DHLRX vs. ADVGX

Last updated Aug 5, 2026

DHLRX (Diamond Hill Large Cap Fund Class I) and ADVGX (North Square Advisory Research Small Cap Value Fund) are both Large Cap Value Equities funds. Over the past 10 years, DHLRX returned 10.14%/yr vs 12.61%/yr for ADVGX. Their correlation of 0.90 means they have usually moved in the same direction. DHLRX charges 0.67%/yr vs 0.95%/yr for ADVGX.

Performance

DHLRX vs. ADVGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Large Cap Fund Class I (DHLRX) and North Square Advisory Research Small Cap Value Fund (ADVGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHLRX achieves a 7.60% return, which is significantly lower than ADVGX's 26.10% return. Over the past 10 years, DHLRX has underperformed ADVGX with an annualized return of 10.14%, while ADVGX has yielded a comparatively higher 12.61% annualized return.

DHLRX

• 1D: 1.35%
• 1M: 4.04%
• 6M: 5.47%
• YTD: 7.60%
• 1Y: 11.08%
• 3Y*: 10.58%
• 5Y*: 6.25%
• 10Y*: 10.14%
• ALL TIME*: 8.99%

ADVGX

• 1D: 2.77%
• 1M: 2.52%
• 6M: 18.90%
• YTD: 26.10%
• 1Y: 31.75%
• 3Y*: 20.48%
• 5Y*: 12.29%
• 10Y*: 12.61%
• ALL TIME*: 11.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ADVGX North Square Advisory Research Small Cap Value Fund	$0.00	$0.00	$0.00
DHLRX Diamond Hill Large Cap Fund Class I	$0.00	$0.00	$0.00

DHLRX vs. ADVGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHLRX Diamond Hill Large Cap Fund Class I	7.60%	5.67%	12.05%	13.71%	-13.38%	25.74%	8.95%	32.22%	-9.65%	20.29%
ADVGX North Square Advisory Research Small Cap Value Fund	26.10%	7.13%	15.52%	20.90%	-12.98%	29.94%	-2.61%	27.64%	-3.27%	19.60%

Correlation

The correlation between DHLRX and ADVGX is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009	0.90

Over the past year, the correlation between DHLRX and ADVGX has dropped to 0.60 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

Return for Risk

DHLRX vs. ADVGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DHLRX

DHLRX Risk / Return Rank: 25
DHLRX Sharpe Ratio Rank: 25
DHLRX Sortino Ratio Rank: 26
DHLRX Omega Ratio Rank: 23
DHLRX Calmar Ratio Rank: 27
DHLRX Martin Ratio Rank: 22

ADVGX

ADVGX Risk / Return Rank: 56
ADVGX Sharpe Ratio Rank: 65
ADVGX Sortino Ratio Rank: 70
ADVGX Omega Ratio Rank: 53
ADVGX Calmar Ratio Rank: 57
ADVGX Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DHLRX vs. ADVGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Large Cap Fund Class I (DHLRX) and North Square Advisory Research Small Cap Value Fund (ADVGX). 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.

	DHLRX	ADVGX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.72	-0.70
Sortino ratio: Return per unit of downside risk	1.57	2.58	-1.01
Omega ratio: Gain probability vs. loss probability	1.18	1.29	-0.11
Calmar ratio: Return relative to maximum drawdown	1.41	2.25	-0.83
Martin ratio: Return relative to average drawdown	3.59	5.93	-2.34

DHLRX vs. ADVGX - Sharpe Ratio Comparison

The current DHLRX Sharpe Ratio is 1.03, which is lower than the ADVGX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of DHLRX and ADVGX, 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

DHLRX vs. ADVGX - Drawdown Comparison

The maximum DHLRX drawdown since its inception was -52.38%, which is greater than ADVGX's maximum drawdown of -41.34%. Use the drawdown chart below to compare losses from any high point for DHLRX and ADVGX.

Drawdown Indicators

	DHLRX	ADVGX	Difference
Max Drawdown Largest peak-to-trough decline	-52.38%	-41.34%	-11.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-14.92%	+6.58%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-27.69%	+12.13%
Max Drawdown (5Y) Largest decline over 5 years	-23.17%	-27.69%	+4.52%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	-41.34%	+2.46%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.85%	-5.53%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	5.64%	-2.37%

Volatility

DHLRX vs. ADVGX - Volatility Comparison

The current volatility for Diamond Hill Large Cap Fund Class I (DHLRX) is 3.39%, while North Square Advisory Research Small Cap Value Fund (ADVGX) has a volatility of 5.47%. This indicates that DHLRX experiences smaller price fluctuations and is considered to be less risky than ADVGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHLRX	ADVGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	5.47%	-2.08%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	14.43%	-6.10%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	19.47%	-7.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	21.61%	-5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	21.11%	-3.11%

DHLRX vs. ADVGX - Expense Ratio Comparison

DHLRX has a 0.67% expense ratio, which is lower than ADVGX's 0.95% expense ratio.

Dividends

DHLRX vs. ADVGX - Dividend Comparison

DHLRX's dividend yield for the trailing twelve months is around 5.89%, more than ADVGX's 4.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADVGX North Square Advisory Research Small Cap Value Fund	4.51%	5.68%	1.16%	0.85%	6.87%	7.52%	11.47%	11.43%	41.46%	9.66%	7.34%	19.79%
DHLRX Diamond Hill Large Cap Fund Class I	5.89%	6.34%	10.64%	3.77%	6.60%	7.53%	3.47%	4.75%	4.59%	4.80%	6.54%	5.06%

Frequently Asked Questions

Can I hold both DHLRX and ADVGX in my portfolio?

DHLRX and ADVGX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHLRX or ADVGX?

ADVGX has higher volatility (5.47%) compared to DHLRX (3.39%). In terms of maximum drawdown, DHLRX dropped -52.38% vs ADVGX's -41.34%.

Which has better risk-adjusted returns?

ADVGX currently has the higher Sharpe Ratio (1.72 vs 1.03), 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.