DHSIX vs. FISVX

Last updated Jun 24, 2026

DHSIX (Diamond Hill Small Cap Fund Class I) and FISVX (Fidelity Small Cap Value Index Fund) are both Small Cap Value Equities funds. DHSIX is actively managed, while FISVX is passively managed. Over the past 5 years, DHSIX returned 12.33%/yr vs 7.82%/yr for FISVX. Their correlation of 0.95 suggests significant overlap in exposure. DHSIX charges 0.97%/yr vs 0.05%/yr for FISVX.

Performance

DHSIX vs. FISVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Small Cap Fund Class I (DHSIX) and Fidelity Small Cap Value Index Fund (FISVX). 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 DHSIX having a 22.01% return and FISVX slightly lower at 21.13%.

DHSIX

• 1D: -0.26%
• 1M: 7.01%
• YTD: 22.01%
• 6M: 19.93%
• 1Y: 39.12%
• 3Y*: 21.08%
• 5Y*: 12.33%
• 10Y*: 10.94%

FISVX

• 1D: 0.47%
• 1M: 3.64%
• YTD: 21.13%
• 6M: 19.07%
• 1Y: 43.06%
• 3Y*: 19.67%
• 5Y*: 7.82%
• 10Y*: —

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

DHSIX vs. FISVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DHSIX Diamond Hill Small Cap Fund Class I	22.01%	11.83%	13.10%	24.25%	-14.85%	32.69%	-0.27%	8.42%
FISVX Fidelity Small Cap Value Index Fund	21.13%	12.70%	8.16%	14.72%	-14.42%	28.26%	4.49%	9.54%

Correlation

The correlation between DHSIX and FISVX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.95

The correlation between DHSIX and FISVX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

DHSIX vs. FISVX — Risk / Return Rank

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

DHSIX

DHSIX Risk / Return Rank: 65
DHSIX Sharpe Ratio Rank: 61
DHSIX Sortino Ratio Rank: 63
DHSIX Omega Ratio Rank: 50
DHSIX Calmar Ratio Rank: 85
DHSIX Martin Ratio Rank: 68

FISVX

FISVX Risk / Return Rank: 83
FISVX Sharpe Ratio Rank: 82
FISVX Sortino Ratio Rank: 79
FISVX Omega Ratio Rank: 68
FISVX Calmar Ratio Rank: 95
FISVX Martin Ratio Rank: 93

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.

DHSIX vs. FISVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Small Cap Fund Class I (DHSIX) and Fidelity Small Cap Value Index Fund (FISVX). 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	FISVX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.48	-0.37
Sortino ratio: Return per unit of downside risk	3.03	3.44	-0.41
Omega ratio: Gain probability vs. loss probability	1.36	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	3.80	5.30	-1.49
Martin ratio: Return relative to average drawdown	12.29	17.98	-5.69

DHSIX vs. FISVX - Sharpe Ratio Comparison

The current DHSIX Sharpe Ratio is 2.11, which is comparable to the FISVX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of DHSIX and FISVX, 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. FISVX - Drawdown Comparison

The maximum DHSIX drawdown since its inception was -52.83%, which is greater than FISVX's maximum drawdown of -44.66%. Use the drawdown chart below to compare losses from any high point for DHSIX and FISVX.

Drawdown Indicators

	DHSIX	FISVX	Difference
Max Drawdown Largest peak-to-trough decline	-52.83%	-44.66%	-8.17%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-8.54%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-28.33%	-26.50%	-1.83%
Max Drawdown (5Y) Largest decline over 5 years	-28.33%	-26.50%	-1.83%
Max Drawdown (10Y) Largest decline over 10 years	-45.96%	—	—
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-8.36%	-10.27%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	2.51%	+0.88%

Volatility

DHSIX vs. FISVX - Volatility Comparison

Diamond Hill Small Cap Fund Class I (DHSIX) and Fidelity Small Cap Value Index Fund (FISVX) have volatilities of 5.20% and 5.27%, 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

	DHSIX	FISVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	5.27%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	13.69%	12.46%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	19.83%	18.27%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.47%	21.70%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.25%	26.69%	-4.44%

DHSIX vs. FISVX - Expense Ratio Comparison

DHSIX has a 0.97% expense ratio, which is higher than FISVX's 0.05% expense ratio.

Dividends

DHSIX vs. FISVX - Dividend Comparison

DHSIX's dividend yield for the trailing twelve months is around 4.70%, more than FISVX's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHSIX Diamond Hill Small Cap Fund Class I	4.70%	5.74%	15.81%	30.09%	18.06%	17.39%	0.61%	7.13%	10.46%	6.90%	2.68%	1.95%
FISVX Fidelity Small Cap Value Index Fund	1.80%	2.18%	1.70%	2.06%	3.69%	9.55%	1.33%	0.62%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DHSIX and FISVX in my portfolio?

With a correlation of 0.90, DHSIX and FISVX 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, DHSIX or FISVX?

FISVX has higher volatility (5.27%) compared to DHSIX (5.20%). In terms of maximum drawdown, DHSIX dropped -52.83% vs FISVX's -44.66%.

Which has better risk-adjusted returns?

FISVX currently has the higher Sharpe Ratio (2.48 vs 2.11), 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.