HRNOX vs. HRSMX

Last updated Aug 4, 2026

HRNOX (Hood River New Opportunities Fund Institutional Class) and HRSMX (Hood River Small-Cap Growth Fund) are both mutual funds - HRNOX is a Diversified Portfolio fund managed by Hood River, while HRSMX is a Small Cap Growth Equities fund managed by Hood River. Over the past year, HRNOX returned 48.33% vs 46.99% for HRSMX. Their 0.97 correlation means they have historically moved very closely together. HRNOX charges 0.95%/yr vs 1.09%/yr for HRSMX.

Performance

HRNOX vs. HRSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hood River New Opportunities Fund Institutional Class (HRNOX) and Hood River Small-Cap Growth Fund (HRSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HRNOX achieves a 16.39% return, which is significantly lower than HRSMX's 19.18% return.

HRNOX

• 1D: -1.33%
• 1M: -8.20%
• 6M: 8.90%
• YTD: 16.39%
• 1Y: 48.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 44.59%

HRSMX

• 1D: -1.18%
• 1M: -9.70%
• 6M: 8.79%
• YTD: 19.18%
• 1Y: 46.99%
• 3Y*: 27.12%
• 5Y*: 13.16%
• 10Y*: 18.25%
• ALL TIME*: 13.35%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HRNOX Hood River New Opportunities Fund Institutional Class	$0.00	$0.00	$0.00
HRSMX Hood River Small-Cap Growth Fund	$0.00	$0.00	$0.00

HRNOX vs. HRSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HRNOX Hood River New Opportunities Fund Institutional Class	16.39%	35.76%	31.31%
HRSMX Hood River Small-Cap Growth Fund	19.18%	23.85%	18.61%

Correlation

The correlation between HRNOX and HRSMX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (All Time) Calculated using the full available price history since Aug 7, 2024	0.97

The correlation between HRNOX and HRSMX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

HRNOX vs. HRSMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HRNOX

HRNOX Risk / Return Rank: 64
HRNOX Sharpe Ratio Rank: 56
HRNOX Sortino Ratio Rank: 51
HRNOX Omega Ratio Rank: 45
HRNOX Calmar Ratio Rank: 85
HRNOX Martin Ratio Rank: 85

HRSMX

HRSMX Risk / Return Rank: 63
HRSMX Sharpe Ratio Rank: 56
HRSMX Sortino Ratio Rank: 51
HRSMX Omega Ratio Rank: 45
HRSMX Calmar Ratio Rank: 81
HRSMX Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HRNOX vs. HRSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hood River New Opportunities Fund Institutional Class (HRNOX) and Hood River Small-Cap Growth Fund (HRSMX). 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.

	HRNOX	HRSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.52	+0.03
Sortino ratio: Return per unit of downside risk	2.15	2.10	+0.05
Omega ratio: Gain probability vs. loss probability	1.26	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	3.12	2.79	+0.33
Martin ratio: Return relative to average drawdown	11.23	10.90	+0.32

HRNOX vs. HRSMX - Sharpe Ratio Comparison

The current HRNOX Sharpe Ratio is 1.55, which is comparable to the HRSMX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of HRNOX and HRSMX, 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

HRNOX vs. HRSMX - Drawdown Comparison

The maximum HRNOX drawdown since its inception was -31.44%, smaller than the maximum HRSMX drawdown of -64.92%. Use the drawdown chart below to compare losses from any high point for HRNOX and HRSMX.

Drawdown Indicators

	HRNOX	HRSMX	Difference
Max Drawdown Largest peak-to-trough decline	-31.44%	-64.92%	+33.48%
Max Drawdown (1Y) Largest decline over 1 year	-14.65%	-15.78%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.74%	—
Current Drawdown Current decline from peak	-11.90%	-13.57%	+1.67%
Average Drawdown Average peak-to-trough decline	-5.05%	-13.02%	+7.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	4.03%	+0.03%

Volatility

HRNOX vs. HRSMX - Volatility Comparison

Hood River New Opportunities Fund Institutional Class (HRNOX) and Hood River Small-Cap Growth Fund (HRSMX) have volatilities of 9.28% and 9.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRNOX	HRSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.28%	9.06%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	23.78%	23.37%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	29.45%	28.87%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.37%	27.66%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.37%	26.16%	+3.21%

HRNOX vs. HRSMX - Expense Ratio Comparison

HRNOX has a 0.95% expense ratio, which is lower than HRSMX's 1.09% expense ratio.

Dividends

HRNOX vs. HRSMX - Dividend Comparison

HRNOX has not paid dividends to shareholders, while HRSMX's dividend yield for the trailing twelve months is around 3.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRNOX Hood River New Opportunities Fund Institutional Class	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HRSMX Hood River Small-Cap Growth Fund	3.55%	4.23%	3.75%	0.00%	0.00%	19.96%	6.28%	0.00%	4.59%	6.74%	0.00%	5.73%

Frequently Asked Questions

Can I hold both HRNOX and HRSMX in my portfolio?

With a correlation of 0.98, HRNOX and HRSMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HRNOX or HRSMX?

HRNOX has higher volatility (9.28%) compared to HRSMX (9.06%). In terms of maximum drawdown, HRNOX dropped -31.44% vs HRSMX's -64.92%.

Which has better risk-adjusted returns?

HRNOX currently has the higher Sharpe Ratio (1.55 vs 1.52), 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.