PVIVX vs. HDPSX

Last updated Jun 4, 2026

PVIVX (Paradigm Micro-cap Fund) and HDPSX (Hodges Small Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, PVIVX returned 14.83%/yr vs 15.75%/yr for HDPSX. Their correlation of 0.85 suggests significant overlap in exposure. PVIVX charges 1.25%/yr vs 1.36%/yr for HDPSX.

Performance

PVIVX vs. HDPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Paradigm Micro-cap Fund (PVIVX) and Hodges Small Cap Fund (HDPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PVIVX having a 32.57% return and HDPSX slightly lower at 31.07%. Over the past 10 years, PVIVX has underperformed HDPSX with an annualized return of 14.83%, while HDPSX has yielded a comparatively higher 15.75% annualized return.

PVIVX

• 1D: 2.32%
• 1M: 9.97%
• YTD: 32.57%
• 6M: 25.87%
• 1Y: 46.34%
• 3Y*: 15.71%
• 5Y*: 6.82%
• 10Y*: 14.83%

HDPSX

• 1D: 1.19%
• 1M: 7.62%
• YTD: 31.07%
• 6M: 27.37%
• 1Y: 51.32%
• 3Y*: 34.24%
• 5Y*: 16.84%
• 10Y*: 15.75%

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

PVIVX vs. HDPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PVIVX Paradigm Micro-cap Fund	32.57%	-4.81%	13.48%	17.89%	-20.62%	27.94%	46.96%	22.38%	-10.88%	15.82%
HDPSX Hodges Small Cap Fund	31.07%	3.07%	62.98%	14.88%	-12.78%	35.60%	16.98%	16.85%	-16.35%	9.34%

Correlation

The correlation between PVIVX and HDPSX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 9, 2008	0.85

The correlation between PVIVX and HDPSX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

PVIVX vs. HDPSX — Risk / Return Rank

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

PVIVX

PVIVX Risk / Return Rank: 53
PVIVX Sharpe Ratio Rank: 48
PVIVX Sortino Ratio Rank: 45
PVIVX Omega Ratio Rank: 40
PVIVX Calmar Ratio Rank: 77
PVIVX Martin Ratio Rank: 54

HDPSX

HDPSX Risk / Return Rank: 76
HDPSX Sharpe Ratio Rank: 78
HDPSX Sortino Ratio Rank: 67
HDPSX Omega Ratio Rank: 59
HDPSX Calmar Ratio Rank: 93
HDPSX Martin Ratio Rank: 83

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.

PVIVX vs. HDPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Paradigm Micro-cap Fund (PVIVX) and Hodges Small Cap Fund (HDPSX). 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.

	PVIVX	HDPSX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.57	-0.53
Sortino ratio: Return per unit of downside risk	2.80	3.42	-0.63
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	3.48	5.19	-1.71
Martin ratio: Return relative to average drawdown	10.95	15.70	-4.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PVIVX vs. HDPSX - Sharpe Ratio Comparison

The current PVIVX Sharpe Ratio is 2.05, which is comparable to the HDPSX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of PVIVX and HDPSX, 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

	PVIVX	HDPSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.57	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.63	-0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.02	0.57	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.45	-0.42

Drawdowns

PVIVX vs. HDPSX - Drawdown Comparison

The maximum PVIVX drawdown since its inception was -95.67%, which is greater than HDPSX's maximum drawdown of -65.86%. Use the drawdown chart below to compare losses from any high point for PVIVX and HDPSX.

Drawdown Indicators

	PVIVX	HDPSX	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-65.86%	-29.81%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-10.42%	-4.42%
Max Drawdown (3Y) Largest decline over 3 years	-95.67%	-28.83%	-66.84%
Max Drawdown (5Y) Largest decline over 5 years	-95.67%	-28.83%	-66.84%
Max Drawdown (10Y) Largest decline over 10 years	-95.67%	-58.96%	-36.71%
Current Drawdown Current decline from peak	-92.72%	0.00%	-92.72%
Average Drawdown Average peak-to-trough decline	-16.88%	-10.85%	-6.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	3.43%	+1.28%

Volatility

PVIVX vs. HDPSX - Volatility Comparison

Paradigm Micro-cap Fund (PVIVX) has a higher volatility of 7.29% compared to Hodges Small Cap Fund (HDPSX) at 6.44%. This indicates that PVIVX's price experiences larger fluctuations and is considered to be riskier than HDPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PVIVX	HDPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.29%	6.44%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	17.50%	14.92%	+2.58%
Volatility (1Y) Calculated over the trailing 1-year period	25.24%	21.00%	+4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	887.36%	27.00%	+860.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	627.78%	27.51%	+600.27%

PVIVX vs. HDPSX - Expense Ratio Comparison

PVIVX has a 1.25% expense ratio, which is lower than HDPSX's 1.36% expense ratio.

Dividends

PVIVX vs. HDPSX - Dividend Comparison

PVIVX's dividend yield for the trailing twelve months is around 12.02%, more than HDPSX's 5.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDPSX Hodges Small Cap Fund	5.83%	7.64%	44.97%	5.01%	6.46%	19.53%	0.00%	8.25%	4.66%	14.53%	0.32%	0.35%
PVIVX Paradigm Micro-cap Fund	12.02%	15.93%	6.40%	0.00%	0.00%	1.11%	5.25%	0.01%	14.09%	6.88%	3.61%	1.32%

Frequently Asked Questions

Can I hold both PVIVX and HDPSX in my portfolio?

PVIVX and HDPSX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PVIVX or HDPSX?

PVIVX has higher volatility (7.29%) compared to HDPSX (6.44%). In terms of maximum drawdown, PVIVX dropped -95.67% vs HDPSX's -65.86%.

Which has better risk-adjusted returns?

HDPSX currently has the higher Sharpe Ratio (2.57 vs 2.05), 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.