HWSAX vs. HWHIX

Last updated Jun 23, 2026

HWSAX (Hotchkis & Wiley Small Cap Value Fund Class A) and HWHIX (Hotchkis & Wiley High Yield Fund) are both mutual funds - HWSAX is a Small Cap Value Equities fund managed by Hotchkis & Wiley, while HWHIX is a High Yield Bonds fund managed by Hotchkis & Wiley. Over the past 10 years, HWSAX returned 10.59%/yr vs 4.22%/yr for HWHIX. At a 0.42 correlation, their price movements are largely independent. HWSAX charges 1.21%/yr vs 0.70%/yr for HWHIX.

Performance

HWSAX vs. HWHIX - 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 Hotchkis & Wiley High Yield Fund (HWHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWSAX achieves a 15.33% return, which is significantly higher than HWHIX's 1.01% return. Over the past 10 years, HWSAX has outperformed HWHIX with an annualized return of 10.59%, while HWHIX has yielded a comparatively lower 4.22% annualized return.

HWSAX

• 1D: 0.13%
• 1M: 0.91%
• YTD: 15.33%
• 6M: 13.40%
• 1Y: 23.67%
• 3Y*: 11.09%
• 5Y*: 10.19%
• 10Y*: 10.59%

HWHIX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 1.01%
• 6M: 1.67%
• 1Y: 5.31%
• 3Y*: 7.42%
• 5Y*: 3.42%
• 10Y*: 4.22%

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

HWSAX vs. HWHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWSAX Hotchkis & Wiley Small Cap Value Fund Class A	15.33%	1.38%	4.77%	18.56%	2.81%	35.32%	-0.50%	20.26%	-15.23%	7.39%
HWHIX Hotchkis & Wiley High Yield Fund	1.01%	7.28%	7.23%	12.00%	-11.08%	6.25%	3.85%	9.61%	-3.37%	6.62%

Correlation

The correlation between HWSAX and HWHIX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.48
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 Mar 31, 2009	0.42

Return for Risk

HWSAX vs. HWHIX — Risk / Return Rank

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

HWSAX

HWSAX Risk / Return Rank: 32
HWSAX Sharpe Ratio Rank: 27
HWSAX Sortino Ratio Rank: 27
HWSAX Omega Ratio Rank: 27
HWSAX Calmar Ratio Rank: 42
HWSAX Martin Ratio Rank: 37

HWHIX

HWHIX Risk / Return Rank: 40
HWHIX Sharpe Ratio Rank: 34
HWHIX Sortino Ratio Rank: 45
HWHIX Omega Ratio Rank: 41
HWHIX Calmar Ratio Rank: 33
HWHIX Martin Ratio Rank: 45

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. HWHIX - 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 Hotchkis & Wiley High Yield Fund (HWHIX). 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.

	HWSAX	HWHIX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.57	-0.17
Sortino ratio: Return per unit of downside risk	2.02	2.60	-0.58
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.07
Calmar ratio: Return relative to maximum drawdown	2.37	2.06	+0.31
Martin ratio: Return relative to average drawdown	7.77	8.95	-1.19

HWSAX vs. HWHIX - Sharpe Ratio Comparison

The current HWSAX Sharpe Ratio is 1.39, which is comparable to the HWHIX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of HWSAX and HWHIX, 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

HWSAX vs. HWHIX - Drawdown Comparison

The maximum HWSAX drawdown since its inception was -72.14%, which is greater than HWHIX's maximum drawdown of -23.03%. Use the drawdown chart below to compare losses from any high point for HWSAX and HWHIX.

Drawdown Indicators

	HWSAX	HWHIX	Difference
Max Drawdown Largest peak-to-trough decline	-72.14%	-23.03%	-49.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.06%	-2.64%	-7.42%
Max Drawdown (3Y) Largest decline over 3 years	-26.98%	-4.08%	-22.90%
Max Drawdown (5Y) Largest decline over 5 years	-26.98%	-15.02%	-11.96%
Max Drawdown (10Y) Largest decline over 10 years	-53.82%	-23.03%	-30.79%
Current Drawdown Current decline from peak	-2.59%	-0.29%	-2.30%
Average Drawdown Average peak-to-trough decline	-10.94%	-3.80%	-7.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	0.61%	+2.46%

Volatility

HWSAX vs. HWHIX - Volatility Comparison

Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX) has a higher volatility of 3.98% compared to Hotchkis & Wiley High Yield Fund (HWHIX) at 1.11%. This indicates that HWSAX's price experiences larger fluctuations and is considered to be riskier than HWHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWSAX	HWHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	1.11%	+2.87%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	2.71%	+8.43%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	3.47%	+13.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.49%	4.71%	+16.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.61%	5.11%	+19.50%

HWSAX vs. HWHIX - Expense Ratio Comparison

HWSAX has a 1.21% expense ratio, which is higher than HWHIX's 0.70% expense ratio.

Dividends

HWSAX vs. HWHIX - Dividend Comparison

HWSAX's dividend yield for the trailing twelve months is around 0.60%, less than HWHIX's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HWHIX Hotchkis & Wiley High Yield Fund	6.37%	6.24%	6.27%	4.77%	4.03%	4.02%	5.47%	5.92%	6.24%	4.42%	0.00%	0.86%
HWSAX Hotchkis & Wiley Small Cap Value Fund Class A	0.60%	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 HWHIX in my portfolio?

HWSAX and HWHIX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWSAX or HWHIX?

HWSAX has higher volatility (3.98%) compared to HWHIX (1.11%). In terms of maximum drawdown, HWSAX dropped -72.14% vs HWHIX's -23.03%.

Which has better risk-adjusted returns?

HWHIX currently has the higher Sharpe Ratio (1.57 vs 1.39), 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.