DHLX vs. PY

Last updated Jun 23, 2026

DHLX (Diamond Hill Large Cap Concentrated ETF) and PY (Principal Value ETF) are both Large Cap Value Equities funds. DHLX is passively managed, while PY is actively managed. A 0.79 correlation means they provide meaningful diversification when combined. DHLX charges 0.55%/yr vs 0.15%/yr for PY.

Performance

DHLX vs. PY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Large Cap Concentrated ETF (DHLX) and Principal Value ETF (PY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHLX achieves a -2.01% return, which is significantly lower than PY's 3.31% return.

DHLX

• 1D: -0.15%
• 1M: -1.89%
• YTD: -2.01%
• 6M: -2.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PY

• 1D: -0.03%
• 1M: -1.72%
• YTD: 3.31%
• 6M: 2.62%
• 1Y: 13.31%
• 3Y*: 12.62%
• 5Y*: 7.95%
• 10Y*: 10.80%

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

DHLX vs. PY - Yearly Performance Comparison

	2026 (YTD)	2025
DHLX Diamond Hill Large Cap Concentrated ETF	-2.01%	1.22%
PY Principal Value ETF	3.31%	0.81%

Correlation

The correlation between DHLX and PY is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 29, 2025	0.79

Return for Risk

DHLX vs. PY — Risk / Return Rank

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

DHLX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PY

PY Risk / Return Rank: 40
PY Sharpe Ratio Rank: 37
PY Sortino Ratio Rank: 37
PY Omega Ratio Rank: 35
PY Calmar Ratio Rank: 45
PY Martin Ratio Rank: 45

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.

DHLX vs. PY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Large Cap Concentrated ETF (DHLX) and Principal Value ETF (PY). 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.

	DHLX	PY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.27	—
Sortino ratio: Return per unit of downside risk	—	1.86	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	2.16	—
Martin ratio: Return relative to average drawdown	—	7.19	—

Drawdowns

DHLX vs. PY - Drawdown Comparison

The maximum DHLX drawdown since its inception was -8.40%, smaller than the maximum PY drawdown of -45.44%. Use the drawdown chart below to compare losses from any high point for DHLX and PY.

Drawdown Indicators

	DHLX	PY	Difference
Max Drawdown Largest peak-to-trough decline	-8.40%	-45.44%	+37.04%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.20%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.44%	—
Current Drawdown Current decline from peak	-5.84%	-1.78%	-4.06%
Average Drawdown Average peak-to-trough decline	-2.55%	-5.03%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.86%	—

Volatility

Volatility by Period

	DHLX	PY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.32%	10.55%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.32%	15.72%	-4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.32%	20.08%	-8.76%

DHLX vs. PY - Expense Ratio Comparison

DHLX has a 0.55% expense ratio, which is higher than PY's 0.15% expense ratio.

Dividends

DHLX vs. PY - Dividend Comparison

DHLX's dividend yield for the trailing twelve months is around 0.41%, less than PY's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DHLX Diamond Hill Large Cap Concentrated ETF	0.41%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PY Principal Value ETF	2.15%	2.14%	2.22%	2.68%	3.02%	2.83%	2.95%	2.25%	2.34%	1.68%	1.85%

Frequently Asked Questions

Can I hold both DHLX and PY in my portfolio?

DHLX and PY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DHLX or PY?

On fees, PY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DHLX or PY?

PY is cheaper with a 0.15% expense ratio, compared with 0.55% for DHLX.

Which ETF pays a higher dividend yield, DHLX or PY?

PY has the higher dividend yield at 2.15%, compared with 0.41% for DHLX.

What is the main difference between DHLX and PY?

They also come from different issuers: Diamond Hill and Principal. Their fees differ too: 0.55% for DHLX and 0.15% for PY.