DHLYX vs. VVIAX

Last updated Jul 30, 2026

DHLYX (Diamond Hill Large Cap Fund Class Y) and VVIAX (Vanguard Value Index Fund Admiral Shares) are both Large Cap Value Equities funds. DHLYX is actively managed, while VVIAX is passively managed. Over the past 10 years, DHLYX returned 10.13%/yr vs 12.60%/yr for VVIAX. Their correlation of 0.94 means they have usually moved in the same direction. DHLYX charges 0.56%/yr vs 0.05%/yr for VVIAX.

Performance

DHLYX vs. VVIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Large Cap Fund Class Y (DHLYX) and Vanguard Value Index Fund Admiral Shares (VVIAX). 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 VVIAX's 17.91% return. Over the past 10 years, DHLYX has underperformed VVIAX with an annualized return of 10.13%, while VVIAX has yielded a comparatively higher 12.60% 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%

VVIAX

• 1D: 0.54%
• 1M: 1.96%
• 6M: 13.57%
• YTD: 17.91%
• 1Y: 26.63%
• 3Y*: 17.61%
• 5Y*: 12.47%
• 10Y*: 12.60%
• ALL TIME*: 8.19%

*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
VVIAX Vanguard Value Index Fund Admiral Shares	$0.00	$0.00	$0.00

DHLYX vs. VVIAX - 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%
VVIAX Vanguard Value Index Fund Admiral Shares	17.91%	15.27%	16.00%	9.22%	-2.07%	26.51%	2.29%	25.81%	-5.45%	17.13%

Correlation

The correlation between DHLYX and VVIAX is 0.73, 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.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Dec 30, 2011	0.94

Over the past year, the correlation between DHLYX and VVIAX has dropped to 0.73 - well below their long-term average of 0.94, suggesting their price drivers have been diverging.

Return for Risk

DHLYX vs. VVIAX — 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

VVIAX

VVIAX Risk / Return Rank: 93
VVIAX Sharpe Ratio Rank: 95
VVIAX Sortino Ratio Rank: 93
VVIAX Omega Ratio Rank: 88
VVIAX Calmar Ratio Rank: 95
VVIAX Martin Ratio Rank: 95

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. VVIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Large Cap Fund Class Y (DHLYX) and Vanguard Value Index Fund Admiral Shares (VVIAX). 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	VVIAX	Difference
Sharpe ratio: Return per unit of total volatility	0.55	2.60	-2.05
Sortino ratio: Return per unit of downside risk	0.88	3.74	-2.86
Omega ratio: Gain probability vs. loss probability	1.10	1.47	-0.37
Calmar ratio: Return relative to maximum drawdown	0.76	4.20	-3.44
Martin ratio: Return relative to average drawdown	1.94	16.04	-14.10

DHLYX vs. VVIAX - Sharpe Ratio Comparison

The current DHLYX Sharpe Ratio is 0.55, which is lower than the VVIAX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of DHLYX and VVIAX, 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. VVIAX - Drawdown Comparison

The maximum DHLYX drawdown since its inception was -38.87%, smaller than the maximum VVIAX drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for DHLYX and VVIAX.

Drawdown Indicators

	DHLYX	VVIAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.87%	-59.32%	+20.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-6.36%	-1.95%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-14.39%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-23.10%	-17.14%	-5.96%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	-36.80%	-2.07%
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-4.50%	-9.56%	+5.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	1.66%	+1.61%

Volatility

DHLYX vs. VVIAX - Volatility Comparison

Diamond Hill Large Cap Fund Class Y (DHLYX) has a higher volatility of 3.48% compared to Vanguard Value Index Fund Admiral Shares (VVIAX) at 2.18%. This indicates that DHLYX's price experiences larger fluctuations and is considered to be riskier than VVIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHLYX	VVIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	2.18%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	7.65%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.49%	10.28%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	13.85%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	16.69%	+1.29%

DHLYX vs. VVIAX - Expense Ratio Comparison

DHLYX has a 0.56% expense ratio, which is higher than VVIAX's 0.05% expense ratio.

Dividends

DHLYX vs. VVIAX - Dividend Comparison

DHLYX's dividend yield for the trailing twelve months is around 6.17%, more than VVIAX's 1.82% 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%
VVIAX Vanguard Value Index Fund Admiral Shares	1.82%	2.04%	2.30%	2.45%	2.51%	2.14%	2.55%	2.49%	2.72%	2.29%	2.45%	2.60%

Frequently Asked Questions

Can I hold both DHLYX and VVIAX in my portfolio?

DHLYX and VVIAX have a correlation of 0.73, 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 VVIAX?

DHLYX has higher volatility (3.48%) compared to VVIAX (2.18%). In terms of maximum drawdown, DHLYX dropped -38.87% vs VVIAX's -59.32%.

Which has better risk-adjusted returns?

VVIAX currently has the higher Sharpe Ratio (2.60 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.