FESCX vs. HRTVX

Last updated Jun 3, 2026

FESCX (First Eagle Small Cap Opportunity Fund) and HRTVX (Heartland Value Fund) are both Small Cap Value Equities funds. Over the past 3 years, FESCX returned 18.08%/yr vs 21.83%/yr for HRTVX. Their correlation of 0.95 suggests significant overlap in exposure. FESCX charges 1.00%/yr vs 1.04%/yr for HRTVX.

Performance

FESCX vs. HRTVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Small Cap Opportunity Fund (FESCX) and Heartland Value Fund (HRTVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FESCX achieves a 23.60% return, which is significantly higher than HRTVX's 18.95% return.

FESCX

• 1D: 0.28%
• 1M: 1.99%
• YTD: 23.60%
• 6M: 25.52%
• 1Y: 50.55%
• 3Y*: 18.08%
• 5Y*: —
• 10Y*: —

HRTVX

• 1D: -0.35%
• 1M: 0.37%
• YTD: 18.95%
• 6M: 21.87%
• 1Y: 42.10%
• 3Y*: 21.83%
• 5Y*: 11.02%
• 10Y*: 11.79%

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

FESCX vs. HRTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FESCX First Eagle Small Cap Opportunity Fund	23.60%	13.33%	6.47%	16.75%	-14.05%	1.23%
HRTVX Heartland Value Fund	18.95%	15.94%	15.76%	17.15%	-10.04%	5.67%

Correlation

The correlation between FESCX and HRTVX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 15, 2021	0.95

The correlation between FESCX and HRTVX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

FESCX vs. HRTVX — Risk / Return Rank

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

FESCX

FESCX Risk / Return Rank: 80
FESCX Sharpe Ratio Rank: 82
FESCX Sortino Ratio Rank: 76
FESCX Omega Ratio Rank: 63
FESCX Calmar Ratio Rank: 92
FESCX Martin Ratio Rank: 89

HRTVX

HRTVX Risk / Return Rank: 74
HRTVX Sharpe Ratio Rank: 73
HRTVX Sortino Ratio Rank: 73
HRTVX Omega Ratio Rank: 58
HRTVX Calmar Ratio Rank: 88
HRTVX Martin Ratio Rank: 79

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.

FESCX vs. HRTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Small Cap Opportunity Fund (FESCX) and Heartland Value Fund (HRTVX). 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.

	FESCX	HRTVX	Difference
Sharpe ratio Return per unit of total volatility	2.65	2.48	+0.17
Sortino ratio Return per unit of downside risk	3.64	3.56	+0.09
Omega ratio Gain probability vs. loss probability	1.44	1.43	+0.02
Calmar ratio Return relative to maximum drawdown	4.87	4.30	+0.57
Martin ratio Return relative to average drawdown	17.63	14.84	+2.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FESCX vs. HRTVX - Sharpe Ratio Comparison

The current FESCX Sharpe Ratio is 2.65, which is comparable to the HRTVX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FESCX and HRTVX, 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

	FESCX	HRTVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	2.48	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.59	-0.20

Drawdowns

FESCX vs. HRTVX - Drawdown Comparison

The maximum FESCX drawdown since its inception was -28.53%, smaller than the maximum HRTVX drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for FESCX and HRTVX.

Drawdown Indicators

	FESCX	HRTVX	Difference
Max Drawdown Largest peak-to-trough decline	-28.53%	-61.68%	+33.15%
Max Drawdown (1Y) Largest decline over 1 year	-10.26%	-9.50%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-28.53%	-23.17%	-5.36%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.31%	—
Current Drawdown Current decline from peak	-0.97%	-1.05%	+0.08%
Average Drawdown Average peak-to-trough decline	-8.85%	-9.04%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.75%	+0.08%

Volatility

FESCX vs. HRTVX - Volatility Comparison

First Eagle Small Cap Opportunity Fund (FESCX) has a higher volatility of 5.35% compared to Heartland Value Fund (HRTVX) at 4.46%. This indicates that FESCX's price experiences larger fluctuations and is considered to be riskier than HRTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FESCX	HRTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	4.46%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	13.47%	11.64%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	19.26%	16.85%	+2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.65%	19.50%	+3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.65%	21.03%	+1.62%

FESCX vs. HRTVX - Expense Ratio Comparison

FESCX has a 1.00% expense ratio, which is lower than HRTVX's 1.04% expense ratio.

Dividends

FESCX vs. HRTVX - Dividend Comparison

FESCX's dividend yield for the trailing twelve months is around 0.84%, less than HRTVX's 7.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FESCX First Eagle Small Cap Opportunity Fund	0.84%	1.03%	1.56%	0.60%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HRTVX Heartland Value Fund	7.81%	9.29%	8.91%	5.65%	3.01%	13.50%	0.76%	3.12%	7.26%	6.43%	3.56%	8.25%

Frequently Asked Questions

Can I hold both FESCX and HRTVX in my portfolio?

With a correlation of 0.94, FESCX and HRTVX 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, FESCX or HRTVX?

FESCX has higher volatility (5.35%) compared to HRTVX (4.46%). In terms of maximum drawdown, FESCX dropped -28.53% vs HRTVX's -61.68%.

Which has better risk-adjusted returns?

FESCX currently has the higher Sharpe Ratio (2.65 vs 2.48), 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.