PY vs. DHLX

Last updated Jun 4, 2026

PY (Principal Value ETF) and DHLX (Diamond Hill Large Cap Concentrated ETF) are both Large Cap Value Equities funds. PY is actively managed, while DHLX is passively managed. A 0.80 correlation means they provide meaningful diversification when combined. PY charges 0.15%/yr vs 0.55%/yr for DHLX.

Performance

PY vs. DHLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Value ETF (PY) and Diamond Hill Large Cap Concentrated ETF (DHLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PY achieves a 4.14% return, which is significantly higher than DHLX's -1.71% return.

PY

• 1D: -0.49%
• 1M: 1.70%
• YTD: 4.14%
• 6M: 4.52%
• 1Y: 14.24%
• 3Y*: 13.22%
• 5Y*: 7.32%
• 10Y*: 10.73%

DHLX

• 1D: -0.62%
• 1M: -2.97%
• YTD: -1.71%
• 6M: 0.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PY vs. DHLX - Yearly Performance Comparison

	2026 (YTD)	2025
PY Principal Value ETF	4.14%	0.91%
DHLX Diamond Hill Large Cap Concentrated ETF	-1.71%	1.24%

Correlation

The correlation between PY and DHLX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	0.80

Return for Risk

PY vs. DHLX — Risk / Return Rank

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

PY

PY Risk / Return Rank: 41
PY Sharpe Ratio Rank: 38
PY Sortino Ratio Rank: 39
PY Omega Ratio Rank: 37
PY Calmar Ratio Rank: 47
PY Martin Ratio Rank: 47

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.

PY vs. DHLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Value ETF (PY) and Diamond Hill Large Cap Concentrated ETF (DHLX). 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.

	PY	DHLX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	—	—
Sortino ratio: Return per unit of downside risk	2.00	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	2.31	—	—
Martin ratio: Return relative to average drawdown	7.73	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PY	DHLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	-0.06	+0.60

Drawdowns

PY vs. DHLX - Drawdown Comparison

The maximum PY drawdown since its inception was -45.44%, which is greater than DHLX's maximum drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for PY and DHLX.

Drawdown Indicators

	PY	DHLX	Difference
Max Drawdown Largest peak-to-trough decline	-45.44%	-8.40%	-37.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.20%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.44%	—	—
Current Drawdown Current decline from peak	-1.00%	-5.56%	+4.56%
Average Drawdown Average peak-to-trough decline	-5.05%	-2.38%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	—	—

Volatility

Volatility by Period

	PY	DHLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.53%	11.43%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	11.43%	+4.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	11.43%	+8.64%

PY vs. DHLX - Expense Ratio Comparison

PY has a 0.15% expense ratio, which is lower than DHLX's 0.55% expense ratio.

Dividends

PY vs. DHLX - Dividend Comparison

PY's dividend yield for the trailing twelve months is around 2.13%, more than DHLX's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DHLX Diamond Hill Large Cap Concentrated ETF	0.41%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PY Principal Value ETF	2.13%	2.14%	2.22%	2.68%	3.02%	2.83%	2.95%	2.25%	2.34%	1.68%	1.85%

Frequently Asked Questions

Can I hold both PY and DHLX in my portfolio?

PY and DHLX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PY or DHLX?

On fees, PY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PY or DHLX?

PY is cheaper with a 0.15% expense ratio, compared with 0.55% for DHLX.

Which ETF pays a higher dividend yield, PY or DHLX?

PY has the higher dividend yield at 2.13%, compared with 0.41% for DHLX.

What is the main difference between PY and DHLX?

They also come from different issuers: Principal and Diamond Hill. Their fees differ too: 0.15% for PY and 0.55% for DHLX.