HWAIX vs. HFCVX

Last updated Jun 5, 2026

HWAIX (Hotchkis & Wiley Value Opportunities Fund) and HFCVX (Hennessy Cornerstone Value Fund) are both Large Cap Value Equities funds. Over the past 10 years, HWAIX returned 13.53%/yr vs 11.12%/yr for HFCVX. Their correlation of 0.83 suggests significant overlap in exposure. HWAIX charges 0.94%/yr vs 1.23%/yr for HFCVX.

Performance

HWAIX vs. HFCVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley Value Opportunities Fund (HWAIX) and Hennessy Cornerstone Value Fund (HFCVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWAIX achieves a 9.91% return, which is significantly lower than HFCVX's 13.34% return. Over the past 10 years, HWAIX has outperformed HFCVX with an annualized return of 13.53%, while HFCVX has yielded a comparatively lower 11.12% annualized return.

HWAIX

• 1D: -1.31%
• 1M: 4.30%
• YTD: 9.91%
• 6M: 11.12%
• 1Y: 20.31%
• 3Y*: 17.54%
• 5Y*: 11.20%
• 10Y*: 13.53%

HFCVX

• 1D: -0.32%
• 1M: 1.49%
• YTD: 13.34%
• 6M: 14.54%
• 1Y: 26.48%
• 3Y*: 16.63%
• 5Y*: 11.57%
• 10Y*: 11.12%

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

HWAIX vs. HFCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWAIX Hotchkis & Wiley Value Opportunities Fund	9.91%	14.56%	11.59%	26.74%	-7.88%	34.33%	5.35%	25.62%	-11.01%	13.82%
HFCVX Hennessy Cornerstone Value Fund	13.34%	18.27%	9.59%	5.81%	6.12%	29.94%	-6.39%	20.84%	-9.50%	19.21%

Correlation

The correlation between HWAIX and HFCVX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.83

Over the past year, the correlation between HWAIX and HFCVX has dropped to 0.56 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

HWAIX vs. HFCVX — Risk / Return Rank

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

HWAIX

HWAIX Risk / Return Rank: 37
HWAIX Sharpe Ratio Rank: 29
HWAIX Sortino Ratio Rank: 28
HWAIX Omega Ratio Rank: 29
HWAIX Calmar Ratio Rank: 56
HWAIX Martin Ratio Rank: 42

HFCVX

HFCVX Risk / Return Rank: 88
HFCVX Sharpe Ratio Rank: 87
HFCVX Sortino Ratio Rank: 86
HFCVX Omega Ratio Rank: 76
HFCVX Calmar Ratio Rank: 97
HFCVX 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.

HWAIX vs. HFCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley Value Opportunities Fund (HWAIX) and Hennessy Cornerstone Value Fund (HFCVX). 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.

	HWAIX	HFCVX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.84	-1.29
Sortino ratio: Return per unit of downside risk	2.19	4.12	-1.94
Omega ratio: Gain probability vs. loss probability	1.28	1.49	-0.21
Calmar ratio: Return relative to maximum drawdown	2.85	6.90	-4.05
Martin ratio: Return relative to average drawdown	8.88	21.08	-12.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HWAIX vs. HFCVX - Sharpe Ratio Comparison

The current HWAIX Sharpe Ratio is 1.55, which is lower than the HFCVX Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of HWAIX and HFCVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HWAIX	HFCVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.84	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.88	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.68	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.41	+0.20

Drawdowns

HWAIX vs. HFCVX - Drawdown Comparison

The maximum HWAIX drawdown since its inception was -41.28%, smaller than the maximum HFCVX drawdown of -65.75%. Use the drawdown chart below to compare losses from any high point for HWAIX and HFCVX.

Drawdown Indicators

	HWAIX	HFCVX	Difference
Max Drawdown Largest peak-to-trough decline	-41.28%	-65.75%	+24.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-3.77%	-3.33%
Max Drawdown (3Y) Largest decline over 3 years	-17.28%	-11.32%	-5.96%
Max Drawdown (5Y) Largest decline over 5 years	-23.87%	-16.81%	-7.06%
Max Drawdown (10Y) Largest decline over 10 years	-41.28%	-39.39%	-1.89%
Current Drawdown Current decline from peak	-1.80%	-1.60%	-0.20%
Average Drawdown Average peak-to-trough decline	-5.61%	-8.24%	+2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.23%	+1.04%

Volatility

HWAIX vs. HFCVX - Volatility Comparison

Hotchkis & Wiley Value Opportunities Fund (HWAIX) has a higher volatility of 4.11% compared to Hennessy Cornerstone Value Fund (HFCVX) at 2.74%. This indicates that HWAIX's price experiences larger fluctuations and is considered to be riskier than HFCVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAIX	HFCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	2.74%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	6.83%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	13.13%	9.16%	+3.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	13.26%	+4.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.46%	16.45%	+3.01%

HWAIX vs. HFCVX - Expense Ratio Comparison

HWAIX has a 0.94% expense ratio, which is lower than HFCVX's 1.23% expense ratio.

Dividends

HWAIX vs. HFCVX - Dividend Comparison

HWAIX's dividend yield for the trailing twelve months is around 3.35%, less than HFCVX's 6.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFCVX Hennessy Cornerstone Value Fund	6.52%	7.39%	4.56%	3.57%	10.33%	4.81%	2.58%	6.58%	17.16%	14.97%	2.26%	2.57%
HWAIX Hotchkis & Wiley Value Opportunities Fund	3.35%	3.69%	10.07%	8.39%	2.54%	13.72%	2.52%	2.35%	11.39%	3.19%	2.22%	17.20%

Frequently Asked Questions

Can I hold both HWAIX and HFCVX in my portfolio?

HWAIX and HFCVX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWAIX or HFCVX?

HWAIX has higher volatility (4.11%) compared to HFCVX (2.74%). In terms of maximum drawdown, HWAIX dropped -41.28% vs HFCVX's -65.75%.

Which has better risk-adjusted returns?

HFCVX currently has the higher Sharpe Ratio (2.84 vs 1.55), 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.