HWSIX vs. NDVIX

Last updated Jun 4, 2026

HWSIX (Hotchkis & Wiley Small Cap Value Fund) and NDVIX (MFS New Discovery Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, HWSIX returned 10.98%/yr vs 10.31%/yr for NDVIX. Their correlation of 0.93 suggests significant overlap in exposure. HWSIX charges 1.06%/yr vs 0.93%/yr for NDVIX.

Performance

HWSIX vs. NDVIX - Performance Comparison

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

Returns By Period

In the year-to-date period, HWSIX achieves a 17.70% return, which is significantly higher than NDVIX's 9.04% return. Over the past 10 years, HWSIX has outperformed NDVIX with an annualized return of 10.98%, while NDVIX has yielded a comparatively lower 10.31% annualized return.

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%

NDVIX

• 1D: 0.55%
• 1M: 0.38%
• YTD: 9.04%
• 6M: 8.28%
• 1Y: 18.33%
• 3Y*: 10.77%
• 5Y*: 4.82%
• 10Y*: 10.31%

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

HWSIX vs. NDVIX - 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%
NDVIX MFS New Discovery Value Fund	9.04%	2.38%	9.34%	11.20%	-10.79%	33.58%	3.65%	33.65%	-11.13%	14.54%

Correlation

The correlation between HWSIX and NDVIX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 27, 2011	0.93

The correlation between HWSIX and NDVIX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

HWSIX vs. NDVIX — 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

NDVIX

NDVIX Risk / Return Rank: 20
NDVIX Sharpe Ratio Rank: 18
NDVIX Sortino Ratio Rank: 19
NDVIX Omega Ratio Rank: 17
NDVIX Calmar Ratio Rank: 24
NDVIX Martin Ratio Rank: 24

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. NDVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley Small Cap Value Fund (HWSIX) and MFS New Discovery Value Fund (NDVIX). 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	NDVIX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.21	+0.63
Sortino ratio: Return per unit of downside risk	2.60	1.84	+0.76
Omega ratio: Gain probability vs. loss probability	1.33	1.22	+0.11
Calmar ratio: Return relative to maximum drawdown	3.16	1.84	+1.32
Martin ratio: Return relative to average drawdown	10.38	5.93	+4.45
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. NDVIX - Sharpe Ratio Comparison

The current HWSIX Sharpe Ratio is 1.84, which is higher than the NDVIX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of HWSIX and NDVIX, 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	NDVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.21	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.24	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.47	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.50	-0.04

Drawdowns

HWSIX vs. NDVIX - Drawdown Comparison

The maximum HWSIX drawdown since its inception was -72.00%, which is greater than NDVIX's maximum drawdown of -44.03%. Use the drawdown chart below to compare losses from any high point for HWSIX and NDVIX.

Drawdown Indicators

	HWSIX	NDVIX	Difference
Max Drawdown Largest peak-to-trough decline	-72.00%	-44.03%	-27.97%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-10.87%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-26.92%	-25.59%	-1.33%
Max Drawdown (5Y) Largest decline over 5 years	-26.92%	-25.59%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	-53.67%	-44.03%	-9.64%
Current Drawdown Current decline from peak	0.00%	-1.82%	+1.82%
Average Drawdown Average peak-to-trough decline	-12.08%	-6.14%	-5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.37%	-0.33%

Volatility

HWSIX vs. NDVIX - Volatility Comparison

The current volatility for Hotchkis & Wiley Small Cap Value Fund (HWSIX) is 3.77%, while MFS New Discovery Value Fund (NDVIX) has a volatility of 4.37%. This indicates that HWSIX experiences smaller price fluctuations and is considered to be less risky than NDVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWSIX	NDVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	4.37%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	11.46%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	17.23%	16.52%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	20.05%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.64%	21.83%	+2.81%

HWSIX vs. NDVIX - Expense Ratio Comparison

HWSIX has a 1.06% expense ratio, which is higher than NDVIX's 0.93% expense ratio.

Dividends

HWSIX vs. NDVIX - Dividend Comparison

HWSIX's dividend yield for the trailing twelve months is around 0.86%, less than NDVIX's 9.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NDVIX MFS New Discovery Value Fund	9.86%	10.76%	6.57%	6.24%	8.27%	9.36%	1.93%	4.80%	8.09%	5.14%	4.40%	2.70%

Frequently Asked Questions

Can I hold both HWSIX and NDVIX in my portfolio?

HWSIX and NDVIX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWSIX or NDVIX?

NDVIX has higher volatility (4.37%) compared to HWSIX (3.77%). In terms of maximum drawdown, HWSIX dropped -72.00% vs NDVIX's -44.03%.

Which has better risk-adjusted returns?

HWSIX currently has the higher Sharpe Ratio (1.84 vs 1.21), 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.