DVAL vs. VMAX

Last updated Jun 24, 2026

DVAL (BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF) and VMAX (Hartford US Value ETF) are both Large Cap Value Equities funds. Both are actively managed. Over the past year, DVAL returned 14.39% vs 29.63% for VMAX. Their correlation of 0.89 suggests significant overlap in exposure. DVAL charges 0.49%/yr vs 0.29%/yr for VMAX.

Performance

DVAL vs. VMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF (DVAL) and Hartford US Value ETF (VMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVAL achieves a 8.47% return, which is significantly lower than VMAX's 15.44% return.

DVAL

• 1D: 0.14%
• 1M: 1.85%
• YTD: 8.47%
• 6M: 7.88%
• 1Y: 14.39%
• 3Y*: 13.18%
• 5Y*: —
• 10Y*: —

VMAX

• 1D: -0.08%
• 1M: 3.05%
• YTD: 15.44%
• 6M: 14.38%
• 1Y: 29.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DVAL vs. VMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DVAL BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF	8.47%	8.74%	12.84%	4.35%
VMAX Hartford US Value ETF	15.44%	15.65%	15.89%	5.71%

Correlation

The correlation between DVAL and VMAX is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	0.89

The correlation between DVAL and VMAX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

DVAL vs. VMAX - Sectors Allocation Comparison

Sectors	DVAL	VMAX
Financial Services	31.9%	32.4%
Industrials	14.8%	5.5%
Technology	11.8%	13.3%
Consumer Cyclical	10.2%	3.7%
Communication Services	10.0%	6.6%
Healthcare	7.9%	11.1%
Consumer Defensive	6.6%	3.7%
Energy	5.6%	11.0%
Utilities	1.1%	5.3%
Basic Materials	0.1%	2.8%
Real Estate	-	4.4%

Return for Risk

DVAL vs. VMAX — Risk / Return Rank

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

DVAL

DVAL Risk / Return Rank: 44
DVAL Sharpe Ratio Rank: 41
DVAL Sortino Ratio Rank: 43
DVAL Omega Ratio Rank: 38
DVAL Calmar Ratio Rank: 51
DVAL Martin Ratio Rank: 48

VMAX

VMAX Risk / Return Rank: 85
VMAX Sharpe Ratio Rank: 81
VMAX Sortino Ratio Rank: 80
VMAX Omega Ratio Rank: 77
VMAX Calmar Ratio Rank: 93
VMAX Martin Ratio Rank: 92

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.

DVAL vs. VMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF (DVAL) and Hartford US Value ETF (VMAX). 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.

	DVAL	VMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.42	-1.07
Sortino ratio: Return per unit of downside risk	2.01	3.30	-1.28
Omega ratio: Gain probability vs. loss probability	1.23	1.42	-0.19
Calmar ratio: Return relative to maximum drawdown	2.33	6.04	-3.71
Martin ratio: Return relative to average drawdown	7.47	21.18	-13.71

DVAL vs. VMAX - Sharpe Ratio Comparison

The current DVAL Sharpe Ratio is 1.35, which is lower than the VMAX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of DVAL and VMAX, 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

DVAL vs. VMAX - Drawdown Comparison

The maximum DVAL drawdown since its inception was -18.11%, roughly equal to the maximum VMAX drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for DVAL and VMAX.

Drawdown Indicators

	DVAL	VMAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.11%	-19.05%	+0.94%
Max Drawdown (1Y) Largest decline over 1 year	-6.20%	-4.93%	-1.27%
Max Drawdown (3Y) Largest decline over 3 years	-18.11%	—	—
Current Drawdown Current decline from peak	-0.82%	-0.39%	-0.43%
Average Drawdown Average peak-to-trough decline	-3.60%	-2.52%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.40%	+0.53%

Volatility

DVAL vs. VMAX - Volatility Comparison

BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF (DVAL) and Hartford US Value ETF (VMAX) have volatilities of 3.29% and 3.17%, 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

	DVAL	VMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.17%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	7.94%	8.83%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	12.31%	-1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	15.41%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	15.41%	-1.19%

DVAL vs. VMAX - Expense Ratio Comparison

DVAL has a 0.49% expense ratio, which is higher than VMAX's 0.29% expense ratio.

Dividends

DVAL vs. VMAX - Dividend Comparison

DVAL's dividend yield for the trailing twelve months is around 1.84%, which matches VMAX's 1.85% yield.

Position	TTM	2025	2024	2023	2022
DVAL BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF	1.84%	2.00%	2.82%	1.16%	13.13%
VMAX Hartford US Value ETF	1.85%	2.14%	1.95%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DVAL and VMAX in my portfolio?

DVAL and VMAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVAL or VMAX?

DVAL has higher volatility (3.29%) compared to VMAX (3.17%). In terms of maximum drawdown, DVAL dropped -18.11% vs VMAX's -19.05%.

Which ETF is better, DVAL or VMAX?

On 1-year performance, VMAX leads with 29.63% vs 14.39% for DVAL. On fees, VMAX is cheaper at 0.29% per year. On volatility, VMAX has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVAL or VMAX?

Over the 1-year period, VMAX has performed better with a 29.63% return vs 14.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVAL or VMAX?

VMAX is cheaper with a 0.29% expense ratio, compared with 0.49% for DVAL.

Which ETF pays a higher dividend yield, DVAL or VMAX?

DVAL and VMAX have nearly identical dividend yields, around 1.84%.

What is the main difference between DVAL and VMAX?

They also come from different issuers: BrandywineGLOBAL and Hartford. Their fees differ too: 0.49% for DVAL and 0.29% for VMAX.

Which has better risk-adjusted returns?

VMAX currently has the higher Sharpe Ratio (2.42 vs 1.35), 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.