HCMAX vs. HDCTX

Last updated Apr 1, 2026

Compare and contrast key facts about Hillman Value Fund (HCMAX) and Rational Equity Armor Fund (HDCTX).

HCMAX is managed by Hillman Capital Management. It was launched on Dec 29, 2000. HDCTX is managed by Rational Funds. It was launched on Feb 28, 2001.

Performance

HCMAX vs. HDCTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hillman Value Fund (HCMAX) and Rational Equity Armor Fund (HDCTX). The values are adjusted to include any dividend payments, if applicable.

HCMAX vs. HDCTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HCMAX Hillman Value Fund	-3.32%	10.12%	11.09%	24.39%	-8.05%
HDCTX Rational Equity Armor Fund	-2.29%	12.64%	16.85%	2.95%	-9.85%

Returns By Period

In the year-to-date period, HCMAX achieves a -3.32% return, which is significantly lower than HDCTX's -2.29% return.

HCMAX

• 1D: 0.16%
• 1M: -9.31%
• YTD: -3.32%
• 6M: -0.30%
• 1Y: 6.54%
• 3Y*: 10.59%
• 5Y*: —
• 10Y*: —

HDCTX

• 1D: -0.54%
• 1M: -4.07%
• YTD: -2.29%
• 6M: -2.29%
• 1Y: 12.17%
• 3Y*: 10.69%
• 5Y*: 5.11%
• 10Y*: 4.36%

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

HCMAX vs. HDCTX - Expense Ratio Comparison

HCMAX has a 0.95% expense ratio, which is lower than HDCTX's 1.17% expense ratio.

HDCTX

Rational Equity Armor Fund

HCMAX

Hillman Value Fund

Return for Risk

HCMAX vs. HDCTX — Risk / Return Rank

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

HCMAX

HCMAX Risk / Return Rank: 14
HCMAX Sharpe Ratio Rank: 14
HCMAX Sortino Ratio Rank: 15
HCMAX Omega Ratio Rank: 13
HCMAX Calmar Ratio Rank: 14
HCMAX Martin Ratio Rank: 14

HDCTX

HDCTX Risk / Return Rank: 59
HDCTX Sharpe Ratio Rank: 63
HDCTX Sortino Ratio Rank: 65
HDCTX Omega Ratio Rank: 55
HDCTX Calmar Ratio Rank: 70
HDCTX Martin Ratio Rank: 43

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.

HCMAX vs. HDCTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hillman Value Fund (HCMAX) and Rational Equity Armor Fund (HDCTX). 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.

	HCMAX	HDCTX	Difference
Sharpe ratio Return per unit of total volatility	0.38	1.14	-0.76
Sortino ratio Return per unit of downside risk	0.67	1.66	-0.99
Omega ratio Gain probability vs. loss probability	1.09	1.22	-0.13
Calmar ratio Return relative to maximum drawdown	0.40	1.63	-1.23
Martin ratio Return relative to average drawdown	1.40	4.43	-3.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCMAX vs. HDCTX - Sharpe Ratio Comparison

The current HCMAX Sharpe Ratio is 0.38, which is lower than the HDCTX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of HCMAX and HDCTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HCMAX	HDCTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	1.14	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.49	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.36	+0.09

Correlation

The correlation between HCMAX and HDCTX is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HCMAX vs. HDCTX - Dividend Comparison

HCMAX's dividend yield for the trailing twelve months is around 17.02%, more than HDCTX's 0.12% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCMAX Hillman Value Fund	17.02%	16.45%	21.58%	3.09%	12.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HDCTX Rational Equity Armor Fund	0.12%	0.00%	0.00%	0.17%	0.78%	1.21%	1.10%	5.37%	7.86%	5.60%	3.28%	15.32%

Drawdowns

HCMAX vs. HDCTX - Drawdown Comparison

The maximum HCMAX drawdown since its inception was -23.03%, smaller than the maximum HDCTX drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for HCMAX and HDCTX.

Drawdown Indicators

	HCMAX	HDCTX	Difference
Max Drawdown Largest peak-to-trough decline	-23.03%	-59.05%	+36.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-6.95%	-5.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.22%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.43%	—
Current Drawdown Current decline from peak	-10.20%	-6.95%	-3.25%
Average Drawdown Average peak-to-trough decline	-5.33%	-6.45%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	2.56%	+1.23%

Volatility

HCMAX vs. HDCTX - Volatility Comparison

Hillman Value Fund (HCMAX) has a higher volatility of 3.48% compared to Rational Equity Armor Fund (HDCTX) at 1.82%. This indicates that HCMAX's price experiences larger fluctuations and is considered to be riskier than HDCTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCMAX	HDCTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	1.82%	+1.66%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	6.23%	+3.36%
Volatility (1Y) Calculated over the trailing 1-year period	18.39%	11.05%	+7.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	10.49%	+6.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	11.44%	+5.77%