DHLAX vs. HDCTX

Last updated Jun 4, 2026

DHLAX (Diamond Hill Large Cap Fund) and HDCTX (Rational Equity Armor Fund) are both Large Cap Value Equities funds. Over the past 10 years, DHLAX returned 10.50%/yr vs 5.66%/yr for HDCTX. A 0.79 correlation means they provide meaningful diversification when combined. DHLAX charges 0.96%/yr vs 1.17%/yr for HDCTX.

Performance

DHLAX vs. HDCTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Large Cap Fund (DHLAX) and Rational Equity Armor Fund (HDCTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHLAX achieves a 0.22% return, which is significantly lower than HDCTX's 11.26% return. Over the past 10 years, DHLAX has outperformed HDCTX with an annualized return of 10.50%, while HDCTX has yielded a comparatively lower 5.66% annualized return.

DHLAX

• 1D: -0.43%
• 1M: -0.53%
• YTD: 0.22%
• 6M: 1.63%
• 1Y: 3.08%
• 3Y*: 13.22%
• 5Y*: 6.27%
• 10Y*: 10.50%

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)

DHLAX vs. HDCTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHLAX Diamond Hill Large Cap Fund	0.22%	5.34%	22.53%	13.36%	-13.67%	25.40%	8.63%	31.84%	-9.89%	19.93%
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 DHLAX and HDCTX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jul 2, 2001	0.79

Over the past year, the correlation between DHLAX and HDCTX has dropped to 0.32 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

DHLAX vs. HDCTX — Risk / Return Rank

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

DHLAX

DHLAX Risk / Return Rank: 5
DHLAX Sharpe Ratio Rank: 5
DHLAX Sortino Ratio Rank: 5
DHLAX Omega Ratio Rank: 5
DHLAX Calmar Ratio Rank: 5
DHLAX Martin Ratio Rank: 5

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.

DHLAX vs. HDCTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Large Cap Fund (DHLAX) 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.

	DHLAX	HDCTX	Difference
Sharpe ratio: Return per unit of total volatility	0.38	2.30	-1.92
Sortino ratio: Return per unit of downside risk	0.63	3.36	-2.73
Omega ratio: Gain probability vs. loss probability	1.07	1.41	-0.34
Calmar ratio: Return relative to maximum drawdown	0.51	3.11	-2.60
Martin ratio: Return relative to average drawdown	1.32	8.25	-6.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHLAX vs. HDCTX - Sharpe Ratio Comparison

The current DHLAX Sharpe Ratio is 0.38, which is lower than the HDCTX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of DHLAX 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

	DHLAX	HDCTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	2.30	-1.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.66	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.49	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.40	+0.06

Drawdowns

DHLAX vs. HDCTX - Drawdown Comparison

The maximum DHLAX drawdown since its inception was -52.68%, smaller than the maximum HDCTX drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for DHLAX and HDCTX.

Drawdown Indicators

	DHLAX	HDCTX	Difference
Max Drawdown Largest peak-to-trough decline	-52.68%	-59.05%	+6.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-6.95%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-14.85%	-11.74%	-3.11%
Max Drawdown (5Y) Largest decline over 5 years	-23.36%	-18.22%	-5.14%
Max Drawdown (10Y) Largest decline over 10 years	-38.92%	-19.43%	-19.49%
Current Drawdown Current decline from peak	-4.15%	-0.83%	-3.32%
Average Drawdown Average peak-to-trough decline	-7.56%	-6.41%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	2.61%	+0.63%

Volatility

DHLAX vs. HDCTX - Volatility Comparison

The current volatility for Diamond Hill Large Cap Fund (DHLAX) is 2.74%, while Rational Equity Armor Fund (HDCTX) has a volatility of 3.84%. This indicates that DHLAX experiences smaller price fluctuations and is considered to be less risky than HDCTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHLAX	HDCTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	3.84%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	6.95%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	11.30%	9.39%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.42%	10.67%	+5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	11.53%	+6.79%

DHLAX vs. HDCTX - Expense Ratio Comparison

DHLAX has a 0.96% expense ratio, which is lower than HDCTX's 1.17% expense ratio.

Dividends

DHLAX vs. HDCTX - Dividend Comparison

DHLAX's dividend yield for the trailing twelve months is around 6.04%, more than HDCTX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHLAX Diamond Hill Large Cap Fund	6.04%	6.05%	19.46%	3.07%	6.34%	7.28%	3.01%	4.50%	4.28%	4.53%	6.30%	4.79%
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 DHLAX and HDCTX in my portfolio?

DHLAX and HDCTX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHLAX or HDCTX?

HDCTX has higher volatility (3.84%) compared to DHLAX (2.74%). In terms of maximum drawdown, DHLAX dropped -52.68% vs HDCTX's -59.05%.

Which has better risk-adjusted returns?

HDCTX currently has the higher Sharpe Ratio (2.30 vs 0.38), 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.