DHTAX vs. NMAVX

Last updated Jun 25, 2026

DHTAX (Diamond Hill All Cap Select Fund) and NMAVX (Nuance Mid Cap Value Fund) are both Mid Cap Value Equities funds. Over the past 10 years, DHTAX returned 13.22%/yr vs 7.89%/yr for NMAVX. Their correlation of 0.81 suggests significant overlap in exposure. DHTAX charges 1.16%/yr vs 1.22%/yr for NMAVX.

Performance

DHTAX vs. NMAVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill All Cap Select Fund (DHTAX) and Nuance Mid Cap Value Fund (NMAVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHTAX achieves a 1.30% return, which is significantly lower than NMAVX's 6.35% return. Over the past 10 years, DHTAX has outperformed NMAVX with an annualized return of 13.22%, while NMAVX has yielded a comparatively lower 7.89% annualized return.

DHTAX

• 1D: 0.36%
• 1M: -1.00%
• YTD: 1.30%
• 6M: 0.00%
• 1Y: 11.15%
• 3Y*: 14.24%
• 5Y*: 8.45%
• 10Y*: 13.22%

NMAVX

• 1D: 0.99%
• 1M: 1.07%
• YTD: 6.35%
• 6M: 6.01%
• 1Y: 11.36%
• 3Y*: 5.61%
• 5Y*: 3.22%
• 10Y*: 7.89%

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

DHTAX vs. NMAVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHTAX Diamond Hill All Cap Select Fund	1.30%	13.28%	12.75%	30.19%	-17.47%	32.89%	14.30%	30.43%	-12.44%	19.93%
NMAVX Nuance Mid Cap Value Fund	6.35%	1.91%	5.20%	6.44%	-5.26%	11.10%	4.41%	30.71%	-5.44%	14.81%

Correlation

The correlation between DHTAX and NMAVX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.81

The correlation between DHTAX and NMAVX shifts across timeframes, from 0.65 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DHTAX vs. NMAVX — Risk / Return Rank

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

DHTAX

DHTAX Risk / Return Rank: 16
DHTAX Sharpe Ratio Rank: 13
DHTAX Sortino Ratio Rank: 14
DHTAX Omega Ratio Rank: 13
DHTAX Calmar Ratio Rank: 25
DHTAX Martin Ratio Rank: 18

NMAVX

NMAVX Risk / Return Rank: 15
NMAVX Sharpe Ratio Rank: 16
NMAVX Sortino Ratio Rank: 18
NMAVX Omega Ratio Rank: 14
NMAVX Calmar Ratio Rank: 15
NMAVX Martin Ratio Rank: 12

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.

DHTAX vs. NMAVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill All Cap Select Fund (DHTAX) and Nuance Mid Cap Value Fund (NMAVX). 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.

	DHTAX	NMAVX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	0.99	-0.12
Sortino ratio: Return per unit of downside risk	1.32	1.54	-0.22
Omega ratio: Gain probability vs. loss probability	1.16	1.18	-0.02
Calmar ratio: Return relative to maximum drawdown	1.65	1.17	+0.47
Martin ratio: Return relative to average drawdown	4.13	2.94	+1.19

DHTAX vs. NMAVX - Sharpe Ratio Comparison

The current DHTAX Sharpe Ratio is 0.87, which is comparable to the NMAVX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of DHTAX and NMAVX, 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

DHTAX vs. NMAVX - Drawdown Comparison

The maximum DHTAX drawdown since its inception was -51.42%, which is greater than NMAVX's maximum drawdown of -30.93%. Use the drawdown chart below to compare losses from any high point for DHTAX and NMAVX.

Drawdown Indicators

	DHTAX	NMAVX	Difference
Max Drawdown Largest peak-to-trough decline	-51.42%	-30.93%	-20.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-9.80%	+2.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	-18.40%	-2.50%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-18.40%	-5.91%
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	-30.93%	-13.35%
Current Drawdown Current decline from peak	-4.42%	-3.92%	-0.50%
Average Drawdown Average peak-to-trough decline	-7.75%	-3.80%	-3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.91%	-0.81%

Volatility

DHTAX vs. NMAVX - Volatility Comparison

Diamond Hill All Cap Select Fund (DHTAX) and Nuance Mid Cap Value Fund (NMAVX) have volatilities of 3.57% and 3.61%, 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

	DHTAX	NMAVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	3.61%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.93%	8.38%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	14.82%	11.68%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.95%	13.35%	+7.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.04%	14.99%	+7.05%

DHTAX vs. NMAVX - Expense Ratio Comparison

DHTAX has a 1.16% expense ratio, which is lower than NMAVX's 1.22% expense ratio.

Dividends

DHTAX vs. NMAVX - Dividend Comparison

DHTAX's dividend yield for the trailing twelve months is around 8.10%, more than NMAVX's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHTAX Diamond Hill All Cap Select Fund	8.10%	8.20%	6.66%	0.28%	4.08%	13.72%	0.28%	1.93%	11.56%	0.00%	1.27%	3.32%
NMAVX Nuance Mid Cap Value Fund	0.94%	1.00%	7.55%	1.78%	9.05%	11.98%	0.61%	5.91%	7.16%	7.05%	1.83%	4.24%

Frequently Asked Questions

Can I hold both DHTAX and NMAVX in my portfolio?

DHTAX and NMAVX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHTAX or NMAVX?

NMAVX has higher volatility (3.61%) compared to DHTAX (3.57%). In terms of maximum drawdown, DHTAX dropped -51.42% vs NMAVX's -30.93%.

Which has better risk-adjusted returns?

NMAVX currently has the higher Sharpe Ratio (0.99 vs 0.87), 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.