HRMDX vs. ARFFX
HRMDX (Heartland Mid Cap Value Fund) and ARFFX (Ariel Focus Fund) are both Mid Cap Value Equities funds. Over the past 10 years, HRMDX returned 10.01%/yr vs 10.51%/yr for ARFFX. Their correlation of 0.90 means they have usually moved in the same direction. HRMDX charges 1.10%/yr vs 1.00%/yr for ARFFX.
Performance
HRMDX vs. ARFFX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HRMDX having a 15.30% return and ARFFX slightly lower at 14.89%. Both investments have delivered pretty close results over the past 10 years, with HRMDX having a 10.01% annualized return and ARFFX not far ahead at 10.51%.
HRMDX
- 1D
- 0.00%
- 1M
- 0.07%
- 6M
- 8.64%
- YTD
- 15.30%
- 1Y
- 16.47%
- 3Y*
- 6.11%
- 5Y*
- 6.61%
- 10Y*
- 10.01%
- ALL TIME*
- 8.87%
ARFFX
- 1D
- -1.04%
- 1M
- 3.58%
- 6M
- 6.78%
- YTD
- 14.89%
- 1Y
- 29.66%
- 3Y*
- 16.17%
- 5Y*
- 9.14%
- 10Y*
- 10.51%
- ALL TIME*
- 7.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
ARFFX Ariel Focus Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
HRMDX vs. ARFFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HRMDX Heartland Mid Cap Value Fund | 15.30% | 0.12% | 3.68% | 13.37% | -3.09% | 28.13% | 6.93% | 25.30% | -8.58% | 8.14% |
ARFFX Ariel Focus Fund | 14.89% | 21.00% | 13.39% | 6.98% | -9.12% | 21.14% | 6.90% | 25.62% | -13.23% | 15.01% |
Correlation
The correlation between HRMDX and ARFFX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.90 |
The correlation between HRMDX and ARFFX shifts across timeframes, from 0.78 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HRMDX vs. ARFFX — Risk / Return Rank
HRMDX
ARFFX
HRMDX vs. ARFFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Heartland Mid Cap Value Fund (HRMDX) and Ariel Focus Fund (ARFFX). 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.
| HRMDX | ARFFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.36 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 3.46 | -1.92 |
| Martin ratioReturn relative to average drawdown | 4.65 | 8.50 | -3.85 |
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Drawdowns
HRMDX vs. ARFFX - Drawdown Comparison
The maximum HRMDX drawdown since its inception was -42.61%, smaller than the maximum ARFFX drawdown of -57.66%. Use the drawdown chart below to compare losses from any high point for HRMDX and ARFFX.
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Drawdown Indicators
| HRMDX | ARFFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -57.66% | +15.05% |
Max Drawdown (1Y)Largest decline over 1 year | -9.39% | -8.02% | -1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -17.89% | -23.39% | +5.50% |
Max Drawdown (5Y)Largest decline over 5 years | -17.89% | -24.50% | +6.61% |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | -43.22% | +0.61% |
Current DrawdownCurrent decline from peak | -1.36% | -1.43% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -5.12% | -9.39% | +4.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 3.26% | -0.14% |
Volatility
HRMDX vs. ARFFX - Volatility Comparison
The current volatility for Heartland Mid Cap Value Fund (HRMDX) is 3.15%, while Ariel Focus Fund (ARFFX) has a volatility of 3.73%. This indicates that HRMDX experiences smaller price fluctuations and is considered to be less risky than ARFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HRMDX | ARFFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.15% | 3.73% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 8.87% | 9.33% | -0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.96% | 13.50% | -0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.20% | 18.44% | -2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.26% | 19.79% | -0.53% |
HRMDX vs. ARFFX - Expense Ratio Comparison
HRMDX has a 1.10% expense ratio, which is higher than ARFFX's 1.00% expense ratio.
Dividends
HRMDX vs. ARFFX - Dividend Comparison
HRMDX's dividend yield for the trailing twelve months is around 1.89%, less than ARFFX's 11.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARFFX Ariel Focus Fund | 11.04% | 12.68% | 2.27% | 3.33% | 8.30% | 3.30% | 2.41% | 1.03% | 7.61% | 5.76% | 1.04% | 13.91% |
HRMDX Heartland Mid Cap Value Fund | 1.89% | 2.17% | 5.93% | 1.93% | 5.45% | 23.95% | 0.44% | 2.26% | 9.68% | 6.60% | 0.69% | 1.80% |
Frequently Asked Questions
HRMDX and ARFFX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARFFX has higher volatility (3.73%) compared to HRMDX (3.15%). In terms of maximum drawdown, HRMDX dropped -42.61% vs ARFFX's -57.66%.
ARFFX currently has the higher Sharpe Ratio (2.06 vs 1.12), 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.
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