HWSM vs. RNIN

Last updated Aug 1, 2026

HWSM (Hotchkis & Wiley SMID Cap Diversified Value ETF) and RNIN (Bushido Capital US SMID Cap Equity ETF) are both Mid Cap Value Equities funds. Both are actively managed. Over the past year, HWSM returned 27.36% vs 41.34% for RNIN. Their correlation of 0.81 means they have usually moved in the same direction. HWSM charges 0.55%/yr vs 0.68%/yr for RNIN.

Performance

HWSM vs. RNIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) and Bushido Capital US SMID Cap Equity ETF (RNIN). 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 lower than RNIN's 30.02% return.

HWSM

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

RNIN

• 1D: 0.32%
• 1M: 8.28%
• 6M: 27.27%
• YTD: 30.02%
• 1Y: 41.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.34%

*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)
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	$461.44	$384.46	$2.38K
RNIN Bushido Capital US SMID Cap Equity ETF	$576.14K	$321.31K	$205.27K

HWSM vs. RNIN - Yearly Performance Comparison

	2026 (YTD)	2025
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	15.69%	11.80%
RNIN Bushido Capital US SMID Cap Equity ETF	30.02%	10.92%

Correlation

The correlation between HWSM and RNIN is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (All Time) Calculated using the full available price history since May 15, 2025	0.81

The correlation between HWSM and RNIN has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

Return for Risk

HWSM vs. RNIN — 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

RNIN

RNIN Risk / Return Rank: 94
RNIN Sharpe Ratio Rank: 92
RNIN Sortino Ratio Rank: 93
RNIN Omega Ratio Rank: 90
RNIN Calmar Ratio Rank: 96
RNIN Martin Ratio Rank: 96

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. RNIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) and Bushido Capital US SMID Cap Equity ETF (RNIN). 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	RNIN	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.45	-0.79
Sortino ratio: Return per unit of downside risk	2.49	3.53	-1.04
Omega ratio: Gain probability vs. loss probability	1.30	1.43	-0.13
Calmar ratio: Return relative to maximum drawdown	2.45	6.90	-4.45
Martin ratio: Return relative to average drawdown	8.43	23.80	-15.38

HWSM vs. RNIN - Sharpe Ratio Comparison

The current HWSM Sharpe Ratio is 1.66, which is lower than the RNIN Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of HWSM and RNIN, 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. RNIN - Drawdown Comparison

The maximum HWSM drawdown since its inception was -15.67%, which is greater than RNIN's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for HWSM and RNIN.

Drawdown Indicators

	HWSM	RNIN	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-5.70%	-9.97%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-5.70%	-4.53%
Current Drawdown Current decline from peak	-1.83%	-1.78%	-0.05%
Average Drawdown Average peak-to-trough decline	-2.51%	-1.27%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	1.65%	+1.32%

Volatility

HWSM vs. RNIN - Volatility Comparison

The current volatility for Hotchkis & Wiley SMID Cap Diversified Value ETF (HWSM) is 3.56%, while Bushido Capital US SMID Cap Equity ETF (RNIN) has a volatility of 6.41%. This indicates that HWSM experiences smaller price fluctuations and is considered to be less risky than RNIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWSM	RNIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	6.41%	-2.85%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	12.30%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	16.08%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.74%	15.74%	+4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	15.74%	+4.00%

HWSM vs. RNIN - Expense Ratio Comparison

HWSM has a 0.55% expense ratio, which is lower than RNIN's 0.68% expense ratio.

Dividends

HWSM vs. RNIN - Dividend Comparison

HWSM's dividend yield for the trailing twelve months is around 1.15%, more than RNIN's 0.80% yield.

Position	TTM	2025
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF	1.15%	1.33%
RNIN Bushido Capital US SMID Cap Equity ETF	0.80%	0.71%

Frequently Asked Questions

Can I hold both HWSM and RNIN in my portfolio?

HWSM and RNIN have a correlation of 0.78, 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 RNIN?

RNIN has higher volatility (6.41%) compared to HWSM (3.56%). In terms of maximum drawdown, HWSM dropped -15.67% vs RNIN's -5.70%.

Which ETF is better, HWSM or RNIN?

On 1-year performance, RNIN leads with 41.34% vs 27.36% for HWSM. On fees, HWSM is cheaper at 0.55% per year. On volatility, HWSM has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HWSM or RNIN?

Over the 1-year period, RNIN has performed better with a 41.34% return vs 27.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HWSM or RNIN?

HWSM is cheaper with a 0.55% expense ratio, compared with 0.68% for RNIN.

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

HWSM has the higher dividend yield at 1.15%, compared with 0.80% for RNIN.

What is the main difference between HWSM and RNIN?

They also come from different issuers: Hotchkis & Wiley and Bushido. Their fees differ too: 0.55% for HWSM and 0.68% for RNIN.

Which has better risk-adjusted returns?

RNIN currently has the higher Sharpe Ratio (2.45 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.