SMLV vs. DHEAX

Last updated Jun 13, 2026

SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) and DHEAX (Diamond Hill Short Duration Securitized Bond Fund) are both funds - SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index, while DHEAX is a Short-Term Bond fund managed by Diamond Hill. Over the past 5 years, SMLV returned 8.66%/yr vs 4.24%/yr for DHEAX. At a 0.01 correlation, their price movements are largely independent. SMLV charges 0.12%/yr vs 0.83%/yr for DHEAX.

Performance

SMLV vs. DHEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and Diamond Hill Short Duration Securitized Bond Fund (DHEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLV achieves a 18.33% return, which is significantly higher than DHEAX's 1.75% return.

SMLV

• 1D: 0.75%
• 1M: 7.09%
• YTD: 18.33%
• 6M: 15.42%
• 1Y: 26.61%
• 3Y*: 16.39%
• 5Y*: 8.66%
• 10Y*: 10.74%

DHEAX

• 1D: 0.10%
• 1M: 0.43%
• YTD: 1.75%
• 6M: 1.83%
• 1Y: 4.80%
• 3Y*: 7.45%
• 5Y*: 4.24%
• 10Y*: —

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

SMLV vs. DHEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	18.33%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
DHEAX Diamond Hill Short Duration Securitized Bond Fund	1.75%	5.70%	9.15%	8.38%	-3.57%	2.42%	2.87%	4.44%	2.88%	3.97%

Correlation

The correlation between SMLV and DHEAX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.01

The correlation between SMLV and DHEAX shifts across timeframes, from 0.01 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMLV vs. DHEAX — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 63
SMLV Sharpe Ratio Rank: 58
SMLV Sortino Ratio Rank: 58
SMLV Omega Ratio Rank: 58
SMLV Calmar Ratio Rank: 79
SMLV Martin Ratio Rank: 64

DHEAX

DHEAX Risk / Return Rank: 99
DHEAX Sharpe Ratio Rank: 99
DHEAX Sortino Ratio Rank: 99
DHEAX Omega Ratio Rank: 99
DHEAX Calmar Ratio Rank: 99
DHEAX Martin Ratio Rank: 99

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.

SMLV vs. DHEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and Diamond Hill Short Duration Securitized Bond Fund (DHEAX). 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.

	SMLV	DHEAX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	4.47	-2.77
Sortino ratio: Return per unit of downside risk	2.43	7.56	-5.13
Omega ratio: Gain probability vs. loss probability	1.31	2.48	-1.17
Calmar ratio: Return relative to maximum drawdown	3.64	9.84	-6.20
Martin ratio: Return relative to average drawdown	10.07	43.14	-33.07

SMLV vs. DHEAX - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 1.70, which is lower than the DHEAX Sharpe Ratio of 4.47. The chart below compares the historical Sharpe Ratios of SMLV and DHEAX, 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

SMLV vs. DHEAX - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, which is greater than DHEAX's maximum drawdown of -12.34%. Use the drawdown chart below to compare losses from any high point for SMLV and DHEAX.

Drawdown Indicators

	SMLV	DHEAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-12.34%	-30.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-0.50%	-6.84%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-0.50%	-19.90%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-5.06%	-15.34%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.45%	-0.80%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	0.11%	+2.55%

Volatility

SMLV vs. DHEAX - Volatility Comparison

SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) has a higher volatility of 3.80% compared to Diamond Hill Short Duration Securitized Bond Fund (DHEAX) at 0.18%. This indicates that SMLV's price experiences larger fluctuations and is considered to be riskier than DHEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLV	DHEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	0.18%	+3.62%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	0.73%	+9.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	1.10%	+14.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	1.52%	+16.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.95%	2.26%	+18.69%

SMLV vs. DHEAX - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is lower than DHEAX's 0.83% expense ratio.

Dividends

SMLV vs. DHEAX - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.24%, less than DHEAX's 5.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHEAX Diamond Hill Short Duration Securitized Bond Fund	5.63%	5.27%	5.94%	5.25%	3.41%	2.31%	2.92%	3.76%	3.45%	3.20%	0.00%	0.00%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.24%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both SMLV and DHEAX in my portfolio?

SMLV and DHEAX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLV or DHEAX?

SMLV has higher volatility (3.80%) compared to DHEAX (0.18%). In terms of maximum drawdown, SMLV dropped -42.45% vs DHEAX's -12.34%.

Which has better risk-adjusted returns?

DHEAX currently has the higher Sharpe Ratio (4.47 vs 1.70), 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.