HWMIX vs. HWLIX

Last updated Jun 24, 2026

HWMIX (Hotchkis & Wiley Mid-Cap Value Fund) and HWLIX (Hotchkis & Wiley Large Cap Value Fund) are both mutual funds - HWMIX is a Mid Cap Value Equities fund managed by Hotchkis & Wiley, while HWLIX is a Large Cap Value Equities fund managed by Hotchkis & Wiley. Over the past 10 years, HWMIX returned 10.11%/yr vs 12.22%/yr for HWLIX. Their correlation of 0.92 suggests significant overlap in exposure. HWMIX charges 1.01%/yr vs 0.95%/yr for HWLIX.

Performance

HWMIX vs. HWLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley Mid-Cap Value Fund (HWMIX) and Hotchkis & Wiley Large Cap Value Fund (HWLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWMIX achieves a 11.07% return, which is significantly higher than HWLIX's 5.16% return. Over the past 10 years, HWMIX has underperformed HWLIX with an annualized return of 10.11%, while HWLIX has yielded a comparatively higher 12.22% annualized return.

HWMIX

• 1D: -0.05%
• 1M: -1.91%
• YTD: 11.07%
• 6M: 10.34%
• 1Y: 24.63%
• 3Y*: 14.62%
• 5Y*: 9.87%
• 10Y*: 10.11%

HWLIX

• 1D: 0.08%
• 1M: -1.64%
• YTD: 5.16%
• 6M: 4.65%
• 1Y: 21.13%
• 3Y*: 16.93%
• 5Y*: 10.08%
• 10Y*: 12.22%

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

HWMIX vs. HWLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWMIX Hotchkis & Wiley Mid-Cap Value Fund	11.07%	7.87%	3.62%	19.87%	1.63%	39.18%	0.49%	12.97%	-19.32%	7.69%
HWLIX Hotchkis & Wiley Large Cap Value Fund	5.16%	18.06%	12.80%	16.92%	-5.31%	28.86%	-0.29%	29.16%	-14.26%	18.85%

Correlation

The correlation between HWMIX and HWLIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 31, 1996	0.92

The correlation between HWMIX and HWLIX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

HWMIX vs. HWLIX — Risk / Return Rank

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

HWMIX

HWMIX Risk / Return Rank: 44
HWMIX Sharpe Ratio Rank: 32
HWMIX Sortino Ratio Rank: 32
HWMIX Omega Ratio Rank: 30
HWMIX Calmar Ratio Rank: 79
HWMIX Martin Ratio Rank: 48

HWLIX

HWLIX Risk / Return Rank: 49
HWLIX Sharpe Ratio Rank: 37
HWLIX Sortino Ratio Rank: 38
HWLIX Omega Ratio Rank: 35
HWLIX Calmar Ratio Rank: 79
HWLIX Martin Ratio Rank: 55

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.

HWMIX vs. HWLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley Mid-Cap Value Fund (HWMIX) and Hotchkis & Wiley Large Cap Value Fund (HWLIX). 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.

	HWMIX	HWLIX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.62	-0.12
Sortino ratio: Return per unit of downside risk	2.18	2.40	-0.22
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	3.42	3.40	+0.02
Martin ratio: Return relative to average drawdown	9.41	10.47	-1.06

HWMIX vs. HWLIX - Sharpe Ratio Comparison

The current HWMIX Sharpe Ratio is 1.50, which is comparable to the HWLIX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of HWMIX and HWLIX, 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

HWMIX vs. HWLIX - Drawdown Comparison

The maximum HWMIX drawdown since its inception was -69.84%, roughly equal to the maximum HWLIX drawdown of -70.48%. Use the drawdown chart below to compare losses from any high point for HWMIX and HWLIX.

Drawdown Indicators

	HWMIX	HWLIX	Difference
Max Drawdown Largest peak-to-trough decline	-69.84%	-70.48%	+0.64%
Max Drawdown (1Y) Largest decline over 1 year	-7.16%	-6.33%	-0.83%
Max Drawdown (3Y) Largest decline over 3 years	-25.90%	-16.82%	-9.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.90%	-24.69%	-1.21%
Max Drawdown (10Y) Largest decline over 10 years	-63.21%	-46.72%	-16.49%
Current Drawdown Current decline from peak	-4.52%	-4.21%	-0.31%
Average Drawdown Average peak-to-trough decline	-10.82%	-10.52%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.05%	+0.54%

Volatility

HWMIX vs. HWLIX - Volatility Comparison

Hotchkis & Wiley Mid-Cap Value Fund (HWMIX) and Hotchkis & Wiley Large Cap Value Fund (HWLIX) have volatilities of 4.25% and 4.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWMIX	HWLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	4.21%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	10.91%	9.25%	+1.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	13.30%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.11%	18.12%	+3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.53%	21.53%	+4.00%

HWMIX vs. HWLIX - Expense Ratio Comparison

HWMIX has a 1.01% expense ratio, which is higher than HWLIX's 0.95% expense ratio.

Dividends

HWMIX vs. HWLIX - Dividend Comparison

HWMIX's dividend yield for the trailing twelve months is around 1.25%, less than HWLIX's 7.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWLIX Hotchkis & Wiley Large Cap Value Fund	7.72%	8.12%	11.29%	11.12%	8.48%	0.86%	1.65%	1.62%	3.55%	1.67%	1.94%	1.59%
HWMIX Hotchkis & Wiley Mid-Cap Value Fund	1.25%	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 HWMIX and HWLIX in my portfolio?

With a correlation of 0.91, HWMIX and HWLIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HWMIX or HWLIX?

HWMIX has higher volatility (4.25%) compared to HWLIX (4.21%). In terms of maximum drawdown, HWMIX dropped -69.84% vs HWLIX's -70.48%.

Which has better risk-adjusted returns?

HWLIX currently has the higher Sharpe Ratio (1.62 vs 1.50), 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.