DHSIX vs. AVALX

Last updated Aug 1, 2026

DHSIX (Diamond Hill Small Cap Fund Class I) and AVALX (Aegis Value Fund Class I) are both Small Cap Value Equities funds. Both are actively managed. Over the past 10 years, DHSIX returned 10.95%/yr vs 19.27%/yr for AVALX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. DHSIX charges 0.97%/yr vs 1.36%/yr for AVALX.

Performance

DHSIX vs. AVALX - Performance Comparison

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

Returns By Period

In the year-to-date period, DHSIX achieves a 28.15% return, which is significantly higher than AVALX's 17.01% return. Over the past 10 years, DHSIX has underperformed AVALX with an annualized return of 10.95%, while AVALX has yielded a comparatively higher 19.27% annualized return.

DHSIX

• 1D: 0.47%
• 1M: -0.22%
• 6M: 20.16%
• YTD: 28.15%
• 1Y: 43.01%
• 3Y*: 19.62%
• 5Y*: 13.77%
• 10Y*: 10.95%
• ALL TIME*: 8.86%

AVALX

• 1D: 2.16%
• 1M: 4.61%
• 6M: 7.17%
• YTD: 17.01%
• 1Y: 51.60%
• 3Y*: 29.28%
• 5Y*: 22.70%
• 10Y*: 19.27%
• ALL TIME*: 11.29%

*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)
AVALX Aegis Value Fund Class I	$0.00	$0.00	$0.00
DHSIX Diamond Hill Small Cap Fund Class I	$0.00	$0.00	$0.00

DHSIX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHSIX Diamond Hill Small Cap Fund Class I	28.15%	11.83%	13.10%	24.25%	-14.85%	32.69%	-0.27%	21.83%	-15.00%	10.89%
AVALX Aegis Value Fund Class I	17.01%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	17.37%

Correlation

The correlation between DHSIX and AVALX is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (10Y) Provides a long-term view across more market conditions.	0.53
Correlation (All Time) Calculated using the full available price history since Apr 29, 2005	0.67

Over the past year, the correlation between DHSIX and AVALX has dropped to 0.37 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

DHSIX vs. AVALX — Risk / Return Rank

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

DHSIX

DHSIX Risk / Return Rank: 83
DHSIX Sharpe Ratio Rank: 80
DHSIX Sortino Ratio Rank: 81
DHSIX Omega Ratio Rank: 75
DHSIX Calmar Ratio Rank: 91
DHSIX Martin Ratio Rank: 87

AVALX

AVALX Risk / Return Rank: 94
AVALX Sharpe Ratio Rank: 97
AVALX Sortino Ratio Rank: 92
AVALX Omega Ratio Rank: 90
AVALX Calmar Ratio Rank: 97
AVALX Martin Ratio Rank: 95

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.

DHSIX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Small Cap Fund Class I (DHSIX) and Aegis Value Fund Class I (AVALX). 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.

	DHSIX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.89	-0.95
Sortino ratio: Return per unit of downside risk	2.87	3.54	-0.66
Omega ratio: Gain probability vs. loss probability	1.34	1.49	-0.15
Calmar ratio: Return relative to maximum drawdown	3.52	5.02	-1.50
Martin ratio: Return relative to average drawdown	11.51	14.90	-3.39

DHSIX vs. AVALX - Sharpe Ratio Comparison

The current DHSIX Sharpe Ratio is 1.94, which is lower than the AVALX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of DHSIX and AVALX, 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

DHSIX vs. AVALX - Drawdown Comparison

The maximum DHSIX drawdown since its inception was -52.83%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for DHSIX and AVALX.

Drawdown Indicators

	DHSIX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-52.83%	-73.72%	+20.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-10.12%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-28.33%	-13.59%	-14.74%
Max Drawdown (5Y) Largest decline over 5 years	-28.33%	-32.00%	+3.67%
Max Drawdown (10Y) Largest decline over 10 years	-45.96%	-48.34%	+2.38%
Current Drawdown Current decline from peak	-1.37%	-4.64%	+3.27%
Average Drawdown Average peak-to-trough decline	-8.32%	-10.92%	+2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	3.40%	-0.03%

Volatility

DHSIX vs. AVALX - Volatility Comparison

Diamond Hill Small Cap Fund Class I (DHSIX) has a higher volatility of 5.76% compared to Aegis Value Fund Class I (AVALX) at 4.85%. This indicates that DHSIX's price experiences larger fluctuations and is considered to be riskier than AVALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHSIX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	4.85%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	14.13%	13.69%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	19.89%	17.70%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	22.17%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.25%	22.15%	+0.10%

DHSIX vs. AVALX - Expense Ratio Comparison

DHSIX has a 0.97% expense ratio, which is lower than AVALX's 1.36% expense ratio.

Dividends

DHSIX vs. AVALX - Dividend Comparison

DHSIX's dividend yield for the trailing twelve months is around 4.48%, more than AVALX's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund Class I	2.00%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
DHSIX Diamond Hill Small Cap Fund Class I	4.48%	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 DHSIX and AVALX in my portfolio?

DHSIX and AVALX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHSIX or AVALX?

DHSIX has higher volatility (5.76%) compared to AVALX (4.85%). In terms of maximum drawdown, DHSIX dropped -52.83% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.89 vs 1.94), 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.