HWAIX vs. HWMIX

Last updated Jun 5, 2026

HWAIX (Hotchkis & Wiley Value Opportunities Fund) and HWMIX (Hotchkis & Wiley Mid-Cap Value Fund) are both mutual funds - HWAIX is a Large Cap Value Equities fund managed by Hotchkis & Wiley, while HWMIX is a Mid Cap Value Equities fund managed by Hotchkis & Wiley. Over the past 10 years, HWAIX returned 13.53%/yr vs 9.67%/yr for HWMIX. Their correlation of 0.91 suggests significant overlap in exposure. HWAIX charges 0.94%/yr vs 1.01%/yr for HWMIX.

Performance

HWAIX vs. HWMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley Value Opportunities Fund (HWAIX) and Hotchkis & Wiley Mid-Cap Value Fund (HWMIX). 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 HWMIX's 14.54% return. Over the past 10 years, HWAIX has outperformed HWMIX with an annualized return of 13.53%, while HWMIX has yielded a comparatively lower 9.67% 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%

HWMIX

• 1D: -0.83%
• 1M: 0.50%
• YTD: 14.54%
• 6M: 15.37%
• 1Y: 32.28%
• 3Y*: 15.00%
• 5Y*: 9.52%
• 10Y*: 9.67%

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

HWAIX vs. HWMIX - 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%
HWMIX Hotchkis & Wiley Mid-Cap Value Fund	14.54%	7.87%	3.62%	19.87%	1.63%	39.18%	0.49%	12.97%	-19.32%	7.69%

Correlation

The correlation between HWAIX and HWMIX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.91

The correlation between HWAIX and HWMIX has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

Return for Risk

HWAIX vs. HWMIX — 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

HWMIX

HWMIX Risk / Return Rank: 57
HWMIX Sharpe Ratio Rank: 45
HWMIX Sortino Ratio Rank: 44
HWMIX Omega Ratio Rank: 44
HWMIX Calmar Ratio Rank: 88
HWMIX Martin Ratio Rank: 63

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. HWMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley Value Opportunities Fund (HWAIX) and Hotchkis & Wiley Mid-Cap Value Fund (HWMIX). 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	HWMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.94	-0.39
Sortino ratio: Return per unit of downside risk	2.19	2.77	-0.58
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.07
Calmar ratio: Return relative to maximum drawdown	2.85	4.38	-1.53
Martin ratio: Return relative to average drawdown	8.88	12.30	-3.42
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. HWMIX - Sharpe Ratio Comparison

The current HWAIX Sharpe Ratio is 1.55, which is comparable to the HWMIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of HWAIX and HWMIX, 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	HWMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	1.94	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.43	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.38	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.48	+0.13

Drawdowns

HWAIX vs. HWMIX - Drawdown Comparison

The maximum HWAIX drawdown since its inception was -41.28%, smaller than the maximum HWMIX drawdown of -69.84%. Use the drawdown chart below to compare losses from any high point for HWAIX and HWMIX.

Drawdown Indicators

	HWAIX	HWMIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.28%	-69.84%	+28.56%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-7.16%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-17.28%	-25.90%	+8.62%
Max Drawdown (5Y) Largest decline over 5 years	-23.87%	-25.90%	+2.03%
Max Drawdown (10Y) Largest decline over 10 years	-41.28%	-63.21%	+21.93%
Current Drawdown Current decline from peak	-1.80%	-0.83%	-0.97%
Average Drawdown Average peak-to-trough decline	-5.61%	-10.83%	+5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	2.54%	-0.27%

Volatility

HWAIX vs. HWMIX - Volatility Comparison

Hotchkis & Wiley Value Opportunities Fund (HWAIX) has a higher volatility of 4.11% compared to Hotchkis & Wiley Mid-Cap Value Fund (HWMIX) at 3.57%. This indicates that HWAIX's price experiences larger fluctuations and is considered to be riskier than HWMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAIX	HWMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	3.57%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	10.84%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	13.13%	16.27%	-3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	22.20%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.46%	25.56%	-6.10%

HWAIX vs. HWMIX - Expense Ratio Comparison

HWAIX has a 0.94% expense ratio, which is lower than HWMIX's 1.01% expense ratio.

Dividends

HWAIX vs. HWMIX - Dividend Comparison

HWAIX's dividend yield for the trailing twelve months is around 3.35%, more than HWMIX's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HWMIX Hotchkis & Wiley Mid-Cap Value Fund	1.22%	1.39%	1.15%	0.28%	0.49%	1.28%	2.25%	1.60%	2.99%	6.72%	1.53%	14.67%

Frequently Asked Questions

Can I hold both HWAIX and HWMIX in my portfolio?

HWAIX and HWMIX have a correlation of 0.83, 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 HWMIX?

HWAIX has higher volatility (4.11%) compared to HWMIX (3.57%). In terms of maximum drawdown, HWAIX dropped -41.28% vs HWMIX's -69.84%.

Which has better risk-adjusted returns?

HWMIX currently has the higher Sharpe Ratio (1.94 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.