HDPSX vs. AZBIX

Last updated Jun 5, 2026

HDPSX (Hodges Small Cap Fund) and AZBIX (Virtus Small-Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, HDPSX returned 15.71%/yr vs 11.77%/yr for AZBIX. Their correlation of 0.90 suggests significant overlap in exposure. HDPSX charges 1.36%/yr vs 0.89%/yr for AZBIX.

Performance

HDPSX vs. AZBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hodges Small Cap Fund (HDPSX) and Virtus Small-Cap Fund (AZBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDPSX achieves a 30.62% return, which is significantly higher than AZBIX's 17.18% return. Over the past 10 years, HDPSX has outperformed AZBIX with an annualized return of 15.71%, while AZBIX has yielded a comparatively lower 11.77% annualized return.

HDPSX

• 1D: -0.34%
• 1M: 4.69%
• YTD: 30.62%
• 6M: 26.43%
• 1Y: 50.89%
• 3Y*: 34.09%
• 5Y*: 16.76%
• 10Y*: 15.71%

AZBIX

• 1D: -0.86%
• 1M: 0.84%
• YTD: 17.18%
• 6M: 16.12%
• 1Y: 32.63%
• 3Y*: 17.89%
• 5Y*: 8.04%
• 10Y*: 11.77%

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

HDPSX vs. AZBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDPSX Hodges Small Cap Fund	30.62%	3.07%	62.98%	14.88%	-12.78%	35.60%	16.98%	16.85%	-16.35%	9.34%
AZBIX Virtus Small-Cap Fund	17.18%	8.49%	19.06%	14.09%	-18.04%	18.92%	16.98%	24.13%	-9.25%	21.27%

Correlation

The correlation between HDPSX and AZBIX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 3, 2013	0.90

The correlation between HDPSX and AZBIX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

HDPSX vs. AZBIX — Risk / Return Rank

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

HDPSX

HDPSX Risk / Return Rank: 72
HDPSX Sharpe Ratio Rank: 72
HDPSX Sortino Ratio Rank: 62
HDPSX Omega Ratio Rank: 55
HDPSX Calmar Ratio Rank: 92
HDPSX Martin Ratio Rank: 81

AZBIX

AZBIX Risk / Return Rank: 54
AZBIX Sharpe Ratio Rank: 45
AZBIX Sortino Ratio Rank: 45
AZBIX Omega Ratio Rank: 40
AZBIX Calmar Ratio Rank: 78
AZBIX Martin Ratio Rank: 62

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.

HDPSX vs. AZBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hodges Small Cap Fund (HDPSX) and Virtus Small-Cap Fund (AZBIX). 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.

	HDPSX	AZBIX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	1.94	+0.50
Sortino ratio: Return per unit of downside risk	3.27	2.78	+0.49
Omega ratio: Gain probability vs. loss probability	1.41	1.34	+0.07
Calmar ratio: Return relative to maximum drawdown	4.90	3.47	+1.43
Martin ratio: Return relative to average drawdown	14.83	12.14	+2.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDPSX vs. AZBIX - Sharpe Ratio Comparison

The current HDPSX Sharpe Ratio is 2.44, which is comparable to the AZBIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of HDPSX and AZBIX, 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

	HDPSX	AZBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	1.94	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.39	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.55	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.54	-0.10

Drawdowns

HDPSX vs. AZBIX - Drawdown Comparison

The maximum HDPSX drawdown since its inception was -65.86%, which is greater than AZBIX's maximum drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for HDPSX and AZBIX.

Drawdown Indicators

	HDPSX	AZBIX	Difference
Max Drawdown Largest peak-to-trough decline	-65.86%	-40.80%	-25.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-9.33%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-28.83%	-29.01%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-28.83%	-29.85%	+1.02%
Max Drawdown (10Y) Largest decline over 10 years	-58.96%	-40.80%	-18.16%
Current Drawdown Current decline from peak	-0.34%	-0.86%	+0.52%
Average Drawdown Average peak-to-trough decline	-10.85%	-7.71%	-3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.66%	+0.77%

Volatility

HDPSX vs. AZBIX - Volatility Comparison

Hodges Small Cap Fund (HDPSX) has a higher volatility of 6.42% compared to Virtus Small-Cap Fund (AZBIX) at 5.05%. This indicates that HDPSX's price experiences larger fluctuations and is considered to be riskier than AZBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDPSX	AZBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	5.05%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	14.93%	12.17%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	21.00%	16.72%	+4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.00%	20.50%	+6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.50%	21.36%	+6.14%

HDPSX vs. AZBIX - Expense Ratio Comparison

HDPSX has a 1.36% expense ratio, which is higher than AZBIX's 0.89% expense ratio.

Dividends

HDPSX vs. AZBIX - Dividend Comparison

HDPSX's dividend yield for the trailing twelve months is around 5.85%, more than AZBIX's 4.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZBIX Virtus Small-Cap Fund	4.18%	4.90%	10.82%	2.31%	4.78%	13.82%	0.45%	0.38%	9.62%	13.80%	0.03%	3.59%
HDPSX Hodges Small Cap Fund	5.85%	7.64%	44.97%	5.01%	6.46%	19.53%	0.00%	8.25%	4.66%	14.53%	0.32%	0.35%

Frequently Asked Questions

Can I hold both HDPSX and AZBIX in my portfolio?

HDPSX and AZBIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDPSX or AZBIX?

HDPSX has higher volatility (6.42%) compared to AZBIX (5.05%). In terms of maximum drawdown, HDPSX dropped -65.86% vs AZBIX's -40.80%.

Which has better risk-adjusted returns?

HDPSX currently has the higher Sharpe Ratio (2.44 vs 1.94), 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.