DHTAX vs. UMCVX

Last updated Jun 4, 2026

DHTAX (Diamond Hill All Cap Select Fund) and UMCVX (Invesco V.I. American Value Fund) are both Mid Cap Value Equities funds. Over the past 10 years, DHTAX returned 12.53%/yr vs 14.19%/yr for UMCVX. Their correlation of 0.88 suggests significant overlap in exposure. DHTAX charges 1.16%/yr vs 0.89%/yr for UMCVX.

Performance

DHTAX vs. UMCVX - Performance Comparison

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

Returns By Period

In the year-to-date period, DHTAX achieves a 2.32% return, which is significantly lower than UMCVX's 24.24% return. Over the past 10 years, DHTAX has underperformed UMCVX with an annualized return of 12.53%, while UMCVX has yielded a comparatively higher 14.19% annualized return.

DHTAX

• 1D: -0.99%
• 1M: -0.87%
• YTD: 2.32%
• 6M: 3.81%
• 1Y: 16.36%
• 3Y*: 15.41%
• 5Y*: 8.42%
• 10Y*: 12.53%

UMCVX

• 1D: 4.35%
• 1M: 7.23%
• YTD: 24.24%
• 6M: 24.38%
• 1Y: 51.41%
• 3Y*: 32.68%
• 5Y*: 17.91%
• 10Y*: 14.19%

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

DHTAX vs. UMCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHTAX Diamond Hill All Cap Select Fund	2.32%	13.28%	12.75%	30.19%	-17.47%	32.89%	14.30%	30.43%	-12.44%	19.93%
UMCVX Invesco V.I. American Value Fund	24.24%	21.17%	30.42%	15.70%	-2.53%	27.96%	1.15%	24.95%	-12.56%	9.97%

Correlation

The correlation between DHTAX and UMCVX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 2006	0.88

Over the past year, the correlation between DHTAX and UMCVX has dropped to 0.58 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

DHTAX vs. UMCVX — Risk / Return Rank

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

DHTAX

DHTAX Risk / Return Rank: 24
DHTAX Sharpe Ratio Rank: 19
DHTAX Sortino Ratio Rank: 19
DHTAX Omega Ratio Rank: 18
DHTAX Calmar Ratio Rank: 39
DHTAX Martin Ratio Rank: 26

UMCVX

UMCVX Risk / Return Rank: 87
UMCVX Sharpe Ratio Rank: 89
UMCVX Sortino Ratio Rank: 80
UMCVX Omega Ratio Rank: 77
UMCVX Calmar Ratio Rank: 94
UMCVX 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.

DHTAX vs. UMCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill All Cap Select Fund (DHTAX) and Invesco V.I. American Value Fund (UMCVX). 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.

	DHTAX	UMCVX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	2.95	-1.71
Sortino ratio: Return per unit of downside risk	1.81	3.79	-1.98
Omega ratio: Gain probability vs. loss probability	1.22	1.51	-0.28
Calmar ratio: Return relative to maximum drawdown	2.37	5.54	-3.17
Martin ratio: Return relative to average drawdown	6.25	20.15	-13.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHTAX vs. UMCVX - Sharpe Ratio Comparison

The current DHTAX Sharpe Ratio is 1.24, which is lower than the UMCVX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of DHTAX and UMCVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DHTAX	UMCVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	2.95	-1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.66	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.57	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.44	-0.02

Drawdowns

DHTAX vs. UMCVX - Drawdown Comparison

The maximum DHTAX drawdown since its inception was -51.42%, smaller than the maximum UMCVX drawdown of -59.30%. Use the drawdown chart below to compare losses from any high point for DHTAX and UMCVX.

Drawdown Indicators

	DHTAX	UMCVX	Difference
Max Drawdown Largest peak-to-trough decline	-51.42%	-59.30%	+7.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-9.69%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	-25.10%	+4.20%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-25.10%	+0.79%
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	-45.77%	+1.49%
Current Drawdown Current decline from peak	-3.46%	0.00%	-3.46%
Average Drawdown Average peak-to-trough decline	-7.76%	-10.06%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.66%	+0.30%

Volatility

DHTAX vs. UMCVX - Volatility Comparison

The current volatility for Diamond Hill All Cap Select Fund (DHTAX) is 4.40%, while Invesco V.I. American Value Fund (UMCVX) has a volatility of 6.26%. This indicates that DHTAX experiences smaller price fluctuations and is considered to be less risky than UMCVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHTAX	UMCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	6.26%	-1.86%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	14.26%	-4.42%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	18.18%	-3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.98%	27.26%	-6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.14%	25.16%	-3.02%

DHTAX vs. UMCVX - Expense Ratio Comparison

DHTAX has a 1.16% expense ratio, which is higher than UMCVX's 0.89% expense ratio.

Dividends

DHTAX vs. UMCVX - Dividend Comparison

DHTAX's dividend yield for the trailing twelve months is around 8.02%, less than UMCVX's 13.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHTAX Diamond Hill All Cap Select Fund	8.02%	8.20%	6.66%	0.28%	4.08%	13.72%	0.28%	1.93%	11.56%	0.00%	1.27%	3.32%
UMCVX Invesco V.I. American Value Fund	13.49%	16.76%	3.11%	25.58%	23.66%	0.42%	1.65%	8.19%	19.87%	1.91%	5.79%	15.77%

Frequently Asked Questions

Can I hold both DHTAX and UMCVX in my portfolio?

DHTAX and UMCVX have a correlation of 0.58, 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 UMCVX?

UMCVX has higher volatility (6.26%) compared to DHTAX (4.40%). In terms of maximum drawdown, DHTAX dropped -51.42% vs UMCVX's -59.30%.

Which has better risk-adjusted returns?

UMCVX currently has the higher Sharpe Ratio (2.95 vs 1.24), 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.