DHMAX vs. FSLSX
DHMAX (Diamond Hill Small-Mid Cap Fund) and FSLSX (Fidelity Value Strategies Fund) are both Mid Cap Value Equities funds. Over the past 10 years, DHMAX returned 7.30%/yr vs 12.17%/yr for FSLSX. Their correlation of 0.94 suggests significant overlap in exposure. DHMAX charges 1.21%/yr vs 0.86%/yr for FSLSX.
Performance
DHMAX vs. FSLSX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DHMAX achieves a 1.96% return, which is significantly lower than FSLSX's 24.18% return. Over the past 10 years, DHMAX has underperformed FSLSX with an annualized return of 7.30%, while FSLSX has yielded a comparatively higher 12.17% annualized return.
DHMAX
- 1D
- -0.68%
- 1M
- 0.49%
- YTD
- 1.96%
- 6M
- 0.80%
- 1Y
- 10.51%
- 3Y*
- 9.16%
- 5Y*
- 4.28%
- 10Y*
- 7.30%
FSLSX
- 1D
- 0.07%
- 1M
- 4.51%
- YTD
- 24.18%
- 6M
- 13.63%
- 1Y
- 30.48%
- 3Y*
- 16.84%
- 5Y*
- 10.39%
- 10Y*
- 12.17%
DHMAX vs. FSLSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DHMAX Diamond Hill Small-Mid Cap Fund | 1.96% | 8.26% | 7.77% | 11.15% | -13.88% | 30.75% | 1.03% | 27.39% | -12.85% | 5.47% |
FSLSX Fidelity Value Strategies Fund | 24.18% | 0.24% | 9.25% | 20.54% | -7.37% | 33.32% | 8.24% | 34.54% | -16.90% | 17.49% |
Correlation
The correlation between DHMAX and FSLSX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2006 | 0.94 |
The correlation between DHMAX and FSLSX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DHMAX vs. FSLSX — Risk / Return Rank
DHMAX
FSLSX
DHMAX vs. FSLSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Small-Mid Cap Fund (DHMAX) and Fidelity Value Strategies Fund (FSLSX). 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.
| DHMAX | FSLSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.30 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 3.22 | -2.13 |
| Martin ratioReturn relative to average drawdown | 3.19 | 10.48 | -7.29 |
Loading charts...
Drawdowns
DHMAX vs. FSLSX - Drawdown Comparison
The maximum DHMAX drawdown since its inception was -57.04%, smaller than the maximum FSLSX drawdown of -69.87%. Use the drawdown chart below to compare losses from any high point for DHMAX and FSLSX.
Loading charts...
Drawdown Indicators
| DHMAX | FSLSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.04% | -69.87% | +12.83% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -9.79% | -0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -26.81% | +5.91% |
Max Drawdown (5Y)Largest decline over 5 years | -23.02% | -26.81% | +3.79% |
Max Drawdown (10Y)Largest decline over 10 years | -45.46% | -47.98% | +2.52% |
Current DrawdownCurrent decline from peak | -4.02% | -0.39% | -3.63% |
Average DrawdownAverage peak-to-trough decline | -7.38% | -8.27% | +0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.68% | 3.00% | +0.68% |
Volatility
DHMAX vs. FSLSX - Volatility Comparison
The current volatility for Diamond Hill Small-Mid Cap Fund (DHMAX) is 3.67%, while Fidelity Value Strategies Fund (FSLSX) has a volatility of 4.93%. This indicates that DHMAX experiences smaller price fluctuations and is considered to be less risky than FSLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DHMAX | FSLSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 4.93% | -1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 10.81% | 14.80% | -3.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.66% | 19.10% | -3.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.37% | 20.51% | -1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.07% | 21.96% | -0.89% |
DHMAX vs. FSLSX - Expense Ratio Comparison
DHMAX has a 1.21% expense ratio, which is higher than FSLSX's 0.86% expense ratio.
Dividends
DHMAX vs. FSLSX - Dividend Comparison
DHMAX's dividend yield for the trailing twelve months is around 6.02%, while FSLSX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DHMAX Diamond Hill Small-Mid Cap Fund | 6.02% | 6.14% | 7.75% | 1.00% | 5.01% | 5.55% | 0.49% | 4.81% | 4.51% | 0.45% | 1.74% | 1.20% |
FSLSX Fidelity Value Strategies Fund | 0.00% | 0.00% | 10.41% | 2.49% | 2.13% | 7.29% | 0.84% | 4.84% | 14.59% | 6.57% | 19.71% | 1.26% |
Frequently Asked Questions
DHMAX and FSLSX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSLSX has higher volatility (4.93%) compared to DHMAX (3.67%). In terms of maximum drawdown, DHMAX dropped -57.04% vs FSLSX's -69.87%.
FSLSX currently has the higher Sharpe Ratio (1.65 vs 0.75), 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.
Find the right allocation for DHMAX and FSLSX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer