HWHIX vs. HWSIX

Last updated Jun 4, 2026

HWHIX (Hotchkis & Wiley High Yield Fund) and HWSIX (Hotchkis & Wiley Small Cap Value Fund) are both mutual funds - HWHIX is a High Yield Bonds fund managed by Hotchkis & Wiley, while HWSIX is a Small Cap Value Equities fund managed by Hotchkis & Wiley. Over the past 10 years, HWHIX returned 4.28%/yr vs 10.98%/yr for HWSIX. At a 0.42 correlation, their price movements are largely independent. HWHIX charges 0.70%/yr vs 1.06%/yr for HWSIX.

Performance

HWHIX vs. HWSIX - Performance Comparison

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

Returns By Period

In the year-to-date period, HWHIX achieves a 1.20% return, which is significantly lower than HWSIX's 17.70% return. Over the past 10 years, HWHIX has underperformed HWSIX with an annualized return of 4.28%, while HWSIX has yielded a comparatively higher 10.98% annualized return.

HWHIX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 1.20%
• 6M: 1.77%
• 1Y: 5.81%
• 3Y*: 7.63%
• 5Y*: 3.55%
• 10Y*: 4.28%

HWSIX

• 1D: 1.03%
• 1M: 2.97%
• YTD: 17.70%
• 6M: 15.91%
• 1Y: 28.91%
• 3Y*: 13.09%
• 5Y*: 9.57%
• 10Y*: 10.98%

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

HWHIX vs. HWSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWHIX Hotchkis & Wiley High Yield Fund	1.20%	7.28%	7.23%	12.00%	-11.08%	6.25%	3.85%	9.61%	-3.37%	6.62%
HWSIX Hotchkis & Wiley Small Cap Value Fund	17.70%	1.60%	5.00%	18.85%	2.97%	35.54%	-0.31%	20.54%	-15.03%	7.66%

Correlation

The correlation between HWHIX and HWSIX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Apr 1, 2009	0.42

Return for Risk

HWHIX vs. HWSIX — Risk / Return Rank

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

HWHIX

HWHIX Risk / Return Rank: 44
HWHIX Sharpe Ratio Rank: 37
HWHIX Sortino Ratio Rank: 49
HWHIX Omega Ratio Rank: 46
HWHIX Calmar Ratio Rank: 36
HWHIX Martin Ratio Rank: 49

HWSIX

HWSIX Risk / Return Rank: 47
HWSIX Sharpe Ratio Rank: 40
HWSIX Sortino Ratio Rank: 39
HWSIX Omega Ratio Rank: 38
HWSIX Calmar Ratio Rank: 67
HWSIX Martin Ratio Rank: 50

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.

HWHIX vs. HWSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley High Yield Fund (HWHIX) and Hotchkis & Wiley Small Cap Value Fund (HWSIX). 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.

	HWHIX	HWSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.84	-0.08
Sortino ratio: Return per unit of downside risk	2.94	2.60	+0.34
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.04
Calmar ratio: Return relative to maximum drawdown	2.29	3.16	-0.87
Martin ratio: Return relative to average drawdown	10.05	10.38	-0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HWHIX vs. HWSIX - Sharpe Ratio Comparison

The current HWHIX Sharpe Ratio is 1.76, which is comparable to the HWSIX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of HWHIX and HWSIX, 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

	HWHIX	HWSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.84	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.45	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.45	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.45	+0.33

Drawdowns

HWHIX vs. HWSIX - Drawdown Comparison

The maximum HWHIX drawdown since its inception was -23.03%, smaller than the maximum HWSIX drawdown of -72.00%. Use the drawdown chart below to compare losses from any high point for HWHIX and HWSIX.

Drawdown Indicators

	HWHIX	HWSIX	Difference
Max Drawdown Largest peak-to-trough decline	-23.03%	-72.00%	+48.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-10.01%	+7.37%
Max Drawdown (3Y) Largest decline over 3 years	-4.08%	-26.92%	+22.84%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-26.92%	+11.90%
Max Drawdown (10Y) Largest decline over 10 years	-23.03%	-53.67%	+30.64%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-3.81%	-12.08%	+8.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	3.04%	-2.44%

Volatility

HWHIX vs. HWSIX - Volatility Comparison

The current volatility for Hotchkis & Wiley High Yield Fund (HWHIX) is 1.16%, while Hotchkis & Wiley Small Cap Value Fund (HWSIX) has a volatility of 3.77%. This indicates that HWHIX experiences smaller price fluctuations and is considered to be less risky than HWSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWHIX	HWSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	3.77%	-2.61%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	11.25%	-8.59%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	17.23%	-13.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.70%	21.54%	-16.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.11%	24.64%	-19.53%

HWHIX vs. HWSIX - Expense Ratio Comparison

HWHIX has a 0.70% expense ratio, which is lower than HWSIX's 1.06% expense ratio.

Dividends

HWHIX vs. HWSIX - Dividend Comparison

HWHIX's dividend yield for the trailing twelve months is around 6.36%, more than HWSIX's 0.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWHIX Hotchkis & Wiley High Yield Fund	6.36%	6.24%	6.27%	4.77%	4.03%	4.02%	5.47%	5.92%	6.24%	4.42%	0.00%	0.86%
HWSIX Hotchkis & Wiley Small Cap Value Fund	0.86%	1.01%	8.35%	1.90%	13.44%	0.36%	0.80%	4.89%	9.84%	5.07%	0.41%	11.78%

Frequently Asked Questions

Can I hold both HWHIX and HWSIX in my portfolio?

HWHIX and HWSIX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWHIX or HWSIX?

HWSIX has higher volatility (3.77%) compared to HWHIX (1.16%). In terms of maximum drawdown, HWHIX dropped -23.03% vs HWSIX's -72.00%.

Which has better risk-adjusted returns?

HWSIX currently has the higher Sharpe Ratio (1.84 vs 1.76), 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.