DHSCX vs. DHSIX

Last updated Jun 23, 2026

DHSCX (Diamond Hill Small Cap Fund) and DHSIX (Diamond Hill Small Cap Fund Class I) are both Small Cap Value Equities funds from Diamond Hill. Over the past 10 years, DHSCX returned 10.36%/yr vs 10.68%/yr for DHSIX. With a 1.00 correlation, they move nearly in lockstep. DHSCX charges 1.26%/yr vs 0.97%/yr for DHSIX.

Performance

DHSCX vs. DHSIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with DHSCX having a 22.18% return and DHSIX slightly higher at 22.33%. Both investments have delivered pretty close results over the past 10 years, with DHSCX having a 10.36% annualized return and DHSIX not far ahead at 10.68%.

DHSCX

• 1D: 2.03%
• 1M: 7.27%
• YTD: 22.18%
• 6M: 19.85%
• 1Y: 41.55%
• 3Y*: 19.69%
• 5Y*: 12.65%
• 10Y*: 10.36%

DHSIX

• 1D: 2.01%
• 1M: 7.29%
• YTD: 22.33%
• 6M: 20.01%
• 1Y: 41.91%
• 3Y*: 20.01%
• 5Y*: 12.96%
• 10Y*: 10.68%

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

DHSCX vs. DHSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHSCX Diamond Hill Small Cap Fund	22.18%	11.48%	12.75%	23.99%	-15.11%	32.30%	-0.54%	21.45%	-15.23%	10.56%
DHSIX Diamond Hill Small Cap Fund Class I	22.33%	11.83%	13.10%	24.25%	-14.85%	32.69%	-0.27%	21.83%	-15.00%	10.89%

Correlation

The correlation between DHSCX and DHSIX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Apr 29, 2005	1.00

The correlation between DHSCX and DHSIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

DHSCX vs. DHSIX — Risk / Return Rank

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

DHSCX

DHSCX Risk / Return Rank: 64
DHSCX Sharpe Ratio Rank: 59
DHSCX Sortino Ratio Rank: 61
DHSCX Omega Ratio Rank: 49
DHSCX Calmar Ratio Rank: 84
DHSCX Martin Ratio Rank: 66

DHSIX

DHSIX Risk / Return Rank: 65
DHSIX Sharpe Ratio Rank: 60
DHSIX Sortino Ratio Rank: 63
DHSIX Omega Ratio Rank: 49
DHSIX Calmar Ratio Rank: 85
DHSIX Martin Ratio Rank: 67

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.

DHSCX vs. DHSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Small Cap Fund (DHSCX) and Diamond Hill Small Cap Fund Class I (DHSIX). 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	DHSIX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.10	-0.02
Sortino ratio: Return per unit of downside risk	2.98	3.01	-0.03
Omega ratio: Gain probability vs. loss probability	1.35	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	3.72	3.78	-0.06
Martin ratio: Return relative to average drawdown	12.04	12.22	-0.18

DHSCX vs. DHSIX - Sharpe Ratio Comparison

The current DHSCX Sharpe Ratio is 2.08, which is comparable to the DHSIX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of DHSCX and DHSIX, 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. DHSIX - Drawdown Comparison

The maximum DHSCX drawdown since its inception was -53.15%, roughly equal to the maximum DHSIX drawdown of -52.83%. Use the drawdown chart below to compare losses from any high point for DHSCX and DHSIX.

Drawdown Indicators

	DHSCX	DHSIX	Difference
Max Drawdown Largest peak-to-trough decline	-53.15%	-52.83%	-0.32%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-10.97%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-28.41%	-28.33%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-28.41%	-28.33%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-46.19%	-45.96%	-0.23%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.30%	-8.36%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	3.39%	+0.01%

Volatility

DHSCX vs. DHSIX - Volatility Comparison

Diamond Hill Small Cap Fund (DHSCX) and Diamond Hill Small Cap Fund Class I (DHSIX) have volatilities of 5.35% and 5.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHSCX	DHSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	5.38%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	13.65%	13.68%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	19.78%	19.79%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.51%	21.50%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	22.25%	-0.01%

DHSCX vs. DHSIX - Expense Ratio Comparison

DHSCX has a 1.26% expense ratio, which is higher than DHSIX's 0.97% expense ratio.

Dividends

DHSCX vs. DHSIX - Dividend Comparison

DHSCX's dividend yield for the trailing twelve months is around 4.75%, more than DHSIX's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHSCX Diamond Hill Small Cap Fund	4.75%	5.80%	16.10%	30.73%	18.17%	17.43%	0.32%	6.94%	10.29%	6.68%	2.50%	1.63%
DHSIX Diamond Hill Small Cap Fund Class I	4.69%	5.74%	15.81%	30.09%	18.06%	17.39%	0.61%	7.13%	10.46%	6.90%	2.68%	1.95%

Frequently Asked Questions

Can I hold both DHSCX and DHSIX in my portfolio?

With a correlation of 1.00, DHSCX and DHSIX 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.

Which is riskier, DHSCX or DHSIX?

DHSIX has higher volatility (5.38%) compared to DHSCX (5.35%). In terms of maximum drawdown, DHSCX dropped -53.15% vs DHSIX's -52.83%.

Which has better risk-adjusted returns?

DHSIX currently has the higher Sharpe Ratio (2.10 vs 2.08), 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.