HWNIX vs. HWLIX

Last updated Jun 23, 2026

HWNIX (Hotchkis & Wiley International Value Fund) and HWLIX (Hotchkis & Wiley Large Cap Value Fund) are both mutual funds - HWNIX is a Foreign Large Cap Equities fund managed by Hotchkis & Wiley, while HWLIX is a Large Cap Value Equities fund managed by Hotchkis & Wiley. Over the past 10 years, HWNIX returned 11.06%/yr vs 11.80%/yr for HWLIX. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

HWNIX vs. HWLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley International Value Fund (HWNIX) 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, HWNIX achieves a 12.63% return, which is significantly higher than HWLIX's 5.07% return. Over the past 10 years, HWNIX has underperformed HWLIX with an annualized return of 11.06%, while HWLIX has yielded a comparatively higher 11.80% annualized return.

HWNIX

• 1D: 0.39%
• 1M: 1.05%
• YTD: 12.63%
• 6M: 13.29%
• 1Y: 30.07%
• 3Y*: 22.10%
• 5Y*: 14.85%
• 10Y*: 11.06%

HWLIX

• 1D: -0.71%
• 1M: -1.73%
• YTD: 5.07%
• 6M: 4.35%
• 1Y: 21.32%
• 3Y*: 15.65%
• 5Y*: 10.58%
• 10Y*: 11.80%

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

HWNIX vs. HWLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWNIX Hotchkis & Wiley International Value Fund	12.63%	41.40%	5.92%	22.98%	-5.40%	18.12%	-2.36%	20.53%	-18.77%	18.13%
HWLIX Hotchkis & Wiley Large Cap Value Fund	5.07%	18.06%	12.80%	16.92%	-5.31%	28.86%	-0.29%	29.16%	-14.26%	18.85%

Correlation

The correlation between HWNIX and HWLIX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.81

The correlation between HWNIX and HWLIX shifts across timeframes, from 0.64 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HWNIX vs. HWLIX — Risk / Return Rank

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

HWNIX

HWNIX Risk / Return Rank: 52
HWNIX Sharpe Ratio Rank: 55
HWNIX Sortino Ratio Rank: 52
HWNIX Omega Ratio Rank: 52
HWNIX Calmar Ratio Rank: 49
HWNIX Martin Ratio Rank: 51

HWLIX

HWLIX Risk / Return Rank: 48
HWLIX Sharpe Ratio Rank: 36
HWLIX Sortino Ratio Rank: 37
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.

HWNIX vs. HWLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley International Value Fund (HWNIX) 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.

	HWNIX	HWLIX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.61	+0.40
Sortino ratio: Return per unit of downside risk	2.79	2.38	+0.41
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	2.56	3.38	-0.82
Martin ratio: Return relative to average drawdown	9.89	10.49	-0.60

HWNIX vs. HWLIX - Sharpe Ratio Comparison

The current HWNIX Sharpe Ratio is 2.01, which is comparable to the HWLIX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of HWNIX 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

HWNIX vs. HWLIX - Drawdown Comparison

The maximum HWNIX drawdown since its inception was -48.97%, smaller than the maximum HWLIX drawdown of -70.48%. Use the drawdown chart below to compare losses from any high point for HWNIX and HWLIX.

Drawdown Indicators

	HWNIX	HWLIX	Difference
Max Drawdown Largest peak-to-trough decline	-48.97%	-70.48%	+21.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.63%	-6.33%	-5.30%
Max Drawdown (3Y) Largest decline over 3 years	-14.93%	-16.82%	+1.89%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	-24.69%	-4.54%
Max Drawdown (10Y) Largest decline over 10 years	-48.97%	-46.72%	-2.25%
Current Drawdown Current decline from peak	-1.86%	-4.29%	+2.43%
Average Drawdown Average peak-to-trough decline	-7.97%	-10.52%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.03%	+0.98%

Volatility

HWNIX vs. HWLIX - Volatility Comparison

Hotchkis & Wiley International Value Fund (HWNIX) has a higher volatility of 5.03% compared to Hotchkis & Wiley Large Cap Value Fund (HWLIX) at 4.25%. This indicates that HWNIX's price experiences larger fluctuations and is considered to be riskier than HWLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWNIX	HWLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	4.25%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	9.25%	+2.88%
Volatility (1Y) Calculated over the trailing 1-year period	14.83%	13.28%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.86%	18.15%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	21.54%	-1.56%

HWNIX vs. HWLIX - Expense Ratio Comparison

Both HWNIX and HWLIX have an expense ratio of 0.95%.

Dividends

HWNIX vs. HWLIX - Dividend Comparison

HWNIX's dividend yield for the trailing twelve months is around 15.01%, more than HWLIX's 7.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWLIX Hotchkis & Wiley Large Cap Value Fund	7.73%	8.12%	11.29%	11.12%	8.48%	0.86%	1.65%	1.62%	3.55%	1.67%	1.94%	1.59%
HWNIX Hotchkis & Wiley International Value Fund	15.01%	16.90%	13.76%	8.40%	3.20%	1.46%	1.21%	3.77%	7.96%	5.89%	3.90%	0.00%

Frequently Asked Questions

Can I hold both HWNIX and HWLIX in my portfolio?

HWNIX and HWLIX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWNIX or HWLIX?

HWNIX has higher volatility (5.03%) compared to HWLIX (4.25%). In terms of maximum drawdown, HWNIX dropped -48.97% vs HWLIX's -70.48%.

Which has better risk-adjusted returns?

HWNIX currently has the higher Sharpe Ratio (2.01 vs 1.61), 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.