DHSCX vs. DHLRX

Last updated Aug 1, 2026

DHSCX (Diamond Hill Small Cap Fund) and DHLRX (Diamond Hill Large Cap Fund Class I) are both mutual funds - DHSCX is a Small Cap Value Equities fund managed by Diamond Hill, while DHLRX is a Large Cap Value Equities fund actively managed by Diamond Hill. Over the past 10 years, DHSCX returned 10.63%/yr vs 10.00%/yr for DHLRX. Their correlation of 0.87 means they have usually moved in the same direction. DHSCX charges 1.26%/yr vs 0.67%/yr for DHLRX.

Performance

DHSCX vs. DHLRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Small Cap Fund (DHSCX) and Diamond Hill Large Cap Fund Class I (DHLRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHSCX achieves a 27.91% return, which is significantly higher than DHLRX's 5.05% return. Over the past 10 years, DHSCX has outperformed DHLRX with an annualized return of 10.63%, while DHLRX has yielded a comparatively lower 10.00% annualized return.

DHSCX

• 1D: 0.45%
• 1M: -0.26%
• 6M: 19.95%
• YTD: 27.91%
• 1Y: 42.53%
• 3Y*: 19.29%
• 5Y*: 13.45%
• 10Y*: 10.63%
• ALL TIME*: 10.18%

DHLRX

• 1D: -0.18%
• 1M: 1.57%
• 6M: 3.21%
• YTD: 5.05%
• 1Y: 9.07%
• 3Y*: 9.18%
• 5Y*: 5.57%
• 10Y*: 10.00%
• ALL TIME*: 8.87%

*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)
DHLRX Diamond Hill Large Cap Fund Class I	$0.00	$0.00	$0.00
DHSCX Diamond Hill Small Cap Fund	$0.00	$0.00	$0.00

DHSCX vs. DHLRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHSCX Diamond Hill Small Cap Fund	27.91%	11.48%	12.75%	23.99%	-15.11%	32.30%	-0.54%	21.45%	-15.23%	10.56%
DHLRX Diamond Hill Large Cap Fund Class I	5.05%	5.67%	12.05%	13.71%	-13.38%	25.74%	8.95%	32.22%	-9.65%	20.29%

Correlation

The correlation between DHSCX and DHLRX is 0.66, 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.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Jan 31, 2005	0.87

Over the past year, the correlation between DHSCX and DHLRX has dropped to 0.66 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

DHSCX vs. DHLRX — Risk / Return Rank

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

DHSCX

DHSCX Risk / Return Rank: 83
DHSCX Sharpe Ratio Rank: 80
DHSCX Sortino Ratio Rank: 81
DHSCX Omega Ratio Rank: 76
DHSCX Calmar Ratio Rank: 91
DHSCX Martin Ratio Rank: 87

DHLRX

DHLRX Risk / Return Rank: 14
DHLRX Sharpe Ratio Rank: 14
DHLRX Sortino Ratio Rank: 14
DHLRX Omega Ratio Rank: 13
DHLRX Calmar Ratio Rank: 15
DHLRX Martin Ratio Rank: 14

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.

DHSCX vs. DHLRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Small Cap Fund (DHSCX) and Diamond Hill Large Cap Fund Class I (DHLRX). 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.

	DHSCX	DHLRX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	0.58	+1.34
Sortino ratio: Return per unit of downside risk	2.85	0.93	+1.92
Omega ratio: Gain probability vs. loss probability	1.33	1.11	+0.23
Calmar ratio: Return relative to maximum drawdown	3.47	0.80	+2.66
Martin ratio: Return relative to average drawdown	11.34	2.04	+9.30

DHSCX vs. DHLRX - Sharpe Ratio Comparison

The current DHSCX Sharpe Ratio is 1.92, which is higher than the DHLRX Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of DHSCX and DHLRX, 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

DHSCX vs. DHLRX - Drawdown Comparison

The maximum DHSCX drawdown since its inception was -53.15%, roughly equal to the maximum DHLRX drawdown of -52.38%. Use the drawdown chart below to compare losses from any high point for DHSCX and DHLRX.

Drawdown Indicators

	DHSCX	DHLRX	Difference
Max Drawdown Largest peak-to-trough decline	-53.15%	-52.38%	-0.77%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-8.34%	-2.68%
Max Drawdown (3Y) Largest decline over 3 years	-28.41%	-15.56%	-12.85%
Max Drawdown (5Y) Largest decline over 5 years	-28.41%	-23.17%	-5.24%
Max Drawdown (10Y) Largest decline over 10 years	-46.19%	-38.88%	-7.31%
Current Drawdown Current decline from peak	-1.40%	-0.62%	-0.78%
Average Drawdown Average peak-to-trough decline	-8.27%	-6.85%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	3.28%	+0.10%

Volatility

DHSCX vs. DHLRX - Volatility Comparison

Diamond Hill Small Cap Fund (DHSCX) has a higher volatility of 5.78% compared to Diamond Hill Large Cap Fund Class I (DHLRX) at 3.44%. This indicates that DHSCX's price experiences larger fluctuations and is considered to be riskier than DHLRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHSCX	DHLRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	3.44%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	8.19%	+5.92%
Volatility (1Y) Calculated over the trailing 1-year period	19.87%	11.50%	+8.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.49%	15.83%	+5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	17.98%	+4.26%

DHSCX vs. DHLRX - Expense Ratio Comparison

DHSCX has a 1.26% expense ratio, which is higher than DHLRX's 0.67% expense ratio.

Dividends

DHSCX vs. DHLRX - Dividend Comparison

DHSCX's dividend yield for the trailing twelve months is around 4.54%, less than DHLRX's 6.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHLRX Diamond Hill Large Cap Fund Class I	6.04%	6.34%	10.64%	3.77%	6.60%	7.53%	3.47%	4.75%	4.59%	4.80%	6.54%	5.06%
DHSCX Diamond Hill Small Cap Fund	4.54%	5.80%	16.10%	30.73%	18.17%	17.43%	0.32%	6.94%	10.29%	6.68%	2.50%	1.63%

Frequently Asked Questions

Can I hold both DHSCX and DHLRX in my portfolio?

DHSCX and DHLRX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHSCX or DHLRX?

DHSCX has higher volatility (5.78%) compared to DHLRX (3.44%). In terms of maximum drawdown, DHSCX dropped -53.15% vs DHLRX's -52.38%.

Which has better risk-adjusted returns?

DHSCX currently has the higher Sharpe Ratio (1.92 vs 0.58), 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.