HWSM vs. BENJ

Last updated Aug 1, 2026

HWSM (Hotchkis & Wiley SMID Cap Diversified Value ETF) and BENJ (Horizon Landmark ETF) are both exchange-traded funds - HWSM is a Mid Cap Value Equities fund actively managed by Hotchkis & Wiley, while BENJ is a Ultrashort Bond fund actively managed by Horizon. Both are actively managed. Over the past year, HWSM returned 27.36% vs 3.85% for BENJ. Their -0.01 correlation means they have often moved in opposite directions in the past. HWSM charges 0.55%/yr vs 0.40%/yr for BENJ.

Performance

HWSM vs. BENJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) and Horizon Landmark ETF (BENJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HWSM achieves a 15.69% return, which is significantly higher than BENJ's 2.15% return.

HWSM

• 1D: -0.47%
• 1M: 2.00%
• 6M: 11.35%
• YTD: 15.69%
• 1Y: 27.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.20%

BENJ

• 1D: 0.10%
• 1M: 0.40%
• 6M: 1.85%
• YTD: 2.15%
• 1Y: 3.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BENJ Horizon Landmark ETF	$6.92M	$4.81M	$2.38M
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	$461.44	$384.46	$2.38K

HWSM vs. BENJ - Yearly Performance Comparison

	2026 (YTD)	2025
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	15.69%	12.92%
BENJ Horizon Landmark ETF	2.15%	3.04%

Correlation

The correlation between HWSM and BENJ is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.03
Correlation (All Time) Calculated using the full available price history since Mar 31, 2025	-0.01

Return for Risk

HWSM vs. BENJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HWSM

HWSM Risk / Return Rank: 71
HWSM Sharpe Ratio Rank: 72
HWSM Sortino Ratio Rank: 76
HWSM Omega Ratio Rank: 70
HWSM Calmar Ratio Rank: 69
HWSM Martin Ratio Rank: 69

BENJ

BENJ Risk / Return Rank: 99
BENJ Sharpe Ratio Rank: 99
BENJ Sortino Ratio Rank: 98
BENJ Omega Ratio Rank: 99
BENJ Calmar Ratio Rank: 100
BENJ Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HWSM vs. BENJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) and Horizon Landmark ETF (BENJ). 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.

	HWSM	BENJ	Difference
Sharpe ratio: Return per unit of total volatility	1.66	6.58	-4.91
Sortino ratio: Return per unit of downside risk	2.49	8.22	-5.73
Omega ratio: Gain probability vs. loss probability	1.30	4.27	-2.97
Calmar ratio: Return relative to maximum drawdown	2.45	59.16	-56.71
Martin ratio: Return relative to average drawdown	8.43	341.86	-333.44

HWSM vs. BENJ - Sharpe Ratio Comparison

The current HWSM Sharpe Ratio is 1.66, which is lower than the BENJ Sharpe Ratio of 6.58. The chart below compares the historical Sharpe Ratios of HWSM and BENJ, 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

HWSM vs. BENJ - Drawdown Comparison

The maximum HWSM drawdown since its inception was -15.67%, which is greater than BENJ's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for HWSM and BENJ.

Drawdown Indicators

	HWSM	BENJ	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-0.39%	-15.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-0.06%	-10.17%
Current Drawdown Current decline from peak	-1.83%	0.00%	-1.83%
Average Drawdown Average peak-to-trough decline	-2.51%	-0.02%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	0.08%	+2.89%

Volatility

HWSM vs. BENJ - Volatility Comparison

Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) has a higher volatility of 3.56% compared to Horizon Landmark ETF (BENJ) at 0.12%. This indicates that HWSM's price experiences larger fluctuations and is considered to be riskier than BENJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWSM	BENJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	0.12%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	0.27%	+9.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	0.68%	+14.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.74%	0.59%	+19.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	0.59%	+19.15%

HWSM vs. BENJ - Expense Ratio Comparison

HWSM has a 0.55% expense ratio, which is higher than BENJ's 0.40% expense ratio.

Dividends

HWSM vs. BENJ - Dividend Comparison

HWSM's dividend yield for the trailing twelve months is around 1.15%, while BENJ has not paid dividends to shareholders.

Position	TTM	2025
BENJ Horizon Landmark ETF	0.00%	0.00%
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	1.15%	1.33%

Frequently Asked Questions

Can I hold both HWSM and BENJ in my portfolio?

HWSM and BENJ have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HWSM or BENJ?

HWSM has higher volatility (3.56%) compared to BENJ (0.12%). In terms of maximum drawdown, HWSM dropped -15.67% vs BENJ's -0.39%.

Which ETF is better, HWSM or BENJ?

On 1-year performance, HWSM leads with 27.36% vs 3.85% for BENJ. On fees, BENJ is cheaper at 0.40% per year. On volatility, BENJ has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWSM or BENJ?

Over the 1-year period, HWSM has performed better with a 27.36% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWSM or BENJ?

BENJ is cheaper with a 0.40% expense ratio, compared with 0.55% for HWSM.

Which ETF pays a higher dividend yield, HWSM or BENJ?

HWSM has the higher dividend yield at 1.15%, compared with 0.00% for BENJ.

What is the main difference between HWSM and BENJ?

HWSM is categorized as Mid Cap Value Equities, while BENJ is Ultrashort Bond. They also come from different issuers: Hotchkis & Wiley and Horizon. Their fees differ too: 0.55% for HWSM and 0.40% for BENJ.

Which has better risk-adjusted returns?

BENJ currently has the higher Sharpe Ratio (6.58 vs 1.66), 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.