HWAIX vs. VBR

Last updated Jun 24, 2026

HWAIX (Hotchkis & Wiley Value Opportunities Fund) and VBR (Vanguard Small-Cap Value ETF) are both funds - HWAIX is a Large Cap Value Equities fund managed by Hotchkis & Wiley, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Over the past 10 years, HWAIX returned 13.47%/yr vs 11.01%/yr for VBR. Their correlation of 0.88 suggests significant overlap in exposure. HWAIX charges 0.94%/yr vs 0.05%/yr for VBR.

Performance

HWAIX vs. VBR - Performance Comparison

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

Returns By Period

In the year-to-date period, HWAIX achieves a 5.16% return, which is significantly lower than VBR's 13.29% return. Over the past 10 years, HWAIX has outperformed VBR with an annualized return of 13.47%, while VBR has yielded a comparatively lower 11.01% annualized return.

HWAIX

• 1D: 0.28%
• 1M: -1.83%
• YTD: 5.16%
• 6M: 4.98%
• 1Y: 14.50%
• 3Y*: 16.07%
• 5Y*: 11.11%
• 10Y*: 13.47%

VBR

• 1D: -0.11%
• 1M: 2.54%
• YTD: 13.29%
• 6M: 11.72%
• 1Y: 26.18%
• 3Y*: 16.90%
• 5Y*: 8.59%
• 10Y*: 11.01%

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

HWAIX vs. VBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWAIX Hotchkis & Wiley Value Opportunities Fund	5.16%	14.56%	11.59%	26.74%	-7.88%	34.33%	5.35%	25.62%	-11.01%	13.82%
VBR Vanguard Small-Cap Value ETF	13.29%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between HWAIX and VBR is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.88

The correlation between HWAIX and VBR shifts across timeframes, from 0.73 (1 year) to 0.88 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

HWAIX vs. VBR — Risk / Return Rank

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

HWAIX

HWAIX Risk / Return Rank: 22
HWAIX Sharpe Ratio Rank: 17
HWAIX Sortino Ratio Rank: 16
HWAIX Omega Ratio Rank: 16
HWAIX Calmar Ratio Rank: 33
HWAIX Martin Ratio Rank: 27

VBR

VBR Risk / Return Rank: 55
VBR Sharpe Ratio Rank: 52
VBR Sortino Ratio Rank: 54
VBR Omega Ratio Rank: 48
VBR Calmar Ratio Rank: 62
VBR Martin Ratio Rank: 61

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. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley Value Opportunities Fund (HWAIX) and Vanguard Small-Cap Value ETF (VBR). 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.

	HWAIX	VBR	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.72	-0.63
Sortino ratio: Return per unit of downside risk	1.57	2.54	-0.97
Omega ratio: Gain probability vs. loss probability	1.20	1.30	-0.10
Calmar ratio: Return relative to maximum drawdown	2.05	2.97	-0.92
Martin ratio: Return relative to average drawdown	5.96	10.49	-4.53

HWAIX vs. VBR - Sharpe Ratio Comparison

The current HWAIX Sharpe Ratio is 1.09, which is lower than the VBR Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of HWAIX and VBR, 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

HWAIX vs. VBR - Drawdown Comparison

The maximum HWAIX drawdown since its inception was -41.28%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for HWAIX and VBR.

Drawdown Indicators

	HWAIX	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-41.28%	-61.98%	+20.70%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-8.85%	+1.75%
Max Drawdown (3Y) Largest decline over 3 years	-17.28%	-24.19%	+6.91%
Max Drawdown (5Y) Largest decline over 5 years	-23.87%	-24.19%	+0.32%
Max Drawdown (10Y) Largest decline over 10 years	-41.28%	-45.28%	+4.00%
Current Drawdown Current decline from peak	-6.04%	-1.14%	-4.90%
Average Drawdown Average peak-to-trough decline	-5.61%	-8.25%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.50%	-0.06%

Volatility

HWAIX vs. VBR - Volatility Comparison

Hotchkis & Wiley Value Opportunities Fund (HWAIX) has a higher volatility of 4.97% compared to Vanguard Small-Cap Value ETF (VBR) at 3.98%. This indicates that HWAIX's price experiences larger fluctuations and is considered to be riskier than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWAIX	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	3.98%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	10.66%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	15.30%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.10%	19.73%	-1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.47%	21.71%	-2.24%

HWAIX vs. VBR - Expense Ratio Comparison

HWAIX has a 0.94% expense ratio, which is higher than VBR's 0.05% expense ratio.

Dividends

HWAIX vs. VBR - Dividend Comparison

HWAIX's dividend yield for the trailing twelve months is around 3.51%, more than VBR's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWAIX Hotchkis & Wiley Value Opportunities Fund	3.51%	3.69%	10.07%	8.39%	2.54%	13.72%	2.52%	2.35%	11.39%	3.19%	2.22%	17.20%
VBR Vanguard Small-Cap Value ETF	1.73%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both HWAIX and VBR in my portfolio?

HWAIX and VBR have a correlation of 0.73, 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 VBR?

HWAIX has higher volatility (4.97%) compared to VBR (3.98%). In terms of maximum drawdown, HWAIX dropped -41.28% vs VBR's -61.98%.

Which has better risk-adjusted returns?

VBR currently has the higher Sharpe Ratio (1.72 vs 1.09), 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.