LLPFX vs. HDCTX

Last updated Jun 4, 2026

LLPFX (Longleaf Partners Fund) and HDCTX (Rational Equity Armor Fund) are both Large Cap Value Equities funds. Over the past 10 years, LLPFX returned 5.66%/yr vs 5.66%/yr for HDCTX. A 0.73 correlation means they provide meaningful diversification when combined. LLPFX charges 0.79%/yr vs 1.17%/yr for HDCTX.

Performance

LLPFX vs. HDCTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Longleaf Partners Fund (LLPFX) and Rational Equity Armor Fund (HDCTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LLPFX achieves a -2.03% return, which is significantly lower than HDCTX's 11.26% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: LLPFX at 5.66% and HDCTX at 5.66%.

LLPFX

• 1D: -0.05%
• 1M: 0.69%
• YTD: -2.03%
• 6M: -2.72%
• 1Y: 3.26%
• 3Y*: 7.29%
• 5Y*: 0.61%
• 10Y*: 5.66%

HDCTX

• 1D: 0.34%
• 1M: 4.63%
• YTD: 11.26%
• 6M: 8.64%
• 1Y: 21.27%
• 3Y*: 16.02%
• 5Y*: 7.04%
• 10Y*: 5.66%

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

LLPFX vs. HDCTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LLPFX Longleaf Partners Fund	-2.03%	2.88%	8.82%	24.50%	-23.20%	23.42%	10.27%	16.81%	-17.94%	15.55%
HDCTX Rational Equity Armor Fund	11.26%	12.64%	16.85%	2.95%	-10.68%	14.52%	15.85%	11.32%	-11.94%	-1.99%

Correlation

The correlation between LLPFX and HDCTX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Mar 1, 2001	0.73

Over the past year, the correlation between LLPFX and HDCTX has dropped to 0.38 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

LLPFX vs. HDCTX — Risk / Return Rank

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

LLPFX

LLPFX Risk / Return Rank: 4
LLPFX Sharpe Ratio Rank: 4
LLPFX Sortino Ratio Rank: 4
LLPFX Omega Ratio Rank: 4
LLPFX Calmar Ratio Rank: 5
LLPFX Martin Ratio Rank: 4

HDCTX

HDCTX Risk / Return Rank: 57
HDCTX Sharpe Ratio Rank: 61
HDCTX Sortino Ratio Rank: 64
HDCTX Omega Ratio Rank: 55
HDCTX Calmar Ratio Rank: 65
HDCTX Martin Ratio Rank: 38

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.

LLPFX vs. HDCTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Longleaf Partners Fund (LLPFX) and Rational Equity Armor Fund (HDCTX). 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.

	LLPFX	HDCTX	Difference
Sharpe ratio: Return per unit of total volatility	0.29	2.30	-2.01
Sortino ratio: Return per unit of downside risk	0.53	3.36	-2.83
Omega ratio: Gain probability vs. loss probability	1.06	1.41	-0.35
Calmar ratio: Return relative to maximum drawdown	0.43	3.11	-2.68
Martin ratio: Return relative to average drawdown	0.94	8.25	-7.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LLPFX vs. HDCTX - Sharpe Ratio Comparison

The current LLPFX Sharpe Ratio is 0.29, which is lower than the HDCTX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of LLPFX and HDCTX, 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

	LLPFX	HDCTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	2.30	-2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.66	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.49	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.40	+0.11

Drawdowns

LLPFX vs. HDCTX - Drawdown Comparison

The maximum LLPFX drawdown since its inception was -65.74%, which is greater than HDCTX's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for LLPFX and HDCTX.

Drawdown Indicators

	LLPFX	HDCTX	Difference
Max Drawdown Largest peak-to-trough decline	-65.74%	-59.05%	-6.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.77%	-6.95%	-2.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.52%	-11.74%	-7.78%
Max Drawdown (5Y) Largest decline over 5 years	-32.20%	-18.22%	-13.98%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-19.43%	-24.14%
Current Drawdown Current decline from peak	-5.56%	-0.83%	-4.73%
Average Drawdown Average peak-to-trough decline	-9.45%	-6.41%	-3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	2.61%	+1.81%

Volatility

LLPFX vs. HDCTX - Volatility Comparison

Longleaf Partners Fund (LLPFX) and Rational Equity Armor Fund (HDCTX) have volatilities of 3.66% and 3.84%, 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

	LLPFX	HDCTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	3.84%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	9.07%	6.95%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	9.39%	+4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.40%	10.67%	+7.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.29%	11.53%	+7.76%

LLPFX vs. HDCTX - Expense Ratio Comparison

LLPFX has a 0.79% expense ratio, which is lower than HDCTX's 1.17% expense ratio.

Dividends

LLPFX vs. HDCTX - Dividend Comparison

LLPFX's dividend yield for the trailing twelve months is around 13.14%, more than HDCTX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDCTX Rational Equity Armor Fund	0.18%	0.00%	0.00%	0.17%	0.78%	1.21%	1.10%	5.37%	7.86%	5.60%	3.28%	15.32%
LLPFX Longleaf Partners Fund	13.14%	12.87%	1.02%	0.67%	4.49%	7.79%	2.95%	5.44%	22.49%	8.85%	2.10%	18.65%

Frequently Asked Questions

Can I hold both LLPFX and HDCTX in my portfolio?

LLPFX and HDCTX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LLPFX or HDCTX?

HDCTX has higher volatility (3.84%) compared to LLPFX (3.66%). In terms of maximum drawdown, LLPFX dropped -65.74% vs HDCTX's -59.05%.

Which has better risk-adjusted returns?

HDCTX currently has the higher Sharpe Ratio (2.30 vs 0.29), 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.