HWGIX vs. GWOAX

Last updated Aug 1, 2026

HWGIX (Hotchkis & Wiley Global Value Fund) and GWOAX (GMO Global Developed Equity Allocation Fund) are both Global Equities funds. Over the past 10 years, HWGIX returned 11.68%/yr vs 12.08%/yr for GWOAX. Their correlation of 0.88 means they have usually moved in the same direction. HWGIX charges 0.95%/yr vs 0.01%/yr for GWOAX.

Performance

HWGIX vs. GWOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley Global Value Fund (HWGIX) and GMO Global Developed Equity Allocation Fund (GWOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWGIX achieves a 11.62% return, which is significantly lower than GWOAX's 17.69% return. Both investments have delivered pretty close results over the past 10 years, with HWGIX having a 11.68% annualized return and GWOAX not far ahead at 12.08%.

HWGIX

• 1D: -0.68%
• 1M: 2.77%
• 6M: 9.32%
• YTD: 11.62%
• 1Y: 25.53%
• 3Y*: 17.50%
• 5Y*: 12.51%
• 10Y*: 11.68%
• ALL TIME*: 10.60%

GWOAX

• 1D: 1.65%
• 1M: 2.23%
• 6M: 11.87%
• YTD: 17.69%
• 1Y: 35.41%
• 3Y*: 18.71%
• 5Y*: 11.65%
• 10Y*: 12.08%
• ALL TIME*: 8.30%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GWOAX GMO Global Developed Equity Allocation Fund	$0.00	$0.00	$0.00
HWGIX Hotchkis & Wiley Global Value Fund	$0.00	$0.00	$0.00

HWGIX vs. GWOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWGIX Hotchkis & Wiley Global Value Fund	11.62%	23.76%	9.46%	28.00%	-11.65%	26.67%	-0.59%	24.57%	-16.08%	16.73%
GWOAX GMO Global Developed Equity Allocation Fund	17.69%	28.37%	6.14%	22.49%	-14.10%	18.53%	10.53%	26.56%	-12.95%	25.63%

Correlation

The correlation between HWGIX and GWOAX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.88

The correlation between HWGIX and GWOAX shifts across timeframes, from 0.74 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HWGIX vs. GWOAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HWGIX

HWGIX Risk / Return Rank: 69
HWGIX Sharpe Ratio Rank: 73
HWGIX Sortino Ratio Rank: 73
HWGIX Omega Ratio Rank: 70
HWGIX Calmar Ratio Rank: 69
HWGIX Martin Ratio Rank: 60

GWOAX

GWOAX Risk / Return Rank: 93
GWOAX Sharpe Ratio Rank: 95
GWOAX Sortino Ratio Rank: 92
GWOAX Omega Ratio Rank: 89
GWOAX Calmar Ratio Rank: 93
GWOAX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HWGIX vs. GWOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley Global Value Fund (HWGIX) and GMO Global Developed Equity Allocation Fund (GWOAX). 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.

	HWGIX	GWOAX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.63	-0.89
Sortino ratio: Return per unit of downside risk	2.51	3.63	-1.11
Omega ratio: Gain probability vs. loss probability	1.31	1.47	-0.16
Calmar ratio: Return relative to maximum drawdown	2.31	3.86	-1.55
Martin ratio: Return relative to average drawdown	7.92	15.33	-7.40

HWGIX vs. GWOAX - Sharpe Ratio Comparison

The current HWGIX Sharpe Ratio is 1.74, which is lower than the GWOAX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of HWGIX and GWOAX, 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

HWGIX vs. GWOAX - Drawdown Comparison

The maximum HWGIX drawdown since its inception was -46.71%, smaller than the maximum GWOAX drawdown of -49.84%. Use the drawdown chart below to compare losses from any high point for HWGIX and GWOAX.

Drawdown Indicators

	HWGIX	GWOAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.71%	-49.84%	+3.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.83%	-8.78%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-16.11%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-28.63%	-26.21%	-2.42%
Max Drawdown (10Y) Largest decline over 10 years	-46.71%	-35.28%	-11.43%
Current Drawdown Current decline from peak	-0.68%	0.00%	-0.68%
Average Drawdown Average peak-to-trough decline	-6.63%	-8.93%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.21%	+0.65%

Volatility

HWGIX vs. GWOAX - Volatility Comparison

Hotchkis & Wiley Global Value Fund (HWGIX) has a higher volatility of 4.41% compared to GMO Global Developed Equity Allocation Fund (GWOAX) at 3.27%. This indicates that HWGIX's price experiences larger fluctuations and is considered to be riskier than GWOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWGIX	GWOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	3.27%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	10.21%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	12.89%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	15.23%	+2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.37%	16.39%	+3.98%

HWGIX vs. GWOAX - Expense Ratio Comparison

HWGIX has a 0.95% expense ratio, which is higher than GWOAX's 0.01% expense ratio.

Dividends

HWGIX vs. GWOAX - Dividend Comparison

HWGIX's dividend yield for the trailing twelve months is around 18.41%, more than GWOAX's 5.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWOAX GMO Global Developed Equity Allocation Fund	5.37%	4.46%	0.60%	6.10%	7.27%	12.75%	3.85%	4.33%	3.02%	3.05%	6.43%	12.47%
HWGIX Hotchkis & Wiley Global Value Fund	18.41%	9.63%	15.10%	11.01%	3.92%	0.68%	1.49%	2.56%	10.34%	5.50%	0.80%	7.06%

Frequently Asked Questions

Can I hold both HWGIX and GWOAX in my portfolio?

HWGIX and GWOAX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWGIX or GWOAX?

HWGIX has higher volatility (4.41%) compared to GWOAX (3.27%). In terms of maximum drawdown, HWGIX dropped -46.71% vs GWOAX's -49.84%.

Which has better risk-adjusted returns?

GWOAX currently has the higher Sharpe Ratio (2.63 vs 1.74), 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.