HWSIX vs. HWSAX

Last updated Jun 4, 2026

HWSIX (Hotchkis & Wiley Small Cap Value Fund) and HWSAX (Hotchkis & Wiley Small Cap Value Fund Class A) are both Small Cap Value Equities funds from Hotchkis & Wiley. Over the past 10 years, HWSIX returned 10.98%/yr vs 10.74%/yr for HWSAX. With a 1.00 correlation, they move nearly in lockstep. HWSIX charges 1.06%/yr vs 1.21%/yr for HWSAX.

Performance

HWSIX vs. HWSAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with HWSIX having a 17.70% return and HWSAX slightly lower at 17.59%. Both investments have delivered pretty close results over the past 10 years, with HWSIX having a 10.98% annualized return and HWSAX not far behind at 10.74%.

HWSIX

• 1D: 1.03%
• 1M: 2.97%
• YTD: 17.70%
• 6M: 15.91%
• 1Y: 28.91%
• 3Y*: 13.09%
• 5Y*: 9.57%
• 10Y*: 10.98%

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%

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

HWSIX vs. HWSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HWSIX Hotchkis & Wiley Small Cap Value Fund	17.70%	1.60%	5.00%	18.85%	2.97%	35.54%	-0.31%	20.54%	-15.03%	7.66%
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%

Correlation

The correlation between HWSIX and HWSAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Oct 9, 2000	1.00

The correlation between HWSIX and HWSAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

HWSIX vs. HWSAX — Risk / Return Rank

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

HWSIX

HWSIX Risk / Return Rank: 47
HWSIX Sharpe Ratio Rank: 40
HWSIX Sortino Ratio Rank: 39
HWSIX Omega Ratio Rank: 38
HWSIX Calmar Ratio Rank: 67
HWSIX Martin Ratio Rank: 50

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

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.

HWSIX vs. HWSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley Small Cap Value Fund (HWSIX) and Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX). 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.

	HWSIX	HWSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.82	+0.02
Sortino ratio: Return per unit of downside risk	2.60	2.58	+0.02
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	3.16	3.12	+0.04
Martin ratio: Return relative to average drawdown	10.38	10.23	+0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HWSIX vs. HWSAX - Sharpe Ratio Comparison

The current HWSIX Sharpe Ratio is 1.84, which is comparable to the HWSAX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of HWSIX and HWSAX, 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

	HWSIX	HWSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.82	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.44	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.44	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.48	-0.03

Drawdowns

HWSIX vs. HWSAX - Drawdown Comparison

The maximum HWSIX drawdown since its inception was -72.00%, roughly equal to the maximum HWSAX drawdown of -72.14%. Use the drawdown chart below to compare losses from any high point for HWSIX and HWSAX.

Drawdown Indicators

	HWSIX	HWSAX	Difference
Max Drawdown Largest peak-to-trough decline	-72.00%	-72.14%	+0.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-10.06%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-26.92%	-26.98%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-26.92%	-26.98%	+0.06%
Max Drawdown (10Y) Largest decline over 10 years	-53.67%	-53.82%	+0.15%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.08%	-10.96%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.06%	-0.02%

Volatility

HWSIX vs. HWSAX - Volatility Comparison

Hotchkis & Wiley Small Cap Value Fund (HWSIX) and Hotchkis & Wiley Small Cap Value Fund Class A (HWSAX) have volatilities of 3.77% and 3.76%, 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

	HWSIX	HWSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	3.76%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	11.25%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.23%	17.23%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	21.54%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.64%	24.62%	+0.02%

HWSIX vs. HWSAX - Expense Ratio Comparison

HWSIX has a 1.06% expense ratio, which is lower than HWSAX's 1.21% expense ratio.

Dividends

HWSIX vs. HWSAX - Dividend Comparison

HWSIX's dividend yield for the trailing twelve months is around 0.86%, more than HWSAX's 0.59% 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%
HWSIX Hotchkis & Wiley Small Cap Value Fund	0.86%	1.01%	8.35%	1.90%	13.44%	0.36%	0.80%	4.89%	9.84%	5.07%	0.41%	11.78%

Frequently Asked Questions

Can I hold both HWSIX and HWSAX in my portfolio?

With a correlation of 1.00, HWSIX and HWSAX 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, HWSIX or HWSAX?

HWSIX has higher volatility (3.77%) compared to HWSAX (3.76%). In terms of maximum drawdown, HWSIX dropped -72.00% vs HWSAX's -72.14%.

Which has better risk-adjusted returns?

HWSIX currently has the higher Sharpe Ratio (1.84 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.