HWCIX vs. HWSAX

Last updated Jun 4, 2026

HWCIX (Hotchkis & Wiley Diversified Value Fund) and HWSAX (Hotchkis & Wiley Small Cap Value Fund Class A) are both mutual funds - HWCIX is a Large Cap Value Equities fund managed by Hotchkis & Wiley, while HWSAX is a Small Cap Value Equities fund managed by Hotchkis & Wiley. Over the past 10 years, HWCIX returned 12.66%/yr vs 10.74%/yr for HWSAX. Their correlation of 0.89 suggests significant overlap in exposure. HWCIX charges 0.80%/yr vs 1.21%/yr for HWSAX.

Performance

HWCIX vs. HWSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley Diversified Value Fund (HWCIX) and Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWCIX achieves a 8.96% return, which is significantly lower than HWSAX's 17.59% return. Over the past 10 years, HWCIX has outperformed HWSAX with an annualized return of 12.66%, while HWSAX has yielded a comparatively lower 10.74% annualized return.

HWCIX

• 1D: 0.34%
• 1M: 3.87%
• YTD: 8.96%
• 6M: 11.78%
• 1Y: 24.23%
• 3Y*: 18.10%
• 5Y*: 10.49%
• 10Y*: 12.66%

HWSAX

• 1D: 1.03%
• 1M: 2.96%
• YTD: 17.59%
• 6M: 15.77%
• 1Y: 28.62%
• 3Y*: 12.84%
• 5Y*: 9.35%
• 10Y*: 10.74%

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

HWCIX vs. HWSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWCIX Hotchkis & Wiley Diversified Value Fund	8.96%	17.09%	12.80%	19.01%	-4.35%	32.46%	0.42%	29.30%	-14.74%	18.37%
HWSAX Hotchkis & Wiley Small Cap Value Fund Class A	17.59%	1.38%	4.77%	18.56%	2.81%	35.32%	-0.50%	20.26%	-15.23%	7.39%

Correlation

The correlation between HWCIX and HWSAX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 2, 2004	0.89

The correlation between HWCIX and HWSAX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

HWCIX vs. HWSAX — Risk / Return Rank

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

HWCIX

HWCIX Risk / Return Rank: 58
HWCIX Sharpe Ratio Rank: 47
HWCIX Sortino Ratio Rank: 49
HWCIX Omega Ratio Rank: 45
HWCIX Calmar Ratio Rank: 85
HWCIX Martin Ratio Rank: 65

HWSAX

HWSAX Risk / Return Rank: 46
HWSAX Sharpe Ratio Rank: 39
HWSAX Sortino Ratio Rank: 38
HWSAX Omega Ratio Rank: 38
HWSAX Calmar Ratio Rank: 65
HWSAX Martin Ratio Rank: 49

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.

HWCIX vs. HWSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley Diversified Value Fund (HWCIX) and Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX). 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.

	HWCIX	HWSAX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.82	+0.19
Sortino ratio: Return per unit of downside risk	2.94	2.58	+0.36
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.04
Calmar ratio: Return relative to maximum drawdown	4.07	3.12	+0.95
Martin ratio: Return relative to average drawdown	12.71	10.23	+2.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HWCIX vs. HWSAX - Sharpe Ratio Comparison

The current HWCIX Sharpe Ratio is 2.01, which is comparable to the HWSAX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of HWCIX and HWSAX, 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

	HWCIX	HWSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.82	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.44	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.44	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.48	-0.09

Drawdowns

HWCIX vs. HWSAX - Drawdown Comparison

The maximum HWCIX drawdown since its inception was -69.74%, roughly equal to the maximum HWSAX drawdown of -72.14%. Use the drawdown chart below to compare losses from any high point for HWCIX and HWSAX.

Drawdown Indicators

	HWCIX	HWSAX	Difference
Max Drawdown Largest peak-to-trough decline	-69.74%	-72.14%	+2.40%
Max Drawdown (1Y) Largest decline over 1 year	-6.33%	-10.06%	+3.73%
Max Drawdown (3Y) Largest decline over 3 years	-16.52%	-26.98%	+10.46%
Max Drawdown (5Y) Largest decline over 5 years	-23.62%	-26.98%	+3.36%
Max Drawdown (10Y) Largest decline over 10 years	-47.31%	-53.82%	+6.51%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.35%	-10.96%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	3.06%	-1.04%

Volatility

HWCIX vs. HWSAX - Volatility Comparison

The current volatility for Hotchkis & Wiley Diversified Value Fund (HWCIX) is 2.85%, while Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX) has a volatility of 3.76%. This indicates that HWCIX experiences smaller price fluctuations and is considered to be less risky than HWSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWCIX	HWSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	3.76%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	8.82%	11.25%	-2.43%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	17.23%	-4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	21.54%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.63%	24.62%	-2.99%

HWCIX vs. HWSAX - Expense Ratio Comparison

HWCIX has a 0.80% expense ratio, which is lower than HWSAX's 1.21% expense ratio.

Dividends

HWCIX vs. HWSAX - Dividend Comparison

HWCIX's dividend yield for the trailing twelve months is around 10.23%, more than HWSAX's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWCIX Hotchkis & Wiley Diversified Value Fund	10.23%	11.15%	13.85%	1.56%	1.12%	1.10%	1.99%	1.82%	1.62%	1.82%	5.17%	1.49%
HWSAX Hotchkis & Wiley Small Cap Value Fund Class A	0.59%	0.69%	8.19%	1.79%	13.39%	0.22%	0.63%	4.62%	9.45%	4.80%	0.00%	11.67%

Frequently Asked Questions

Can I hold both HWCIX and HWSAX in my portfolio?

HWCIX and HWSAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWCIX or HWSAX?

HWSAX has higher volatility (3.76%) compared to HWCIX (2.85%). In terms of maximum drawdown, HWCIX dropped -69.74% vs HWSAX's -72.14%.

Which has better risk-adjusted returns?

HWCIX currently has the higher Sharpe Ratio (2.01 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.