HCMAX vs. VOO

Last updated Jun 3, 2026

HCMAX (Hillman Value Fund) and VOO (Vanguard S&P 500 ETF) are both funds - HCMAX is a Large Cap Value Equities fund managed by Hillman Capital Management, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 3 years, HCMAX returned 13.24%/yr vs 22.44%/yr for VOO. A 0.79 correlation means they provide meaningful diversification when combined. HCMAX charges 0.95%/yr vs 0.03%/yr for VOO.

Performance

HCMAX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hillman Value Fund (HCMAX) and Vanguard S&P 500 ETF (VOO). 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 lower than VOO's 10.91% return.

HCMAX

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

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

HCMAX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HCMAX Hillman Value Fund	6.15%	10.12%	11.09%	24.39%	-8.05%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-8.81%

Correlation

The correlation between HCMAX and VOO is 0.56, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 16, 2022	0.79

Over the past year, the correlation between HCMAX and VOO has dropped to 0.56 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

HCMAX vs. VOO — 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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hillman Value Fund (HCMAX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	1.35	2.39	-1.03
Sortino ratio Return per unit of downside risk	1.99	3.25	-1.26
Omega ratio Gain probability vs. loss probability	1.23	1.43	-0.20
Calmar ratio Return relative to maximum drawdown	1.81	3.16	-1.35
Martin ratio Return relative to average drawdown	5.17	14.73	-9.56
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. VOO - Sharpe Ratio Comparison

The current HCMAX Sharpe Ratio is 1.35, which is lower than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of HCMAX and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	2.39	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.89	-0.31

Drawdowns

HCMAX vs. VOO - Drawdown Comparison

The maximum HCMAX drawdown since its inception was -23.03%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for HCMAX and VOO.

Drawdown Indicators

	HCMAX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-23.03%	-33.99%	+10.96%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-8.90%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	-18.69%	+2.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-1.40%	-0.70%	-0.70%
Average Drawdown Average peak-to-trough decline	-5.34%	-3.69%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	1.91%	+1.72%

Volatility

HCMAX vs. VOO - Volatility Comparison

Hillman Value Fund (HCMAX) has a higher volatility of 3.56% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that HCMAX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCMAX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	2.84%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	8.90%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.49%	11.80%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	16.81%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	18.01%	-0.95%

HCMAX vs. VOO - Expense Ratio Comparison

HCMAX has a 0.95% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

HCMAX vs. VOO - Dividend Comparison

HCMAX's dividend yield for the trailing twelve months is around 15.50%, more than VOO's 1.03% 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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both HCMAX and VOO in my portfolio?

HCMAX and VOO have a correlation of 0.56, 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 VOO?

HCMAX has higher volatility (3.56%) compared to VOO (2.84%). In terms of maximum drawdown, HCMAX dropped -23.03% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 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.