FRMCX vs. HWSAX

Last updated Jun 6, 2026

FRMCX (Franklin MicroCap Value Fund) and HWSAX (Hotchkis & Wiley Small Cap Value Fund Class A) are both Small Cap Value Equities funds. Over the past 10 years, FRMCX returned 11.90%/yr vs 10.57%/yr for HWSAX. Their correlation of 0.84 suggests significant overlap in exposure. FRMCX charges 1.23%/yr vs 1.21%/yr for HWSAX.

Performance

FRMCX vs. HWSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin MicroCap Value Fund (FRMCX) and Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRMCX achieves a 12.94% return, which is significantly lower than HWSAX's 17.18% return. Over the past 10 years, FRMCX has outperformed HWSAX with an annualized return of 11.90%, while HWSAX has yielded a comparatively lower 10.57% annualized return.

FRMCX

• 1D: 0.51%
• 1M: 1.26%
• YTD: 12.94%
• 6M: 12.32%
• 1Y: 26.37%
• 3Y*: 15.70%
• 5Y*: 8.07%
• 10Y*: 11.90%

HWSAX

• 1D: 0.80%
• 1M: 1.66%
• YTD: 17.18%
• 6M: 15.20%
• 1Y: 28.51%
• 3Y*: 13.29%
• 5Y*: 9.15%
• 10Y*: 10.57%

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

FRMCX vs. HWSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRMCX Franklin MicroCap Value Fund	12.94%	7.25%	8.47%	11.72%	0.62%	29.86%	3.70%	44.38%	-17.82%	8.39%
HWSAX Hotchkis & Wiley Small Cap Value Fund Class A	17.18%	1.38%	4.77%	18.56%	2.81%	35.32%	-0.50%	20.26%	-15.23%	7.39%

Correlation

The correlation between FRMCX and HWSAX 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 (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 9, 2000	0.84

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

Return for Risk

FRMCX vs. HWSAX — Risk / Return Rank

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

FRMCX

FRMCX Risk / Return Rank: 29
FRMCX Sharpe Ratio Rank: 29
FRMCX Sortino Ratio Rank: 30
FRMCX Omega Ratio Rank: 27
FRMCX Calmar Ratio Rank: 30
FRMCX Martin Ratio Rank: 29

HWSAX

HWSAX Risk / Return Rank: 42
HWSAX Sharpe Ratio Rank: 37
HWSAX Sortino Ratio Rank: 35
HWSAX Omega Ratio Rank: 35
HWSAX Calmar Ratio Rank: 59
HWSAX Martin Ratio Rank: 46

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.

FRMCX vs. HWSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin MicroCap Value Fund (FRMCX) and Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX). 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.

	FRMCX	HWSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.67	-0.21
Sortino ratio: Return per unit of downside risk	2.20	2.38	-0.19
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	1.97	2.85	-0.88
Martin ratio: Return relative to average drawdown	6.49	9.33	-2.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRMCX vs. HWSAX - Sharpe Ratio Comparison

The current FRMCX Sharpe Ratio is 1.46, which is comparable to the HWSAX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of FRMCX and HWSAX, 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

	FRMCX	HWSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.67	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.43	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.43	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.48	+0.13

Drawdowns

FRMCX vs. HWSAX - Drawdown Comparison

The maximum FRMCX drawdown since its inception was -56.77%, smaller than the maximum HWSAX drawdown of -72.14%. Use the drawdown chart below to compare losses from any high point for FRMCX and HWSAX.

Drawdown Indicators

	FRMCX	HWSAX	Difference
Max Drawdown Largest peak-to-trough decline	-56.77%	-72.14%	+15.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.52%	-10.06%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-32.84%	-26.98%	-5.86%
Max Drawdown (5Y) Largest decline over 5 years	-32.84%	-26.98%	-5.86%
Max Drawdown (10Y) Largest decline over 10 years	-43.50%	-53.82%	+10.32%
Current Drawdown Current decline from peak	-0.85%	-0.34%	-0.51%
Average Drawdown Average peak-to-trough decline	-8.73%	-10.96%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	3.06%	+1.04%

Volatility

FRMCX vs. HWSAX - Volatility Comparison

Franklin MicroCap Value Fund (FRMCX) has a higher volatility of 5.22% compared to Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX) at 3.89%. This indicates that FRMCX's price experiences larger fluctuations and is considered to be riskier than HWSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRMCX	HWSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	3.89%	+1.33%
Volatility (6M) Calculated over the trailing 6-month period	13.30%	11.33%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	18.28%	17.17%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.12%	21.54%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.97%	24.61%	+0.36%

FRMCX vs. HWSAX - Expense Ratio Comparison

FRMCX has a 1.23% expense ratio, which is higher than HWSAX's 1.21% expense ratio.

Dividends

FRMCX vs. HWSAX - Dividend Comparison

FRMCX's dividend yield for the trailing twelve months is around 13.50%, more than HWSAX's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRMCX Franklin MicroCap Value Fund	13.50%	15.24%	25.34%	5.16%	6.09%	17.71%	5.63%	36.24%	6.75%	7.74%	8.86%	13.59%
HWSAX Hotchkis & Wiley Small Cap Value Fund Class A	0.59%	0.69%	8.19%	1.79%	13.39%	0.22%	0.63%	4.62%	9.45%	4.80%	0.00%	11.67%

Frequently Asked Questions

Can I hold both FRMCX and HWSAX in my portfolio?

FRMCX and HWSAX 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, FRMCX or HWSAX?

FRMCX has higher volatility (5.22%) compared to HWSAX (3.89%). In terms of maximum drawdown, FRMCX dropped -56.77% vs HWSAX's -72.14%.

Which has better risk-adjusted returns?

HWSAX currently has the higher Sharpe Ratio (1.67 vs 1.46), 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.