HWSAX vs. DFSVX

Last updated Jun 4, 2026

HWSAX (Hotchkis & Wiley Small Cap Value Fund Class A) and DFSVX (DFA U.S. Small Cap Value Portfolio I) are both Small Cap Value Equities funds. Over the past 10 years, HWSAX returned 10.74%/yr vs 11.50%/yr for DFSVX. Their correlation of 0.94 suggests significant overlap in exposure. HWSAX charges 1.21%/yr vs 0.30%/yr for DFSVX.

Performance

HWSAX vs. DFSVX - Performance Comparison

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

Returns By Period

In the year-to-date period, HWSAX achieves a 17.59% return, which is significantly higher than DFSVX's 16.32% return. Over the past 10 years, HWSAX has underperformed DFSVX with an annualized return of 10.74%, while DFSVX has yielded a comparatively higher 11.50% annualized return.

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%

DFSVX

• 1D: 0.96%
• 1M: 2.50%
• YTD: 16.32%
• 6M: 15.74%
• 1Y: 34.94%
• 3Y*: 18.16%
• 5Y*: 10.22%
• 10Y*: 11.50%

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

HWSAX vs. DFSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DFSVX DFA U.S. Small Cap Value Portfolio I	16.32%	8.37%	9.58%	19.02%	-3.57%	39.97%	2.24%	18.15%	-15.13%	6.82%

Correlation

The correlation between HWSAX and DFSVX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 9, 2000	0.94

The correlation between HWSAX and DFSVX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

HWSAX vs. DFSVX — Risk / Return Rank

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

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

DFSVX

DFSVX Risk / Return Rank: 61
DFSVX Sharpe Ratio Rank: 53
DFSVX Sortino Ratio Rank: 54
DFSVX Omega Ratio Rank: 48
DFSVX Calmar Ratio Rank: 84
DFSVX Martin Ratio Rank: 64

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.

HWSAX vs. DFSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX) and DFA U.S. Small Cap Value Portfolio I (DFSVX). 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.

	HWSAX	DFSVX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.15	-0.33
Sortino ratio: Return per unit of downside risk	2.58	3.11	-0.52
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	3.12	3.93	-0.81
Martin ratio: Return relative to average drawdown	10.23	12.54	-2.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HWSAX vs. DFSVX - Sharpe Ratio Comparison

The current HWSAX Sharpe Ratio is 1.82, which is comparable to the DFSVX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of HWSAX and DFSVX, 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

	HWSAX	DFSVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.15	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.48	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.48	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.53	-0.04

Drawdowns

HWSAX vs. DFSVX - Drawdown Comparison

The maximum HWSAX drawdown since its inception was -72.14%, which is greater than DFSVX's maximum drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for HWSAX and DFSVX.

Drawdown Indicators

	HWSAX	DFSVX	Difference
Max Drawdown Largest peak-to-trough decline	-72.14%	-66.70%	-5.44%
Max Drawdown (1Y) Largest decline over 1 year	-10.06%	-9.59%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-26.98%	-27.69%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-26.98%	-27.69%	+0.71%
Max Drawdown (10Y) Largest decline over 10 years	-53.82%	-52.12%	-1.70%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.96%	-9.47%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.99%	+0.07%

Volatility

HWSAX vs. DFSVX - Volatility Comparison

The current volatility for Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX) is 3.76%, while DFA U.S. Small Cap Value Portfolio I (DFSVX) has a volatility of 4.26%. This indicates that HWSAX experiences smaller price fluctuations and is considered to be less risky than DFSVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWSAX	DFSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	4.26%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	11.34%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	17.23%	17.53%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	21.49%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.62%	23.90%	+0.72%

HWSAX vs. DFSVX - Expense Ratio Comparison

HWSAX has a 1.21% expense ratio, which is higher than DFSVX's 0.30% expense ratio.

Dividends

HWSAX vs. DFSVX - Dividend Comparison

HWSAX's dividend yield for the trailing twelve months is around 0.59%, less than DFSVX's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSVX DFA U.S. Small Cap Value Portfolio I	1.50%	1.69%	1.47%	3.67%	6.77%	10.40%	1.96%	2.83%	7.54%	5.18%	4.18%	5.29%
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 HWSAX and DFSVX in my portfolio?

With a correlation of 0.90, HWSAX and DFSVX 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, HWSAX or DFSVX?

DFSVX has higher volatility (4.26%) compared to HWSAX (3.76%). In terms of maximum drawdown, HWSAX dropped -72.14% vs DFSVX's -66.70%.

Which has better risk-adjusted returns?

DFSVX currently has the higher Sharpe Ratio (2.15 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.