DHPAX vs. DHMAX
DHPAX (Diamond Hill Mid Cap Fund) and DHMAX (Diamond Hill Small-Mid Cap Fund) are both Mid Cap Value Equities funds from Diamond Hill. Over the past 10 years, DHPAX returned 8.07%/yr vs 7.30%/yr for DHMAX. With a 0.98 correlation, they move nearly in lockstep. DHPAX charges 1.07%/yr vs 1.21%/yr for DHMAX.
Performance
DHPAX vs. DHMAX - Performance Comparison
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Returns By Period
In the year-to-date period, DHPAX achieves a 1.13% return, which is significantly lower than DHMAX's 1.96% return. Over the past 10 years, DHPAX has outperformed DHMAX with an annualized return of 8.07%, while DHMAX has yielded a comparatively lower 7.30% annualized return.
DHPAX
- 1D
- -0.49%
- 1M
- 0.37%
- YTD
- 1.13%
- 6M
- 0.04%
- 1Y
- 10.06%
- 3Y*
- 11.89%
- 5Y*
- 5.35%
- 10Y*
- 8.07%
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%
DHPAX vs. DHMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DHPAX Diamond Hill Mid Cap Fund | 1.13% | 12.95% | 10.48% | 9.19% | -13.67% | 30.87% | -2.01% | 25.38% | -10.58% | 10.13% |
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% |
Correlation
The correlation between DHPAX and DHMAX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.98 |
The correlation between DHPAX and DHMAX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
DHPAX vs. DHMAX — Risk / Return Rank
DHPAX
DHMAX
DHPAX vs. DHMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Mid Cap Fund (DHPAX) and Diamond Hill Small-Mid Cap Fund (DHMAX). 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.
| DHPAX | DHMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.14 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | 1.10 | +0.02 |
| Martin ratioReturn relative to average drawdown | 3.49 | 3.19 | +0.30 |
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Drawdowns
DHPAX vs. DHMAX - Drawdown Comparison
The maximum DHPAX drawdown since its inception was -46.59%, smaller than the maximum DHMAX drawdown of -57.04%. Use the drawdown chart below to compare losses from any high point for DHPAX and DHMAX.
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Drawdown Indicators
| DHPAX | DHMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.59% | -57.04% | +10.45% |
Max Drawdown (1Y)Largest decline over 1 year | -10.02% | -10.73% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -17.45% | -20.90% | +3.45% |
Max Drawdown (5Y)Largest decline over 5 years | -24.02% | -23.02% | -1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -46.59% | -45.46% | -1.13% |
Current DrawdownCurrent decline from peak | -4.21% | -4.02% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -5.85% | -7.38% | +1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 3.68% | -0.49% |
Volatility
DHPAX vs. DHMAX - Volatility Comparison
The current volatility for Diamond Hill Mid Cap Fund (DHPAX) is 3.40%, while Diamond Hill Small-Mid Cap Fund (DHMAX) has a volatility of 3.67%. This indicates that DHPAX experiences smaller price fluctuations and is considered to be less risky than DHMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DHPAX | DHMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.40% | 3.67% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 9.86% | 10.81% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.93% | 15.66% | -1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.61% | 19.37% | -0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.82% | 21.07% | -0.25% |
DHPAX vs. DHMAX - Expense Ratio Comparison
DHPAX has a 1.07% expense ratio, which is lower than DHMAX's 1.21% expense ratio.
Dividends
DHPAX vs. DHMAX - Dividend Comparison
DHPAX's dividend yield for the trailing twelve months is around 17.87%, more than DHMAX's 6.02% yield.
| 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% |
DHPAX Diamond Hill Mid Cap Fund | 17.88% | 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
With a correlation of 0.98, DHPAX and DHMAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DHMAX has higher volatility (3.67%) compared to DHPAX (3.40%). In terms of maximum drawdown, DHPAX dropped -46.59% vs DHMAX's -57.04%.
DHPAX currently has the higher Sharpe Ratio (0.80 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.
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