HLLVX vs. DHEIX

Last updated Jun 4, 2026

HLLVX (JPMorgan Short Duration Bond Fund) and DHEIX (Diamond Hill Short Duration Securitized Bond Fund Class I) are both Short-Term Bond funds. Over the past 5 years, HLLVX returned 2.39%/yr vs 4.56%/yr for DHEIX. A 0.63 correlation means they provide meaningful diversification when combined. HLLVX charges 0.34%/yr vs 0.53%/yr for DHEIX.

Performance

HLLVX vs. DHEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Short Duration Bond Fund (HLLVX) and Diamond Hill Short Duration Securitized Bond Fund Class I (DHEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLLVX achieves a 0.36% return, which is significantly lower than DHEIX's 1.78% return.

HLLVX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 0.36%
• 6M: 0.71%
• 1Y: 3.62%
• 3Y*: 4.89%
• 5Y*: 2.39%
• 10Y*: 2.29%

DHEIX

• 1D: 0.10%
• 1M: 0.46%
• YTD: 1.78%
• 6M: 2.09%
• 1Y: 5.40%
• 3Y*: 7.74%
• 5Y*: 4.56%
• 10Y*: —

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

HLLVX vs. DHEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLLVX JPMorgan Short Duration Bond Fund	0.36%	5.57%	5.15%	5.40%	-3.71%	-0.07%	4.51%	4.26%	1.16%	0.85%
DHEIX Diamond Hill Short Duration Securitized Bond Fund Class I	1.78%	6.06%	9.33%	8.91%	-3.38%	2.74%	3.09%	4.85%	3.18%	4.23%

Correlation

The correlation between HLLVX and DHEIX 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.63

The correlation between HLLVX and DHEIX shifts across timeframes, from 0.56 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HLLVX vs. DHEIX — Risk / Return Rank

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

HLLVX

HLLVX Risk / Return Rank: 75
HLLVX Sharpe Ratio Rank: 77
HLLVX Sortino Ratio Rank: 88
HLLVX Omega Ratio Rank: 86
HLLVX Calmar Ratio Rank: 72
HLLVX Martin Ratio Rank: 54

DHEIX

DHEIX Risk / Return Rank: 99
DHEIX Sharpe Ratio Rank: 99
DHEIX Sortino Ratio Rank: 99
DHEIX Omega Ratio Rank: 99
DHEIX Calmar Ratio Rank: 99
DHEIX Martin Ratio Rank: 99

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.

HLLVX vs. DHEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Short Duration Bond Fund (HLLVX) and Diamond Hill Short Duration Securitized Bond Fund Class I (DHEIX). 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.

	HLLVX	DHEIX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	5.15	-2.61
Sortino ratio: Return per unit of downside risk	4.21	9.46	-5.25
Omega ratio: Gain probability vs. loss probability	1.59	2.90	-1.31
Calmar ratio: Return relative to maximum drawdown	3.32	10.86	-7.54
Martin ratio: Return relative to average drawdown	11.01	48.43	-37.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLLVX vs. DHEIX - Sharpe Ratio Comparison

The current HLLVX Sharpe Ratio is 2.55, which is lower than the DHEIX Sharpe Ratio of 5.15. The chart below compares the historical Sharpe Ratios of HLLVX and DHEIX, 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

	HLLVX	DHEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	5.15	-2.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	2.99	-1.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.03	1.89	+0.14

Drawdowns

HLLVX vs. DHEIX - Drawdown Comparison

The maximum HLLVX drawdown since its inception was -5.77%, smaller than the maximum DHEIX drawdown of -12.33%. Use the drawdown chart below to compare losses from any high point for HLLVX and DHEIX.

Drawdown Indicators

	HLLVX	DHEIX	Difference
Max Drawdown Largest peak-to-trough decline	-5.77%	-12.33%	+6.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.09%	-0.50%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-1.09%	-0.50%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-5.77%	-4.87%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-5.77%	—	—
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-0.42%	-0.76%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.11%	+0.22%

Volatility

HLLVX vs. DHEIX - Volatility Comparison

JPMorgan Short Duration Bond Fund (HLLVX) has a higher volatility of 0.43% compared to Diamond Hill Short Duration Securitized Bond Fund Class I (DHEIX) at 0.32%. This indicates that HLLVX's price experiences larger fluctuations and is considered to be riskier than DHEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLLVX	DHEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	0.32%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	0.99%	0.74%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	1.43%	1.05%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.99%	1.53%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.66%	2.27%	-0.61%

HLLVX vs. DHEIX - Expense Ratio Comparison

HLLVX has a 0.34% expense ratio, which is lower than DHEIX's 0.53% expense ratio.

Dividends

HLLVX vs. DHEIX - Dividend Comparison

HLLVX's dividend yield for the trailing twelve months is around 3.86%, less than DHEIX's 5.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHEIX Diamond Hill Short Duration Securitized Bond Fund Class I	5.91%	5.51%	6.21%	5.52%	3.72%	2.62%	3.22%	4.05%	3.74%	3.45%	0.00%	0.00%
HLLVX JPMorgan Short Duration Bond Fund	3.86%	4.21%	3.98%	2.95%	1.45%	1.21%	2.03%	2.40%	1.71%	1.23%	0.95%	0.99%

Frequently Asked Questions

Can I hold both HLLVX and DHEIX in my portfolio?

HLLVX and DHEIX 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, HLLVX or DHEIX?

HLLVX has higher volatility (0.43%) compared to DHEIX (0.32%). In terms of maximum drawdown, HLLVX dropped -5.77% vs DHEIX's -12.33%.

Which has better risk-adjusted returns?

DHEIX currently has the higher Sharpe Ratio (5.15 vs 2.55), 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.