DHPAX vs. NCBVX

Last updated Jun 5, 2026

DHPAX (Diamond Hill Mid Cap Fund) and NCBVX (PGIM Quant Solutions Mid-Cap Value Fund) are both Mid Cap Value Equities funds. Over the past 10 years, DHPAX returned 7.65%/yr vs 7.77%/yr for NCBVX. Their correlation of 0.94 suggests significant overlap in exposure. DHPAX charges 1.07%/yr vs 1.95%/yr for NCBVX.

Performance

DHPAX vs. NCBVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Mid Cap Fund (DHPAX) and PGIM Quant Solutions Mid-Cap Value Fund (NCBVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHPAX achieves a 1.06% return, which is significantly lower than NCBVX's 16.11% return. Both investments have delivered pretty close results over the past 10 years, with DHPAX having a 7.65% annualized return and NCBVX not far ahead at 7.77%.

DHPAX

• 1D: -0.31%
• 1M: 0.06%
• YTD: 1.06%
• 6M: 2.25%
• 1Y: 12.26%
• 3Y*: 12.21%
• 5Y*: 4.47%
• 10Y*: 7.65%

NCBVX

• 1D: 0.31%
• 1M: 2.91%
• YTD: 16.11%
• 6M: 16.27%
• 1Y: 31.39%
• 3Y*: 17.63%
• 5Y*: 7.64%
• 10Y*: 7.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DHPAX vs. NCBVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHPAX Diamond Hill Mid Cap Fund	1.06%	12.95%	10.48%	9.19%	-13.67%	30.87%	-2.01%	25.38%	-10.58%	10.13%
NCBVX PGIM Quant Solutions Mid-Cap Value Fund	16.11%	11.86%	10.49%	10.40%	-10.18%	33.13%	-7.31%	18.78%	-20.51%	11.63%

Correlation

The correlation between DHPAX and NCBVX 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	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.94

The correlation between DHPAX and NCBVX has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

Return for Risk

DHPAX vs. NCBVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DHPAX

DHPAX Risk / Return Rank: 13
DHPAX Sharpe Ratio Rank: 12
DHPAX Sortino Ratio Rank: 12
DHPAX Omega Ratio Rank: 11
DHPAX Calmar Ratio Rank: 14
DHPAX Martin Ratio Rank: 15

NCBVX

NCBVX Risk / Return Rank: 76
NCBVX Sharpe Ratio Rank: 69
NCBVX Sortino Ratio Rank: 69
NCBVX Omega Ratio Rank: 60
NCBVX Calmar Ratio Rank: 92
NCBVX Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DHPAX vs. NCBVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Mid Cap Fund (DHPAX) and PGIM Quant Solutions Mid-Cap Value Fund (NCBVX). 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.

	DHPAX	NCBVX	Difference
Sharpe ratio: Return per unit of total volatility	0.89	2.38	-1.48
Sortino ratio: Return per unit of downside risk	1.37	3.39	-2.02
Omega ratio: Gain probability vs. loss probability	1.16	1.42	-0.26
Calmar ratio: Return relative to maximum drawdown	1.22	4.89	-3.67
Martin ratio: Return relative to average drawdown	3.95	17.74	-13.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHPAX vs. NCBVX - Sharpe Ratio Comparison

The current DHPAX Sharpe Ratio is 0.89, which is lower than the NCBVX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of DHPAX and NCBVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DHPAX	NCBVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	2.38	-1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.41	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.34	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.41	-0.04

Drawdowns

DHPAX vs. NCBVX - Drawdown Comparison

The maximum DHPAX drawdown since its inception was -46.59%, smaller than the maximum NCBVX drawdown of -60.64%. Use the drawdown chart below to compare losses from any high point for DHPAX and NCBVX.

Drawdown Indicators

	DHPAX	NCBVX	Difference
Max Drawdown Largest peak-to-trough decline	-46.59%	-60.64%	+14.05%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-6.31%	-3.71%
Max Drawdown (3Y) Largest decline over 3 years	-17.45%	-21.27%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.02%	-23.15%	-0.87%
Max Drawdown (10Y) Largest decline over 10 years	-46.59%	-57.50%	+10.91%
Current Drawdown Current decline from peak	-4.27%	0.00%	-4.27%
Average Drawdown Average peak-to-trough decline	-5.86%	-9.10%	+3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	1.74%	+1.36%

Volatility

DHPAX vs. NCBVX - Volatility Comparison

The current volatility for Diamond Hill Mid Cap Fund (DHPAX) is 3.21%, while PGIM Quant Solutions Mid-Cap Value Fund (NCBVX) has a volatility of 3.47%. This indicates that DHPAX experiences smaller price fluctuations and is considered to be less risky than NCBVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHPAX	NCBVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	3.47%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	9.39%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	13.02%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	18.81%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.80%	22.67%	-1.87%

DHPAX vs. NCBVX - Expense Ratio Comparison

DHPAX has a 1.07% expense ratio, which is lower than NCBVX's 1.95% expense ratio.

Dividends

DHPAX vs. NCBVX - Dividend Comparison

DHPAX's dividend yield for the trailing twelve months is around 17.89%, more than NCBVX's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHPAX Diamond Hill Mid Cap Fund	17.89%	18.08%	8.84%	2.20%	4.96%	0.30%	0.53%	1.79%	2.84%	1.49%	0.63%	0.35%
NCBVX PGIM Quant Solutions Mid-Cap Value Fund	0.59%	0.68%	1.03%	1.59%	1.17%	0.74%	1.60%	1.93%	13.70%	6.69%	2.83%	7.89%

Frequently Asked Questions

Can I hold both DHPAX and NCBVX in my portfolio?

DHPAX and NCBVX 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.

Which is riskier, DHPAX or NCBVX?

NCBVX has higher volatility (3.47%) compared to DHPAX (3.21%). In terms of maximum drawdown, DHPAX dropped -46.59% vs NCBVX's -60.64%.

Which has better risk-adjusted returns?

NCBVX currently has the higher Sharpe Ratio (2.38 vs 0.89), 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.