HCMAX vs. OAKMX

Last updated Jun 3, 2026

HCMAX (Hillman Value Fund) and OAKMX (Oakmark Fund Investor Class) are both Large Cap Value Equities funds. Over the past 3 years, HCMAX returned 13.24%/yr vs 15.03%/yr for OAKMX. Their correlation of 0.87 suggests significant overlap in exposure. HCMAX charges 0.95%/yr vs 0.91%/yr for OAKMX.

Performance

HCMAX vs. OAKMX - Performance Comparison

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

Returns By Period

In the year-to-date period, HCMAX achieves a 6.15% return, which is significantly higher than OAKMX's -0.93% return.

HCMAX

• 1D: 0.36%
• 1M: 4.96%
• YTD: 6.15%
• 6M: 8.21%
• 1Y: 17.82%
• 3Y*: 13.24%
• 5Y*: —
• 10Y*: —

OAKMX

• 1D: -0.79%
• 1M: -0.39%
• YTD: -0.93%
• 6M: 2.09%
• 1Y: 11.45%
• 3Y*: 15.03%
• 5Y*: 9.46%
• 10Y*: 13.40%

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

HCMAX vs. OAKMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HCMAX Hillman Value Fund	6.15%	10.12%	11.09%	24.39%	-8.05%
OAKMX Oakmark Fund Investor Class	-0.93%	14.13%	16.02%	30.92%	-7.75%

Correlation

The correlation between HCMAX and OAKMX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 16, 2022	0.87

The correlation between HCMAX and OAKMX shifts across timeframes, from 0.75 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HCMAX vs. OAKMX — Risk / Return Rank

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

HCMAX

HCMAX Risk / Return Rank: 21
HCMAX Sharpe Ratio Rank: 22
HCMAX Sortino Ratio Rank: 22
HCMAX Omega Ratio Rank: 19
HCMAX Calmar Ratio Rank: 23
HCMAX Martin Ratio Rank: 19

OAKMX

OAKMX Risk / Return Rank: 15
OAKMX Sharpe Ratio Rank: 12
OAKMX Sortino Ratio Rank: 13
OAKMX Omega Ratio Rank: 12
OAKMX Calmar Ratio Rank: 23
OAKMX Martin Ratio Rank: 16

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. OAKMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hillman Value Fund (HCMAX) and Oakmark Fund Investor Class (OAKMX). 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	OAKMX	Difference
Sharpe ratio Return per unit of total volatility	1.35	0.95	+0.41
Sortino ratio Return per unit of downside risk	1.99	1.44	+0.56
Omega ratio Gain probability vs. loss probability	1.23	1.17	+0.06
Calmar ratio Return relative to maximum drawdown	1.81	1.76	+0.05
Martin ratio Return relative to average drawdown	5.17	4.53	+0.64
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. OAKMX - Sharpe Ratio Comparison

The current HCMAX Sharpe Ratio is 1.35, which is higher than the OAKMX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of HCMAX and OAKMX, 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

	HCMAX	OAKMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	0.95	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.71	-0.13

Drawdowns

HCMAX vs. OAKMX - Drawdown Comparison

The maximum HCMAX drawdown since its inception was -23.03%, smaller than the maximum OAKMX drawdown of -56.19%. Use the drawdown chart below to compare losses from any high point for HCMAX and OAKMX.

Drawdown Indicators

	HCMAX	OAKMX	Difference
Max Drawdown Largest peak-to-trough decline	-23.03%	-56.19%	+33.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-6.98%	-3.36%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-17.05%	+0.91%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.43%	—
Current Drawdown Current decline from peak	-1.40%	-3.47%	+2.07%
Average Drawdown Average peak-to-trough decline	-5.34%	-6.39%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	2.71%	+0.92%

Volatility

HCMAX vs. OAKMX - Volatility Comparison

Hillman Value Fund (HCMAX) has a higher volatility of 3.56% compared to Oakmark Fund Investor Class (OAKMX) at 2.93%. This indicates that HCMAX's price experiences larger fluctuations and is considered to be riskier than OAKMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCMAX	OAKMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	2.93%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	9.34%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.49%	13.00%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	18.29%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	20.40%	-3.34%

HCMAX vs. OAKMX - Expense Ratio Comparison

HCMAX has a 0.95% expense ratio, which is higher than OAKMX's 0.91% expense ratio.

Dividends

HCMAX vs. OAKMX - Dividend Comparison

HCMAX's dividend yield for the trailing twelve months is around 15.50%, more than OAKMX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCMAX Hillman Value Fund	15.50%	16.45%	21.58%	3.09%	12.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OAKMX Oakmark Fund Investor Class	0.93%	0.92%	1.12%	1.02%	0.92%	1.94%	0.17%	8.33%	8.13%	4.06%	2.58%	1.43%

Frequently Asked Questions

Can I hold both HCMAX and OAKMX in my portfolio?

HCMAX and OAKMX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCMAX or OAKMX?

HCMAX has higher volatility (3.56%) compared to OAKMX (2.93%). In terms of maximum drawdown, HCMAX dropped -23.03% vs OAKMX's -56.19%.

Which has better risk-adjusted returns?

HCMAX currently has the higher Sharpe Ratio (1.35 vs 0.95), 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.