NCVLX vs. GQHPX

Last updated Jun 5, 2026

NCVLX (Nuance Concentrated Value Fund) and GQHPX (GQG Partners US Quality Dividend Income Fund) are both Large Cap Value Equities funds. Over the past 3 years, NCVLX returned 5.10%/yr vs 12.04%/yr for GQHPX. A 0.57 correlation means they provide meaningful diversification when combined. NCVLX charges 1.04%/yr vs 0.57%/yr for GQHPX.

Performance

NCVLX vs. GQHPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuance Concentrated Value Fund (NCVLX) and GQG Partners US Quality Dividend Income Fund (GQHPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCVLX achieves a 3.29% return, which is significantly lower than GQHPX's 9.53% return.

NCVLX

• 1D: -0.46%
• 1M: 3.04%
• YTD: 3.29%
• 6M: 3.84%
• 1Y: 10.61%
• 3Y*: 5.10%
• 5Y*: 3.38%
• 10Y*: 6.85%

GQHPX

• 1D: -0.56%
• 1M: -1.73%
• YTD: 9.53%
• 6M: 10.43%
• 1Y: 12.47%
• 3Y*: 12.04%
• 5Y*: —
• 10Y*: —

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

NCVLX vs. GQHPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NCVLX Nuance Concentrated Value Fund	3.29%	3.28%	6.02%	10.00%	-5.02%	0.97%
GQHPX GQG Partners US Quality Dividend Income Fund	9.53%	7.53%	12.69%	3.94%	6.73%	10.34%

Correlation

The correlation between NCVLX and GQHPX 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	0.50
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.57

The correlation between NCVLX and GQHPX shifts across timeframes, from 0.38 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NCVLX vs. GQHPX — Risk / Return Rank

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

NCVLX

NCVLX Risk / Return Rank: 10
NCVLX Sharpe Ratio Rank: 11
NCVLX Sortino Ratio Rank: 12
NCVLX Omega Ratio Rank: 11
NCVLX Calmar Ratio Rank: 10
NCVLX Martin Ratio Rank: 8

GQHPX

GQHPX Risk / Return Rank: 22
GQHPX Sharpe Ratio Rank: 17
GQHPX Sortino Ratio Rank: 18
GQHPX Omega Ratio Rank: 15
GQHPX Calmar Ratio Rank: 36
GQHPX Martin Ratio Rank: 23

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.

NCVLX vs. GQHPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuance Concentrated Value Fund (NCVLX) and GQG Partners US Quality Dividend Income Fund (GQHPX). 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.

	NCVLX	GQHPX	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.15	-0.31
Sortino ratio: Return per unit of downside risk	1.31	1.77	-0.46
Omega ratio: Gain probability vs. loss probability	1.15	1.20	-0.04
Calmar ratio: Return relative to maximum drawdown	0.91	2.22	-1.31
Martin ratio: Return relative to average drawdown	2.22	5.51	-3.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCVLX vs. GQHPX - Sharpe Ratio Comparison

The current NCVLX Sharpe Ratio is 0.84, which is comparable to the GQHPX Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of NCVLX and GQHPX, 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

	NCVLX	GQHPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	1.15	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.83	-0.27

Drawdowns

NCVLX vs. GQHPX - Drawdown Comparison

The maximum NCVLX drawdown since its inception was -31.48%, which is greater than GQHPX's maximum drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for NCVLX and GQHPX.

Drawdown Indicators

	NCVLX	GQHPX	Difference
Max Drawdown Largest peak-to-trough decline	-31.48%	-17.26%	-14.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-5.08%	-6.46%
Max Drawdown (3Y) Largest decline over 3 years	-19.58%	-8.71%	-10.87%
Max Drawdown (5Y) Largest decline over 5 years	-19.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.48%	—	—
Current Drawdown Current decline from peak	-7.67%	-4.14%	-3.53%
Average Drawdown Average peak-to-trough decline	-4.08%	-3.35%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.70%	2.05%	+2.65%

Volatility

NCVLX vs. GQHPX - Volatility Comparison

Nuance Concentrated Value Fund (NCVLX) has a higher volatility of 4.11% compared to GQG Partners US Quality Dividend Income Fund (GQHPX) at 3.51%. This indicates that NCVLX's price experiences larger fluctuations and is considered to be riskier than GQHPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCVLX	GQHPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	3.51%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	9.15%	7.73%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	9.79%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.87%	12.65%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.10%	12.65%	+2.45%

NCVLX vs. GQHPX - Expense Ratio Comparison

NCVLX has a 1.04% expense ratio, which is higher than GQHPX's 0.57% expense ratio.

Dividends

NCVLX vs. GQHPX - Dividend Comparison

NCVLX's dividend yield for the trailing twelve months is around 1.69%, less than GQHPX's 3.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GQHPX GQG Partners US Quality Dividend Income Fund	3.64%	2.98%	3.14%	2.64%	3.24%	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NCVLX Nuance Concentrated Value Fund	1.69%	2.38%	7.34%	1.81%	13.64%	17.21%	0.64%	7.97%	13.45%	7.02%	0.96%	5.66%

Frequently Asked Questions

Can I hold both NCVLX and GQHPX in my portfolio?

NCVLX and GQHPX 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, NCVLX or GQHPX?

NCVLX has higher volatility (4.11%) compared to GQHPX (3.51%). In terms of maximum drawdown, NCVLX dropped -31.48% vs GQHPX's -17.26%.

Which has better risk-adjusted returns?

GQHPX currently has the higher Sharpe Ratio (1.15 vs 0.84), 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.