DHLYX vs. DHPAX

Last updated Jul 30, 2026

DHLYX (Diamond Hill Large Cap Fund Class Y) and DHPAX (Diamond Hill Mid Cap Fund) are both mutual funds - DHLYX is a Large Cap Value Equities fund actively managed by Diamond Hill, while DHPAX is a Mid Cap Value Equities fund managed by Diamond Hill. Over the past 10 years, DHLYX returned 10.13%/yr vs 8.25%/yr for DHPAX. Their correlation of 0.92 means they have usually moved in the same direction. DHLYX charges 0.56%/yr vs 1.07%/yr for DHPAX.

Performance

DHLYX vs. DHPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Large Cap Fund Class Y (DHLYX) and Diamond Hill Mid Cap Fund (DHPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHLYX achieves a 5.33% return, which is significantly lower than DHPAX's 8.95% return. Over the past 10 years, DHLYX has outperformed DHPAX with an annualized return of 10.13%, while DHPAX has yielded a comparatively lower 8.25% annualized return.

DHLYX

• 1D: -0.44%
• 1M: 3.87%
• 6M: 4.32%
• YTD: 5.33%
• 1Y: 6.29%
• 3Y*: 9.50%
• 5Y*: 5.73%
• 10Y*: 10.13%
• ALL TIME*: 11.02%

DHPAX

• 1D: 1.52%
• 1M: 4.25%
• 6M: 6.09%
• YTD: 8.95%
• 1Y: 14.02%
• 3Y*: 12.58%
• 5Y*: 6.88%
• 10Y*: 8.25%
• ALL TIME*: 7.93%

*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)
DHLYX Diamond Hill Large Cap Fund Class Y	$0.00	$0.00	$0.00
DHPAX Diamond Hill Mid Cap Fund	$0.00	$0.00	$0.00

DHLYX vs. DHPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHLYX Diamond Hill Large Cap Fund Class Y	5.33%	5.76%	12.20%	13.83%	-13.27%	25.88%	9.05%	32.39%	-9.54%	20.40%
DHPAX Diamond Hill Mid Cap Fund	8.95%	12.95%	10.48%	9.19%	-13.67%	30.87%	-2.01%	25.38%	-10.58%	10.13%

Correlation

The correlation between DHLYX and DHPAX is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.92

The correlation between DHLYX and DHPAX has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

Return for Risk

DHLYX vs. DHPAX — Risk / Return Rank

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

DHLYX

DHLYX Risk / Return Rank: 13
DHLYX Sharpe Ratio Rank: 13
DHLYX Sortino Ratio Rank: 13
DHLYX Omega Ratio Rank: 12
DHLYX Calmar Ratio Rank: 14
DHLYX Martin Ratio Rank: 13

DHPAX

DHPAX Risk / Return Rank: 28
DHPAX Sharpe Ratio Rank: 28
DHPAX Sortino Ratio Rank: 30
DHPAX Omega Ratio Rank: 26
DHPAX Calmar Ratio Rank: 29
DHPAX Martin Ratio Rank: 28

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.

DHLYX vs. DHPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Large Cap Fund Class Y (DHLYX) and Diamond Hill Mid Cap Fund (DHPAX). 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.

	DHLYX	DHPAX	Difference
Sharpe ratio: Return per unit of total volatility	0.55	0.98	-0.43
Sortino ratio: Return per unit of downside risk	0.88	1.50	-0.62
Omega ratio: Gain probability vs. loss probability	1.10	1.17	-0.07
Calmar ratio: Return relative to maximum drawdown	0.76	1.36	-0.59
Martin ratio: Return relative to average drawdown	1.94	4.25	-2.31

DHLYX vs. DHPAX - Sharpe Ratio Comparison

The current DHLYX Sharpe Ratio is 0.55, which is lower than the DHPAX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of DHLYX and DHPAX, 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

DHLYX vs. DHPAX - Drawdown Comparison

The maximum DHLYX drawdown since its inception was -38.87%, smaller than the maximum DHPAX drawdown of -46.59%. Use the drawdown chart below to compare losses from any high point for DHLYX and DHPAX.

Drawdown Indicators

	DHLYX	DHPAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.87%	-46.59%	+7.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-10.02%	+1.71%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-17.45%	+1.91%
Max Drawdown (5Y) Largest decline over 5 years	-23.10%	-24.02%	+0.92%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	-46.59%	+7.72%
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-4.50%	-5.81%	+1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	3.20%	+0.07%

Volatility

DHLYX vs. DHPAX - Volatility Comparison

Diamond Hill Large Cap Fund Class Y (DHLYX) and Diamond Hill Mid Cap Fund (DHPAX) have volatilities of 3.48% and 3.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHLYX	DHPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	3.33%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	9.86%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	11.49%	13.83%	-2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	18.49%	-2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	20.73%	-2.75%

DHLYX vs. DHPAX - Expense Ratio Comparison

DHLYX has a 0.56% expense ratio, which is lower than DHPAX's 1.07% expense ratio.

Dividends

DHLYX vs. DHPAX - Dividend Comparison

DHLYX's dividend yield for the trailing twelve months is around 6.17%, less than DHPAX's 16.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHLYX Diamond Hill Large Cap Fund Class Y	6.17%	6.50%	10.75%	3.89%	6.75%	7.63%	3.57%	4.86%	4.74%	4.87%	6.65%	5.18%
DHPAX Diamond Hill Mid Cap Fund	16.59%	18.08%	8.84%	2.20%	4.96%	0.30%	0.53%	1.79%	2.84%	1.49%	0.63%	0.35%

Frequently Asked Questions

Can I hold both DHLYX and DHPAX in my portfolio?

DHLYX and DHPAX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHLYX or DHPAX?

DHLYX has higher volatility (3.48%) compared to DHPAX (3.33%). In terms of maximum drawdown, DHLYX dropped -38.87% vs DHPAX's -46.59%.

Which has better risk-adjusted returns?

DHPAX currently has the higher Sharpe Ratio (0.98 vs 0.55), 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.