HRMDX vs. HRTVX

Last updated Jun 24, 2026

HRMDX (Heartland Mid Cap Value Fund) and HRTVX (Heartland Value Fund) are both mutual funds - HRMDX is a Mid Cap Value Equities fund managed by Heartland, while HRTVX is a Small Cap Value Equities fund managed by Heartland. Over the past 10 years, HRMDX returned 10.19%/yr vs 12.28%/yr for HRTVX. Their correlation of 0.86 suggests significant overlap in exposure. HRMDX charges 1.10%/yr vs 1.04%/yr for HRTVX.

Performance

HRMDX vs. HRTVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Heartland Mid Cap Value Fund (HRMDX) and Heartland Value Fund (HRTVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HRMDX achieves a 11.97% return, which is significantly lower than HRTVX's 21.79% return. Over the past 10 years, HRMDX has underperformed HRTVX with an annualized return of 10.19%, while HRTVX has yielded a comparatively higher 12.28% annualized return.

HRMDX

• 1D: 0.34%
• 1M: 1.23%
• YTD: 11.97%
• 6M: 11.04%
• 1Y: 12.35%
• 3Y*: 7.97%
• 5Y*: 6.30%
• 10Y*: 10.19%

HRTVX

• 1D: 0.10%
• 1M: 3.27%
• YTD: 21.79%
• 6M: 20.20%
• 1Y: 40.05%
• 3Y*: 23.12%
• 5Y*: 12.29%
• 10Y*: 12.28%

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

HRMDX vs. HRTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HRMDX Heartland Mid Cap Value Fund	11.97%	0.12%	3.68%	13.37%	-3.09%	28.13%	6.93%	25.30%	-8.58%	8.14%
HRTVX Heartland Value Fund	21.79%	15.94%	15.76%	17.15%	-10.04%	21.86%	13.12%	17.93%	-12.10%	8.45%

Correlation

The correlation between HRMDX and HRTVX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.86

The correlation between HRMDX and HRTVX has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

Return for Risk

HRMDX vs. HRTVX — Risk / Return Rank

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

HRMDX

HRMDX Risk / Return Rank: 17
HRMDX Sharpe Ratio Rank: 16
HRMDX Sortino Ratio Rank: 17
HRMDX Omega Ratio Rank: 14
HRMDX Calmar Ratio Rank: 19
HRMDX Martin Ratio Rank: 18

HRTVX

HRTVX Risk / Return Rank: 82
HRTVX Sharpe Ratio Rank: 82
HRTVX Sortino Ratio Rank: 81
HRTVX Omega Ratio Rank: 70
HRTVX Calmar Ratio Rank: 91
HRTVX Martin Ratio Rank: 87

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.

HRMDX vs. HRTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Heartland Mid Cap Value Fund (HRMDX) and Heartland Value Fund (HRTVX). 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	HRTVX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.48	-1.46
Sortino ratio: Return per unit of downside risk	1.60	3.54	-1.94
Omega ratio: Gain probability vs. loss probability	1.18	1.42	-0.24
Calmar ratio: Return relative to maximum drawdown	1.46	4.46	-3.00
Martin ratio: Return relative to average drawdown	4.21	15.34	-11.13

HRMDX vs. HRTVX - Sharpe Ratio Comparison

The current HRMDX Sharpe Ratio is 1.02, which is lower than the HRTVX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of HRMDX and HRTVX, 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

HRMDX vs. HRTVX - Drawdown Comparison

The maximum HRMDX drawdown since its inception was -42.61%, smaller than the maximum HRTVX drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for HRMDX and HRTVX.

Drawdown Indicators

	HRMDX	HRTVX	Difference
Max Drawdown Largest peak-to-trough decline	-42.61%	-61.68%	+19.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-9.50%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	-23.17%	+5.28%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	-23.17%	+5.28%
Max Drawdown (10Y) Largest decline over 10 years	-42.61%	-46.31%	+3.70%
Current Drawdown Current decline from peak	-1.40%	0.00%	-1.40%
Average Drawdown Average peak-to-trough decline	-5.16%	-9.03%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	2.76%	+0.48%

Volatility

HRMDX vs. HRTVX - Volatility Comparison

The current volatility for Heartland Mid Cap Value Fund (HRMDX) is 3.42%, while Heartland Value Fund (HRTVX) has a volatility of 4.86%. This indicates that HRMDX experiences smaller price fluctuations and is considered to be less risky than HRTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRMDX	HRTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	4.86%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	11.96%	-2.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.39%	17.11%	-3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	19.51%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.41%	21.05%	-1.64%

HRMDX vs. HRTVX - Expense Ratio Comparison

HRMDX has a 1.10% expense ratio, which is higher than HRTVX's 1.04% expense ratio.

Dividends

HRMDX vs. HRTVX - Dividend Comparison

HRMDX's dividend yield for the trailing twelve months is around 1.94%, less than HRTVX's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRMDX Heartland Mid Cap Value Fund	1.94%	2.17%	5.93%	1.93%	5.45%	23.95%	0.44%	2.26%	9.68%	6.60%	0.69%	1.80%
HRTVX Heartland Value Fund	7.63%	9.29%	8.91%	5.65%	3.01%	13.50%	0.76%	3.12%	7.26%	6.43%	3.56%	8.25%

Frequently Asked Questions

Can I hold both HRMDX and HRTVX in my portfolio?

HRMDX and HRTVX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRMDX or HRTVX?

HRTVX has higher volatility (4.86%) compared to HRMDX (3.42%). In terms of maximum drawdown, HRMDX dropped -42.61% vs HRTVX's -61.68%.

Which has better risk-adjusted returns?

HRTVX currently has the higher Sharpe Ratio (2.48 vs 1.02), 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.