HDCTX vs. GQHPX

Last updated Aug 4, 2026

HDCTX (Rational Equity Armor Fund) and GQHPX (GQG Partners US Quality Dividend Income Fund) are both mutual funds - HDCTX is a Large Cap Value Equities fund managed by Rational Funds, while GQHPX is a Quality Factor fund managed by GQG Partners. Over the past 5 years, HDCTX returned 6.21%/yr vs 10.77%/yr for GQHPX. Their 0.50 correlation means their historical movements had little consistent relationship. HDCTX charges 1.17%/yr vs 0.57%/yr for GQHPX.

Performance

HDCTX vs. GQHPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rational Equity Armor Fund (HDCTX) and GQG Partners US Quality Dividend Income Fund (GQHPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDCTX achieves a 7.27% return, which is significantly lower than GQHPX's 13.55% return.

HDCTX

• 1D: 1.14%
• 1M: -0.43%
• 6M: 5.50%
• YTD: 7.27%
• 1Y: 14.26%
• 3Y*: 13.30%
• 5Y*: 6.21%
• 10Y*: 5.01%
• ALL TIME*: 5.71%

GQHPX

• 1D: 0.00%
• 1M: 2.68%
• 6M: 7.61%
• YTD: 13.55%
• 1Y: 16.78%
• 3Y*: 11.72%
• 5Y*: 10.77%
• 10Y*: —
• ALL TIME*: 10.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GQHPX GQG Partners US Quality Dividend Income Fund	$0.00	$0.00	$0.00
HDCTX Rational Equity Armor Fund	$0.00	$0.00	$0.00

HDCTX vs. GQHPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HDCTX Rational Equity Armor Fund	7.27%	12.64%	16.85%	2.95%	-10.68%	6.28%
GQHPX GQG Partners US Quality Dividend Income Fund	13.55%	7.53%	12.69%	3.94%	6.73%	10.34%

Correlation

The correlation between HDCTX and GQHPX is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.25
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.49
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.50

The correlation between HDCTX and GQHPX shifts across timeframes, from -0.25 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HDCTX vs. GQHPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HDCTX

HDCTX Risk / Return Rank: 40
HDCTX Sharpe Ratio Rank: 43
HDCTX Sortino Ratio Rank: 45
HDCTX Omega Ratio Rank: 40
HDCTX Calmar Ratio Rank: 44
HDCTX Martin Ratio Rank: 27

GQHPX

GQHPX Risk / Return Rank: 58
GQHPX Sharpe Ratio Rank: 56
GQHPX Sortino Ratio Rank: 63
GQHPX Omega Ratio Rank: 48
GQHPX Calmar Ratio Rank: 77
GQHPX Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HDCTX vs. GQHPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rational Equity Armor Fund (HDCTX) and GQG Partners US Quality Dividend Income Fund (GQHPX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HDCTX	GQHPX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.54	-0.18
Sortino ratio: Return per unit of downside risk	2.00	2.33	-0.33
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.03
Calmar ratio: Return relative to maximum drawdown	1.88	2.60	-0.72
Martin ratio: Return relative to average drawdown	4.29	6.94	-2.65

HDCTX vs. GQHPX - Sharpe Ratio Comparison

The current HDCTX Sharpe Ratio is 1.35, which is comparable to the GQHPX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of HDCTX and GQHPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HDCTX vs. GQHPX - Drawdown Comparison

The maximum HDCTX drawdown since its inception was -59.05%, which is greater than GQHPX's maximum drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for HDCTX and GQHPX.

Drawdown Indicators

	HDCTX	GQHPX	Difference
Max Drawdown Largest peak-to-trough decline	-59.05%	-17.26%	-41.79%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-6.50%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	-8.71%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	-18.22%	-17.26%	-0.96%
Max Drawdown (10Y) Largest decline over 10 years	-18.82%	—	—
Current Drawdown Current decline from peak	-4.39%	-1.02%	-3.37%
Average Drawdown Average peak-to-trough decline	-6.40%	-3.34%	-3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.43%	+0.62%

Volatility

HDCTX vs. GQHPX - Volatility Comparison

The current volatility for Rational Equity Armor Fund (HDCTX) is 2.41%, while GQG Partners US Quality Dividend Income Fund (GQHPX) has a volatility of 4.31%. This indicates that HDCTX experiences smaller price fluctuations and is considered to be less risky than GQHPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDCTX	GQHPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	4.31%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	7.38%	9.14%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	11.03%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.64%	12.73%	-2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.56%	12.74%	-1.18%

HDCTX vs. GQHPX - Expense Ratio Comparison

HDCTX has a 1.17% expense ratio, which is higher than GQHPX's 0.57% expense ratio.

Dividends

HDCTX vs. GQHPX - Dividend Comparison

HDCTX's dividend yield for the trailing twelve months is around 0.19%, less than GQHPX's 3.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GQHPX GQG Partners US Quality Dividend Income Fund	3.66%	2.98%	3.14%	2.64%	3.24%	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HDCTX Rational Equity Armor Fund	0.19%	0.00%	0.00%	0.17%	0.78%	1.21%	1.10%	5.37%	7.86%	5.60%	3.28%	15.32%

Frequently Asked Questions

Can I hold both HDCTX and GQHPX in my portfolio?

HDCTX and GQHPX have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDCTX or GQHPX?

GQHPX has higher volatility (4.31%) compared to HDCTX (2.41%). In terms of maximum drawdown, HDCTX dropped -59.05% vs GQHPX's -17.26%.

Which has better risk-adjusted returns?

GQHPX currently has the higher Sharpe Ratio (1.54 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.