DHSCX vs. ICISX

Last updated Jul 14, 2026

DHSCX (Diamond Hill Small Cap Fund) and ICISX (VY Columbia Small Cap Value II Portfolio) are both Small Cap Value Equities funds. Over the past 10 years, DHSCX returned 10.40%/yr vs 10.74%/yr for ICISX. Their correlation of 0.92 suggests significant overlap in exposure. DHSCX charges 1.26%/yr vs 0.92%/yr for ICISX.

Performance

DHSCX vs. ICISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Small Cap Fund (DHSCX) and VY Columbia Small Cap Value II Portfolio (ICISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DHSCX having a 25.06% return and ICISX slightly lower at 23.84%. Both investments have delivered pretty close results over the past 10 years, with DHSCX having a 10.40% annualized return and ICISX not far ahead at 10.74%.

DHSCX

• 1D: 0.26%
• 1M: 2.53%
• 6M: 18.01%
• YTD: 25.06%
• 1Y: 34.79%
• 3Y*: 19.80%
• 5Y*: 12.67%
• 10Y*: 10.40%

ICISX

• 1D: 0.29%
• 1M: 1.52%
• 6M: 18.27%
• YTD: 23.84%
• 1Y: 34.21%
• 3Y*: 16.87%
• 5Y*: 9.45%
• 10Y*: 10.74%

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

DHSCX vs. ICISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHSCX Diamond Hill Small Cap Fund	25.06%	11.48%	12.75%	23.99%	-15.11%	32.30%	-0.54%	21.45%	-15.23%	10.56%
ICISX VY Columbia Small Cap Value II Portfolio	23.84%	8.38%	11.15%	14.13%	-13.57%	34.53%	9.95%	20.26%	-17.54%	11.24%

Correlation

The correlation between DHSCX and ICISX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 4, 2006	0.92

The correlation between DHSCX and ICISX shifts across timeframes, from 0.80 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DHSCX vs. ICISX — 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: 58
DHSCX Sortino Ratio Rank: 65
DHSCX Omega Ratio Rank: 51
DHSCX Calmar Ratio Rank: 82
DHSCX Martin Ratio Rank: 65

ICISX

ICISX Risk / Return Rank: 86
ICISX Sharpe Ratio Rank: 85
ICISX Sortino Ratio Rank: 85
ICISX Omega Ratio Rank: 78
ICISX Calmar Ratio Rank: 93
ICISX 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.

DHSCX vs. ICISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Small Cap Fund (DHSCX) and VY Columbia Small Cap Value II Portfolio (ICISX). 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	ICISX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.24	-0.54
Sortino ratio: Return per unit of downside risk	2.52	3.25	-0.73
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	3.05	4.00	-0.95
Martin ratio: Return relative to average drawdown	9.82	13.98	-4.16

DHSCX vs. ICISX - Sharpe Ratio Comparison

The current DHSCX Sharpe Ratio is 1.71, which is comparable to the ICISX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of DHSCX and ICISX, 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. ICISX - Drawdown Comparison

The maximum DHSCX drawdown since its inception was -53.15%, smaller than the maximum ICISX drawdown of -59.91%. Use the drawdown chart below to compare losses from any high point for DHSCX and ICISX.

Drawdown Indicators

	DHSCX	ICISX	Difference
Max Drawdown Largest peak-to-trough decline	-53.15%	-59.91%	+6.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-9.50%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-28.41%	-28.05%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-28.41%	-28.05%	-0.36%
Max Drawdown (10Y) Largest decline over 10 years	-46.19%	-49.01%	+2.82%
Current Drawdown Current decline from peak	-3.25%	-0.97%	-2.28%
Average Drawdown Average peak-to-trough decline	-8.29%	-10.77%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.63%	+0.80%

Volatility

DHSCX vs. ICISX - Volatility Comparison

Diamond Hill Small Cap Fund (DHSCX) has a higher volatility of 5.73% compared to VY Columbia Small Cap Value II Portfolio (ICISX) at 4.35%. This indicates that DHSCX's price experiences larger fluctuations and is considered to be riskier than ICISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHSCX	ICISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	4.35%	+1.38%
Volatility (6M) Calculated over the trailing 6-month period	14.02%	11.94%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	19.79%	16.98%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	21.58%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.20%	23.60%	-1.40%

DHSCX vs. ICISX - Expense Ratio Comparison

DHSCX has a 1.26% expense ratio, which is higher than ICISX's 0.92% expense ratio.

Dividends

DHSCX vs. ICISX - Dividend Comparison

DHSCX's dividend yield for the trailing twelve months is around 4.64%, less than ICISX's 22.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHSCX Diamond Hill Small Cap Fund	4.64%	5.80%	16.10%	30.73%	18.17%	17.43%	0.32%	6.94%	10.29%	6.68%	2.50%	1.63%
ICISX VY Columbia Small Cap Value II Portfolio	22.57%	27.95%	11.14%	7.68%	17.24%	0.74%	4.30%	13.90%	14.67%	4.45%	4.26%	0.62%

Frequently Asked Questions

Can I hold both DHSCX and ICISX in my portfolio?

DHSCX and ICISX have a correlation of 0.80, 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 ICISX?

DHSCX has higher volatility (5.73%) compared to ICISX (4.35%). In terms of maximum drawdown, DHSCX dropped -53.15% vs ICISX's -59.91%.

Which has better risk-adjusted returns?

ICISX currently has the higher Sharpe Ratio (2.24 vs 1.71), 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.