HRVIX vs. VSIIX
HRVIX (Heartland Value Plus Fund) and VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) are both Small Cap Value Equities funds. Over the past 10 years, HRVIX returned 9.21%/yr vs 10.66%/yr for VSIIX. Their correlation of 0.91 means they have usually moved in the same direction. HRVIX charges 1.15%/yr vs 0.06%/yr for VSIIX.
Performance
HRVIX vs. VSIIX - Performance Comparison
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Returns By Period
In the year-to-date period, HRVIX achieves a 23.20% return, which is significantly higher than VSIIX's 18.09% return. Over the past 10 years, HRVIX has underperformed VSIIX with an annualized return of 9.21%, while VSIIX has yielded a comparatively higher 10.66% annualized return.
HRVIX
- 1D
- 1.00%
- 1M
- 0.27%
- 6M
- 12.80%
- YTD
- 23.20%
- 1Y
- 29.57%
- 3Y*
- 6.81%
- 5Y*
- 4.66%
- 10Y*
- 9.21%
- ALL TIME*
- 9.48%
VSIIX
- 1D
- 1.23%
- 1M
- 1.80%
- 6M
- 10.83%
- YTD
- 18.09%
- 1Y
- 27.42%
- 3Y*
- 15.34%
- 5Y*
- 10.29%
- 10Y*
- 10.66%
- ALL TIME*
- 10.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HRVIX vs. VSIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HRVIX Heartland Value Plus Fund | 23.20% | 1.06% | -0.28% | 1.83% | -4.99% | 24.89% | 12.62% | 26.00% | -13.12% | 9.81% |
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares | 18.09% | 9.10% | 11.37% | 17.06% | -9.31% | 28.12% | 5.81% | 22.81% | -12.24% | 11.80% |
Correlation
The correlation between HRVIX and VSIIX is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 1999 | 0.91 |
The correlation between HRVIX and VSIIX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
HRVIX vs. VSIIX — Risk / Return Rank
HRVIX
VSIIX
HRVIX vs. VSIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Heartland Value Plus Fund (HRVIX) and Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX). 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.
| HRVIX | VSIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.35 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 3.31 | -0.71 |
| Martin ratioReturn relative to average drawdown | 8.47 | 12.15 | -3.67 |
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Drawdowns
HRVIX vs. VSIIX - Drawdown Comparison
The maximum HRVIX drawdown since its inception was -46.82%, smaller than the maximum VSIIX drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for HRVIX and VSIIX.
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Drawdown Indicators
| HRVIX | VSIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.82% | -62.05% | +15.23% |
Max Drawdown (1Y)Largest decline over 1 year | -11.97% | -8.87% | -3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -28.50% | -24.09% | -4.41% |
Max Drawdown (5Y)Largest decline over 5 years | -28.50% | -24.09% | -4.41% |
Max Drawdown (10Y)Largest decline over 10 years | -36.47% | -45.38% | +8.91% |
Current DrawdownCurrent decline from peak | -1.55% | -0.20% | -1.35% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -8.47% | -0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 2.41% | +1.26% |
Volatility
HRVIX vs. VSIIX - Volatility Comparison
Heartland Value Plus Fund (HRVIX) and Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) have volatilities of 3.59% and 3.53%, 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.
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Volatility by Period
| HRVIX | VSIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.59% | 3.53% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 10.31% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.11% | 14.87% | +2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.59% | 19.57% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.55% | 21.76% | -0.21% |
HRVIX vs. VSIIX - Expense Ratio Comparison
HRVIX has a 1.15% expense ratio, which is higher than VSIIX's 0.06% expense ratio.
Dividends
HRVIX vs. VSIIX - Dividend Comparison
HRVIX's dividend yield for the trailing twelve months is around 0.50%, less than VSIIX's 1.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HRVIX Heartland Value Plus Fund | 0.50% | 0.62% | 3.00% | 1.43% | 2.25% | 24.50% | 1.03% | 1.47% | 1.13% | 0.14% | 0.65% | 8.78% |
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares | 1.75% | 1.96% | 1.99% | 2.10% | 2.04% | 1.76% | 1.69% | 2.07% | 2.36% | 1.80% | 1.77% | 1.99% |
Frequently Asked Questions
With a correlation of 0.93, HRVIX and VSIIX 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.
HRVIX has higher volatility (3.59%) compared to VSIIX (3.53%). In terms of maximum drawdown, HRVIX dropped -46.82% vs VSIIX's -62.05%.
VSIIX currently has the higher Sharpe Ratio (1.98 vs 1.82), 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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