HRTVX vs. AVALX

Last updated Jun 25, 2026

HRTVX (Heartland Value Fund) and AVALX (Aegis Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, HRTVX returned 12.24%/yr vs 19.80%/yr for AVALX. A 0.71 correlation means they provide meaningful diversification when combined. HRTVX charges 1.04%/yr vs 1.50%/yr for AVALX.

Performance

HRTVX vs. AVALX - Performance Comparison

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

Returns By Period

In the year-to-date period, HRTVX achieves a 21.36% return, which is significantly higher than AVALX's 12.78% return. Over the past 10 years, HRTVX has underperformed AVALX with an annualized return of 12.24%, while AVALX has yielded a comparatively higher 19.80% annualized return.

HRTVX

• 1D: -0.36%
• 1M: 2.91%
• YTD: 21.36%
• 6M: 19.59%
• 1Y: 38.29%
• 3Y*: 22.98%
• 5Y*: 11.90%
• 10Y*: 12.24%

AVALX

• 1D: -1.52%
• 1M: -6.29%
• YTD: 12.78%
• 6M: 12.24%
• 1Y: 49.94%
• 3Y*: 30.46%
• 5Y*: 20.66%
• 10Y*: 19.80%

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

HRTVX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HRTVX Heartland Value Fund	21.36%	15.94%	15.76%	17.15%	-10.04%	21.86%	13.12%	17.93%	-12.10%	8.45%
AVALX Aegis Value Fund	12.78%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	17.37%

Correlation

The correlation between HRTVX and AVALX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 15, 1998	0.71

The correlation between HRTVX and AVALX shifts across timeframes, from 0.51 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HRTVX vs. AVALX — Risk / Return Rank

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

HRTVX

HRTVX Risk / Return Rank: 80
HRTVX Sharpe Ratio Rank: 78
HRTVX Sortino Ratio Rank: 79
HRTVX Omega Ratio Rank: 67
HRTVX Calmar Ratio Rank: 89
HRTVX Martin Ratio Rank: 85

AVALX

AVALX Risk / Return Rank: 88
AVALX Sharpe Ratio Rank: 91
AVALX Sortino Ratio Rank: 80
AVALX Omega Ratio Rank: 80
AVALX Calmar Ratio Rank: 96
AVALX Martin Ratio Rank: 94

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.

HRTVX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Heartland Value Fund (HRTVX) and Aegis Value Fund (AVALX). 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.

	HRTVX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.81	-0.47
Sortino ratio: Return per unit of downside risk	3.36	3.46	-0.10
Omega ratio: Gain probability vs. loss probability	1.40	1.48	-0.08
Calmar ratio: Return relative to maximum drawdown	4.18	5.85	-1.67
Martin ratio: Return relative to average drawdown	14.39	19.13	-4.74

HRTVX vs. AVALX - Sharpe Ratio Comparison

The current HRTVX Sharpe Ratio is 2.33, which is comparable to the AVALX Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of HRTVX and AVALX, 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

HRTVX vs. AVALX - Drawdown Comparison

The maximum HRTVX drawdown since its inception was -61.68%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for HRTVX and AVALX.

Drawdown Indicators

	HRTVX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-61.68%	-73.72%	+12.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-8.32%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	-13.59%	-9.58%
Max Drawdown (5Y) Largest decline over 5 years	-23.17%	-32.00%	+8.83%
Max Drawdown (10Y) Largest decline over 10 years	-46.31%	-48.34%	+2.03%
Current Drawdown Current decline from peak	-0.36%	-8.09%	+7.73%
Average Drawdown Average peak-to-trough decline	-9.02%	-10.93%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	2.54%	+0.22%

Volatility

HRTVX vs. AVALX - Volatility Comparison

The current volatility for Heartland Value Fund (HRTVX) is 4.88%, while Aegis Value Fund (AVALX) has a volatility of 5.64%. This indicates that HRTVX experiences smaller price fluctuations and is considered to be less risky than AVALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRTVX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	5.64%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	13.40%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	17.08%	17.42%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.51%	22.29%	-2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	22.18%	-1.16%

HRTVX vs. AVALX - Expense Ratio Comparison

HRTVX has a 1.04% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

HRTVX vs. AVALX - Dividend Comparison

HRTVX's dividend yield for the trailing twelve months is around 7.65%, more than AVALX's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	2.07%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
HRTVX Heartland Value Fund	7.65%	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 HRTVX and AVALX in my portfolio?

HRTVX and AVALX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRTVX or AVALX?

AVALX has higher volatility (5.64%) compared to HRTVX (4.88%). In terms of maximum drawdown, HRTVX dropped -61.68% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.81 vs 2.33), 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.