CVLVX vs. CHDEX

Last updated Jun 3, 2026

CVLVX (Cullen Value Fund) and CHDEX (Cullen High Dividend Equity Fund) are both Large Cap Value Equities funds from Cullen Funds Trust. Over the past 10 years, CVLVX returned 10.58%/yr vs 9.68%/yr for CHDEX. Their correlation of 0.93 suggests significant overlap in exposure. CVLVX charges 0.75%/yr vs 1.00%/yr for CHDEX.

Performance

CVLVX vs. CHDEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Value Fund (CVLVX) and Cullen High Dividend Equity Fund (CHDEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVLVX achieves a 12.09% return, which is significantly higher than CHDEX's 7.11% return. Over the past 10 years, CVLVX has outperformed CHDEX with an annualized return of 10.58%, while CHDEX has yielded a comparatively lower 9.68% annualized return.

CVLVX

• 1D: 0.12%
• 1M: 3.21%
• YTD: 12.09%
• 6M: 15.26%
• 1Y: 30.15%
• 3Y*: 16.13%
• 5Y*: 8.72%
• 10Y*: 10.58%

CHDEX

• 1D: -0.64%
• 1M: -0.20%
• YTD: 7.11%
• 6M: 9.14%
• 1Y: 20.81%
• 3Y*: 16.99%
• 5Y*: 9.84%
• 10Y*: 9.68%

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

CVLVX vs. CHDEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVLVX Cullen Value Fund	12.09%	20.10%	9.71%	5.53%	-6.37%	20.49%	2.06%	24.86%	-4.89%	17.93%
CHDEX Cullen High Dividend Equity Fund	7.11%	18.04%	20.77%	2.76%	-4.50%	26.34%	-4.36%	19.69%	-5.40%	16.79%

Correlation

The correlation between CVLVX and CHDEX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.93

The correlation between CVLVX and CHDEX has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

Return for Risk

CVLVX vs. CHDEX — Risk / Return Rank

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

CVLVX

CVLVX Risk / Return Rank: 81
CVLVX Sharpe Ratio Rank: 84
CVLVX Sortino Ratio Rank: 82
CVLVX Omega Ratio Rank: 73
CVLVX Calmar Ratio Rank: 86
CVLVX Martin Ratio Rank: 82

CHDEX

CHDEX Risk / Return Rank: 63
CHDEX Sharpe Ratio Rank: 62
CHDEX Sortino Ratio Rank: 64
CHDEX Omega Ratio Rank: 55
CHDEX Calmar Ratio Rank: 73
CHDEX Martin Ratio Rank: 61

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.

CVLVX vs. CHDEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Value Fund (CVLVX) and Cullen High Dividend Equity Fund (CHDEX). 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.

	CVLVX	CHDEX	Difference
Sharpe ratio Return per unit of total volatility	2.70	2.32	+0.38
Sortino ratio Return per unit of downside risk	3.86	3.35	+0.51
Omega ratio Gain probability vs. loss probability	1.48	1.41	+0.07
Calmar ratio Return relative to maximum drawdown	4.07	3.34	+0.73
Martin ratio Return relative to average drawdown	15.57	12.10	+3.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVLVX vs. CHDEX - Sharpe Ratio Comparison

The current CVLVX Sharpe Ratio is 2.70, which is comparable to the CHDEX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of CVLVX and CHDEX, 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

	CVLVX	CHDEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.32	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.70	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.60	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.55	+0.13

Drawdowns

CVLVX vs. CHDEX - Drawdown Comparison

The maximum CVLVX drawdown since its inception was -35.99%, smaller than the maximum CHDEX drawdown of -49.12%. Use the drawdown chart below to compare losses from any high point for CVLVX and CHDEX.

Drawdown Indicators

	CVLVX	CHDEX	Difference
Max Drawdown Largest peak-to-trough decline	-35.99%	-49.12%	+13.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.52%	-6.45%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-16.32%	-12.90%	-3.42%
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	-18.57%	-2.12%
Max Drawdown (10Y) Largest decline over 10 years	-35.99%	-37.04%	+1.05%
Current Drawdown Current decline from peak	0.00%	-1.74%	+1.74%
Average Drawdown Average peak-to-trough decline	-4.14%	-6.76%	+2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.78%	+0.19%

Volatility

CVLVX vs. CHDEX - Volatility Comparison

Cullen Value Fund (CVLVX) has a higher volatility of 3.03% compared to Cullen High Dividend Equity Fund (CHDEX) at 2.47%. This indicates that CVLVX's price experiences larger fluctuations and is considered to be riskier than CHDEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVLVX	CHDEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	2.47%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	8.72%	6.92%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	11.31%	9.13%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.37%	14.08%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	16.11%	+0.36%

CVLVX vs. CHDEX - Expense Ratio Comparison

CVLVX has a 0.75% expense ratio, which is lower than CHDEX's 1.00% expense ratio.

Dividends

CVLVX vs. CHDEX - Dividend Comparison

CVLVX's dividend yield for the trailing twelve months is around 3.38%, less than CHDEX's 14.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHDEX Cullen High Dividend Equity Fund	14.23%	15.18%	25.41%	12.44%	7.46%	10.89%	11.08%	6.24%	14.14%	9.93%	5.24%	5.05%
CVLVX Cullen Value Fund	3.38%	3.43%	4.92%	9.40%	6.48%	11.24%	16.67%	13.16%	1.68%	7.81%	4.07%	3.03%

Frequently Asked Questions

Can I hold both CVLVX and CHDEX in my portfolio?

CVLVX and CHDEX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVLVX or CHDEX?

CVLVX has higher volatility (3.03%) compared to CHDEX (2.47%). In terms of maximum drawdown, CVLVX dropped -35.99% vs CHDEX's -49.12%.

Which has better risk-adjusted returns?

CVLVX currently has the higher Sharpe Ratio (2.70 vs 2.32), 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.