HDCTX vs. LGVAX

Last updated Jun 25, 2026

HDCTX (Rational Equity Armor Fund) and LGVAX (ClearBridge Value Fund Class A) are both Large Cap Value Equities funds. Over the past 10 years, HDCTX returned 5.30%/yr vs 12.58%/yr for LGVAX. A 0.79 correlation means they provide meaningful diversification when combined. HDCTX charges 1.17%/yr vs 1.01%/yr for LGVAX.

Performance

HDCTX vs. LGVAX - Performance Comparison

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

Returns By Period

In the year-to-date period, HDCTX achieves a 8.19% return, which is significantly lower than LGVAX's 10.14% return. Over the past 10 years, HDCTX has underperformed LGVAX with an annualized return of 5.30%, while LGVAX has yielded a comparatively higher 12.58% annualized return.

HDCTX

• 1D: -1.19%
• 1M: -1.52%
• YTD: 8.19%
• 6M: 6.61%
• 1Y: 16.75%
• 3Y*: 14.35%
• 5Y*: 6.94%
• 10Y*: 5.30%

LGVAX

• 1D: -1.50%
• 1M: -0.07%
• YTD: 10.14%
• 6M: 8.52%
• 1Y: 19.11%
• 3Y*: 16.35%
• 5Y*: 10.04%
• 10Y*: 12.58%

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

HDCTX vs. LGVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDCTX Rational Equity Armor Fund	8.19%	12.64%	16.85%	2.95%	-10.68%	14.52%	15.85%	11.32%	-11.94%	-1.99%
LGVAX ClearBridge Value Fund Class A	10.14%	10.56%	15.04%	19.69%	-6.33%	27.81%	11.40%	27.04%	-12.93%	14.59%

Correlation

The correlation between HDCTX and LGVAX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 2, 2009	0.79

The correlation between HDCTX and LGVAX shifts across timeframes, from 0.67 (3 years) to 0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HDCTX vs. LGVAX — Risk / Return Rank

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

HDCTX

HDCTX Risk / Return Rank: 48
HDCTX Sharpe Ratio Rank: 52
HDCTX Sortino Ratio Rank: 54
HDCTX Omega Ratio Rank: 48
HDCTX Calmar Ratio Rank: 54
HDCTX Martin Ratio Rank: 33

LGVAX

LGVAX Risk / Return Rank: 47
LGVAX Sharpe Ratio Rank: 41
LGVAX Sortino Ratio Rank: 39
LGVAX Omega Ratio Rank: 40
LGVAX Calmar Ratio Rank: 58
LGVAX Martin Ratio Rank: 56

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.

HDCTX vs. LGVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rational Equity Armor Fund (HDCTX) and ClearBridge Value Fund Class A (LGVAX). 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	LGVAX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.61	+0.26
Sortino ratio: Return per unit of downside risk	2.70	2.25	+0.45
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.04
Calmar ratio: Return relative to maximum drawdown	2.59	2.61	-0.02
Martin ratio: Return relative to average drawdown	6.70	9.86	-3.16

HDCTX vs. LGVAX - Sharpe Ratio Comparison

The current HDCTX Sharpe Ratio is 1.86, which is comparable to the LGVAX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of HDCTX and LGVAX, 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. LGVAX - Drawdown Comparison

The maximum HDCTX drawdown since its inception was -59.05%, which is greater than LGVAX's maximum drawdown of -40.40%. Use the drawdown chart below to compare losses from any high point for HDCTX and LGVAX.

Drawdown Indicators

	HDCTX	LGVAX	Difference
Max Drawdown Largest peak-to-trough decline	-59.05%	-40.40%	-18.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-7.81%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	-19.09%	+7.35%
Max Drawdown (5Y) Largest decline over 5 years	-18.22%	-20.41%	+2.19%
Max Drawdown (10Y) Largest decline over 10 years	-19.43%	-40.40%	+20.97%
Current Drawdown Current decline from peak	-3.56%	-1.93%	-1.63%
Average Drawdown Average peak-to-trough decline	-6.40%	-5.19%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.07%	+0.61%

Volatility

HDCTX vs. LGVAX - Volatility Comparison

The current volatility for Rational Equity Armor Fund (HDCTX) is 2.96%, while ClearBridge Value Fund Class A (LGVAX) has a volatility of 4.16%. This indicates that HDCTX experiences smaller price fluctuations and is considered to be less risky than LGVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDCTX	LGVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	4.16%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	7.18%	9.59%	-2.41%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	12.70%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.67%	17.72%	-7.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.55%	19.21%	-7.66%

HDCTX vs. LGVAX - Expense Ratio Comparison

HDCTX has a 1.17% expense ratio, which is higher than LGVAX's 1.01% expense ratio.

Dividends

HDCTX vs. LGVAX - Dividend Comparison

HDCTX's dividend yield for the trailing twelve months is around 0.19%, less than LGVAX's 9.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
LGVAX ClearBridge Value Fund Class A	9.77%	10.76%	10.83%	12.64%	8.49%	18.44%	6.01%	0.54%	1.86%	0.50%	0.93%	0.39%

Frequently Asked Questions

Can I hold both HDCTX and LGVAX in my portfolio?

HDCTX and LGVAX have a correlation of 0.67, 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 LGVAX?

LGVAX has higher volatility (4.16%) compared to HDCTX (2.96%). In terms of maximum drawdown, HDCTX dropped -59.05% vs LGVAX's -40.40%.

Which has better risk-adjusted returns?

HDCTX currently has the higher Sharpe Ratio (1.86 vs 1.61), 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.