HWSAX vs. PPVIX

Last updated Jun 4, 2026

HWSAX (Hotchkis & Wiley Small Cap Value Fund Class A) and PPVIX (Principal SmallCap Value Fund II) are both Small Cap Value Equities funds. Over the past 10 years, HWSAX returned 10.74%/yr vs 10.83%/yr for PPVIX. Their correlation of 0.94 suggests significant overlap in exposure. HWSAX charges 1.21%/yr vs 0.96%/yr for PPVIX.

Performance

HWSAX vs. PPVIX - 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 Principal SmallCap Value Fund II (PPVIX). 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 PPVIX's 11.72% return. Both investments have delivered pretty close results over the past 10 years, with HWSAX having a 10.74% annualized return and PPVIX not far ahead at 10.83%.

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%

PPVIX

• 1D: 1.11%
• 1M: 0.63%
• YTD: 11.72%
• 6M: 10.83%
• 1Y: 29.42%
• 3Y*: 17.56%
• 5Y*: 9.40%
• 10Y*: 10.83%

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

HWSAX vs. PPVIX - 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%
PPVIX Principal SmallCap Value Fund II	11.72%	8.18%	16.09%	20.00%	-9.20%	32.00%	3.61%	23.19%	-14.74%	6.94%

Correlation

The correlation between HWSAX and PPVIX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 3, 2004	0.94

The correlation between HWSAX and PPVIX has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

Return for Risk

HWSAX vs. PPVIX — 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

PPVIX

PPVIX Risk / Return Rank: 53
PPVIX Sharpe Ratio Rank: 43
PPVIX Sortino Ratio Rank: 45
PPVIX Omega Ratio Rank: 40
PPVIX Calmar Ratio Rank: 76
PPVIX Martin Ratio Rank: 60

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. PPVIX - 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 Principal SmallCap Value Fund II (PPVIX). 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	PPVIX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.92	-0.10
Sortino ratio: Return per unit of downside risk	2.58	2.82	-0.23
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	3.12	3.46	-0.34
Martin ratio: Return relative to average drawdown	10.23	11.90	-1.68
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. PPVIX - Sharpe Ratio Comparison

The current HWSAX Sharpe Ratio is 1.82, which is comparable to the PPVIX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of HWSAX and PPVIX, 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	PPVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	1.92	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.45	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.48	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.39	+0.09

Drawdowns

HWSAX vs. PPVIX - Drawdown Comparison

The maximum HWSAX drawdown since its inception was -72.14%, which is greater than PPVIX's maximum drawdown of -64.79%. Use the drawdown chart below to compare losses from any high point for HWSAX and PPVIX.

Drawdown Indicators

	HWSAX	PPVIX	Difference
Max Drawdown Largest peak-to-trough decline	-72.14%	-64.79%	-7.35%
Max Drawdown (1Y) Largest decline over 1 year	-10.06%	-9.21%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-26.98%	-22.89%	-4.09%
Max Drawdown (5Y) Largest decline over 5 years	-26.98%	-22.89%	-4.09%
Max Drawdown (10Y) Largest decline over 10 years	-53.82%	-45.87%	-7.95%
Current Drawdown Current decline from peak	0.00%	-0.85%	+0.85%
Average Drawdown Average peak-to-trough decline	-10.96%	-9.69%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.67%	+0.39%

Volatility

HWSAX vs. PPVIX - Volatility Comparison

Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX) and Principal SmallCap Value Fund II (PPVIX) have volatilities of 3.76% and 3.88%, 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

	HWSAX	PPVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	3.88%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	10.84%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.23%	16.63%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	21.13%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.62%	22.64%	+1.98%

HWSAX vs. PPVIX - Expense Ratio Comparison

HWSAX has a 1.21% expense ratio, which is higher than PPVIX's 0.96% expense ratio.

Dividends

HWSAX vs. PPVIX - Dividend Comparison

HWSAX's dividend yield for the trailing twelve months is around 0.59%, less than PPVIX's 7.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PPVIX Principal SmallCap Value Fund II	7.95%	8.88%	20.81%	3.11%	11.81%	15.05%	0.76%	0.88%	26.50%	6.37%	5.98%	11.97%

Frequently Asked Questions

Can I hold both HWSAX and PPVIX in my portfolio?

HWSAX and PPVIX have a correlation of 0.87, 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 PPVIX?

PPVIX has higher volatility (3.88%) compared to HWSAX (3.76%). In terms of maximum drawdown, HWSAX dropped -72.14% vs PPVIX's -64.79%.

Which has better risk-adjusted returns?

PPVIX currently has the higher Sharpe Ratio (1.92 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.