HWSM vs. NIXT

Last updated Jun 24, 2026

HWSM (Hotchkis & Wiley SMID Cap Diversified Value ETF) and NIXT (Research Affiliates Deletions ETF) are both Mid Cap Value Equities funds. HWSM is actively managed, while NIXT is passively managed. Over the past year, HWSM returned 23.75% vs 31.25% for NIXT. Their correlation of 0.85 suggests significant overlap in exposure. HWSM charges 0.55%/yr vs 0.09%/yr for NIXT.

Performance

HWSM vs. NIXT - Performance Comparison

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

Returns By Period

In the year-to-date period, HWSM achieves a 10.81% return, which is significantly lower than NIXT's 17.18% return.

HWSM

• 1D: 0.09%
• 1M: 2.22%
• YTD: 10.81%
• 6M: 9.51%
• 1Y: 23.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NIXT

• 1D: 0.48%
• 1M: -1.30%
• YTD: 17.18%
• 6M: 15.80%
• 1Y: 31.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HWSM vs. NIXT - Yearly Performance Comparison

	2026 (YTD)	2025
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	10.81%	12.92%
NIXT Research Affiliates Deletions ETF	17.18%	15.28%

Correlation

The correlation between HWSM and NIXT is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Mar 31, 2025	0.85

The correlation between HWSM and NIXT has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

Return for Risk

HWSM vs. NIXT — Risk / Return Rank

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

HWSM

HWSM Risk / Return Rank: 50
HWSM Sharpe Ratio Rank: 48
HWSM Sortino Ratio Rank: 52
HWSM Omega Ratio Rank: 46
HWSM Calmar Ratio Rank: 51
HWSM Martin Ratio Rank: 50

NIXT

NIXT Risk / Return Rank: 49
NIXT Sharpe Ratio Rank: 45
NIXT Sortino Ratio Rank: 47
NIXT Omega Ratio Rank: 41
NIXT Calmar Ratio Rank: 58
NIXT Martin Ratio Rank: 55

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.

HWSM vs. NIXT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) and Research Affiliates Deletions ETF (NIXT). 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	NIXT	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.48	+0.05
Sortino ratio: Return per unit of downside risk	2.30	2.19	+0.11
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.33	2.68	-0.35
Martin ratio: Return relative to average drawdown	7.80	9.03	-1.24

HWSM vs. NIXT - Sharpe Ratio Comparison

The current HWSM Sharpe Ratio is 1.53, which is comparable to the NIXT Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of HWSM and NIXT, 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. NIXT - Drawdown Comparison

The maximum HWSM drawdown since its inception was -15.67%, smaller than the maximum NIXT drawdown of -27.75%. Use the drawdown chart below to compare losses from any high point for HWSM and NIXT.

Drawdown Indicators

	HWSM	NIXT	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-27.75%	+12.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-11.71%	+1.48%
Current Drawdown Current decline from peak	-1.85%	-3.28%	+1.43%
Average Drawdown Average peak-to-trough decline	-2.68%	-5.84%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	3.47%	-0.42%

Volatility

HWSM vs. NIXT - Volatility Comparison

The current volatility for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) is 3.40%, while Research Affiliates Deletions ETF (NIXT) has a volatility of 5.33%. This indicates that HWSM experiences smaller price fluctuations and is considered to be less risky than NIXT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWSM	NIXT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	5.33%	-1.93%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	14.42%	-4.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	21.23%	-5.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.32%	23.18%	-2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	23.18%	-2.86%

HWSM vs. NIXT - Expense Ratio Comparison

HWSM has a 0.55% expense ratio, which is higher than NIXT's 0.09% expense ratio.

Dividends

HWSM vs. NIXT - Dividend Comparison

HWSM's dividend yield for the trailing twelve months is around 1.20%, less than NIXT's 1.36% yield.

Position	TTM	2025	2024
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	1.20%	1.33%	0.00%
NIXT Research Affiliates Deletions ETF	1.36%	1.64%	1.39%

Frequently Asked Questions

Can I hold both HWSM and NIXT in my portfolio?

HWSM and NIXT have a correlation of 0.84, 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 NIXT?

NIXT has higher volatility (5.33%) compared to HWSM (3.40%). In terms of maximum drawdown, HWSM dropped -15.67% vs NIXT's -27.75%.

Which ETF is better, HWSM or NIXT?

On 1-year performance, NIXT leads with 31.25% vs 23.75% for HWSM. On fees, NIXT is cheaper at 0.09% per year. On volatility, HWSM has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWSM or NIXT?

Over the 1-year period, NIXT has performed better with a 31.25% return vs 23.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWSM or NIXT?

NIXT is cheaper with a 0.09% expense ratio, compared with 0.55% for HWSM.

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

NIXT has the higher dividend yield at 1.36%, compared with 1.20% for HWSM.

What is the main difference between HWSM and NIXT?

They also come from different issuers: Hotchkis & Wiley and Research Affiliates. Their fees differ too: 0.55% for HWSM and 0.09% for NIXT.

Which has better risk-adjusted returns?

HWSM currently has the higher Sharpe Ratio (1.53 vs 1.48), 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.