DHPAX vs. DHTAX

Last updated Aug 5, 2026

DHPAX (Diamond Hill Mid Cap Fund) and DHTAX (Diamond Hill All Cap Select Fund) are both Mid Cap Value Equities funds from Diamond Hill. Over the past 10 years, DHPAX returned 8.12%/yr vs 12.95%/yr for DHTAX. Their correlation of 0.94 means they have usually moved in the same direction. DHPAX charges 1.07%/yr vs 1.16%/yr for DHTAX.

Performance

DHPAX vs. DHTAX - Performance Comparison

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

Returns By Period

In the year-to-date period, DHPAX achieves a 8.39% return, which is significantly lower than DHTAX's 9.53% return. Over the past 10 years, DHPAX has underperformed DHTAX with an annualized return of 8.12%, while DHTAX has yielded a comparatively higher 12.95% annualized return.

DHPAX

• 1D: 1.17%
• 1M: 1.23%
• 6M: 5.35%
• YTD: 8.39%
• 1Y: 14.39%
• 3Y*: 12.98%
• 5Y*: 7.03%
• 10Y*: 8.12%
• ALL TIME*: 7.87%

DHTAX

• 1D: 1.05%
• 1M: 2.79%
• 6M: 6.96%
• YTD: 9.53%
• 1Y: 17.27%
• 3Y*: 14.75%
• 5Y*: 10.31%
• 10Y*: 12.95%
• ALL TIME*: 9.27%

*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)
DHPAX Diamond Hill Mid Cap Fund	$0.00	$0.00	$0.00
DHTAX Diamond Hill All Cap Select Fund	$0.00	$0.00	$0.00

DHPAX vs. DHTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHPAX Diamond Hill Mid Cap Fund	8.39%	12.95%	10.48%	9.19%	-13.67%	30.87%	-2.01%	25.38%	-10.58%	10.13%
DHTAX Diamond Hill All Cap Select Fund	9.53%	13.28%	12.75%	30.19%	-17.47%	32.89%	14.30%	30.43%	-12.44%	19.93%

Correlation

The correlation between DHPAX and DHTAX 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.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.94

The correlation between DHPAX and DHTAX shifts across timeframes, from 0.83 (1 year) to 0.94 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

DHPAX vs. DHTAX — Risk / Return Rank

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

DHPAX

DHPAX Risk / Return Rank: 29
DHPAX Sharpe Ratio Rank: 28
DHPAX Sortino Ratio Rank: 29
DHPAX Omega Ratio Rank: 26
DHPAX Calmar Ratio Rank: 31
DHPAX Martin Ratio Rank: 29

DHTAX

DHTAX Risk / Return Rank: 40
DHTAX Sharpe Ratio Rank: 34
DHTAX Sortino Ratio Rank: 35
DHTAX Omega Ratio Rank: 32
DHTAX Calmar Ratio Rank: 61
DHTAX Martin Ratio Rank: 36

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.

DHPAX vs. DHTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Mid Cap Fund (DHPAX) and Diamond Hill All Cap Select Fund (DHTAX). 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	DHTAX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.23	-0.12
Sortino ratio: Return per unit of downside risk	1.67	1.82	-0.15
Omega ratio: Gain probability vs. loss probability	1.20	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.53	2.32	-0.78
Martin ratio: Return relative to average drawdown	4.81	5.80	-0.98

DHPAX vs. DHTAX - Sharpe Ratio Comparison

The current DHPAX Sharpe Ratio is 1.11, which is comparable to the DHTAX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of DHPAX and DHTAX, 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

DHPAX vs. DHTAX - Drawdown Comparison

The maximum DHPAX drawdown since its inception was -46.59%, smaller than the maximum DHTAX drawdown of -51.42%. Use the drawdown chart below to compare losses from any high point for DHPAX and DHTAX.

Drawdown Indicators

	DHPAX	DHTAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.59%	-51.42%	+4.83%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-7.80%	-2.22%
Max Drawdown (3Y) Largest decline over 3 years	-17.45%	-20.90%	+3.45%
Max Drawdown (5Y) Largest decline over 5 years	-24.02%	-24.31%	+0.29%
Max Drawdown (10Y) Largest decline over 10 years	-46.59%	-44.28%	-2.31%
Current Drawdown Current decline from peak	-0.52%	0.00%	-0.52%
Average Drawdown Average peak-to-trough decline	-5.81%	-7.72%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.11%	+0.07%

Volatility

DHPAX vs. DHTAX - Volatility Comparison

The current volatility for Diamond Hill Mid Cap Fund (DHPAX) is 3.49%, while Diamond Hill All Cap Select Fund (DHTAX) has a volatility of 4.29%. This indicates that DHPAX experiences smaller price fluctuations and is considered to be less risky than DHTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHPAX	DHTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	4.29%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	10.17%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.90%	14.70%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	20.89%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	21.96%	-1.23%

DHPAX vs. DHTAX - Expense Ratio Comparison

DHPAX has a 1.07% expense ratio, which is lower than DHTAX's 1.16% expense ratio.

Dividends

DHPAX vs. DHTAX - Dividend Comparison

DHPAX's dividend yield for the trailing twelve months is around 16.68%, more than DHTAX's 7.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHPAX Diamond Hill Mid Cap Fund	16.68%	18.08%	8.84%	2.20%	4.96%	0.30%	0.53%	1.79%	2.84%	1.49%	0.63%	0.35%
DHTAX Diamond Hill All Cap Select Fund	7.49%	8.20%	6.66%	0.28%	4.08%	13.72%	0.28%	1.93%	11.56%	0.00%	1.27%	3.32%

Frequently Asked Questions

Can I hold both DHPAX and DHTAX in my portfolio?

DHPAX and DHTAX 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, DHPAX or DHTAX?

DHTAX has higher volatility (4.29%) compared to DHPAX (3.49%). In terms of maximum drawdown, DHPAX dropped -46.59% vs DHTAX's -51.42%.

Which has better risk-adjusted returns?

DHTAX currently has the higher Sharpe Ratio (1.23 vs 1.11), 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.