income ETF (AVMU) is 0.87%, while Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) has a volatility of 3.40%. This indicates that AVMU experiences smaller price fluctuations and is considered to be less risky than HWSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVMU	HWSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	3.40%	-2.53%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	10.42%	-8.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	15.62%	-12.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	20.32%	-16.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	20.32%	-16.35%

AVMU vs. HWSM - Expense Ratio Comparison

AVMU has a 0.15% expense ratio, which is lower than HWSM's 0.55% expense ratio.

Dividends

AVMU vs. HWSM - Dividend Comparison

AVMU's dividend yield for the trailing twelve months is around 3.48%, more than HWSM's 1.20% yield.

Position	TTM	2025	2024	2023	2022	2021
AVMU Avantis Core Municipal Fixed Income ETF	3.48%	3.50%	3.32%	2.50%	1.29%	0.77%
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	1.20%	1.33%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVMU and HWSM in my portfolio?

AVMU and HWSM have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVMU or HWSM?

HWSM has higher volatility (3.40%) compared to AVMU (0.87%). In terms of maximum drawdown, AVMU dropped -12.41% vs HWSM's -15.67%.

Which ETF is better, AVMU or HWSM?

On 1-year performance, HWSM leads with 23.75% vs 7.95% for AVMU. On fees, AVMU is cheaper at 0.15% per year. On volatility, AVMU has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVMU or HWSM?

Over the 1-year period, HWSM has performed better with a 23.75% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVMU or HWSM?

AVMU is cheaper with a 0.15% expense ratio, compared with 0.55% for HWSM.

Which ETF pays a higher dividend yield, AVMU or HWSM?

AVMU has the higher dividend yield at 3.48%, compared with 1.20% for HWSM.

What is the main difference between AVMU and HWSM?

AVMU is categorized as Municipal Bonds, while HWSM is Mid Cap Value Equities. They also come from different issuers: Avantis and Hotchkis & Wiley. Their fees differ too: 0.15% for AVMU and 0.55% for HWSM.

Which has better risk-adjusted returns?

AVMU currently has the higher Sharpe Ratio (2.47 vs 1.53), 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.