TSWEX vs. HDCTX

Last updated Jul 3, 2026

TSWEX (TSW Large Cap Value Fund) and HDCTX (Rational Equity Armor Fund) are both Large Cap Value Equities funds. Over the past 10 years, TSWEX returned 9.93%/yr vs 5.02%/yr for HDCTX. A 0.79 correlation means they provide meaningful diversification when combined. TSWEX charges 0.75%/yr vs 1.17%/yr for HDCTX.

Performance

TSWEX vs. HDCTX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with TSWEX having a 7.74% return and HDCTX slightly higher at 7.92%. Over the past 10 years, TSWEX has outperformed HDCTX with an annualized return of 9.93%, while HDCTX has yielded a comparatively lower 5.02% annualized return.

TSWEX

• 1D: 1.02%
• 1M: 1.04%
• 6M: 7.74%
• YTD: 7.74%
• 1Y: -0.68%
• 3Y*: 8.89%
• 5Y*: 6.75%
• 10Y*: 9.93%

HDCTX

• 1D: -0.94%
• 1M: -3.01%
• 6M: 7.92%
• YTD: 7.92%
• 1Y: 14.61%
• 3Y*: 14.01%
• 5Y*: 6.51%
• 10Y*: 5.02%

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

TSWEX vs. HDCTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSWEX TSW Large Cap Value Fund	7.74%	2.29%	11.12%	6.47%	0.85%	25.23%	7.37%	21.26%	-1.91%	14.52%
HDCTX Rational Equity Armor Fund	7.92%	12.64%	16.85%	2.95%	-10.68%	14.52%	15.85%	11.32%	-11.94%	-1.99%

Correlation

The correlation between TSWEX and HDCTX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 28, 2001	0.79

Over the past year, the correlation between TSWEX and HDCTX has dropped to 0.16 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

TSWEX vs. HDCTX — Risk / Return Rank

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

TSWEX

TSWEX Risk / Return Rank: 3
TSWEX Sharpe Ratio Rank: 3
TSWEX Sortino Ratio Rank: 3
TSWEX Omega Ratio Rank: 3
TSWEX Calmar Ratio Rank: 3
TSWEX Martin Ratio Rank: 3

HDCTX

HDCTX Risk / Return Rank: 43
HDCTX Sharpe Ratio Rank: 47
HDCTX Sortino Ratio Rank: 48
HDCTX Omega Ratio Rank: 43
HDCTX Calmar Ratio Rank: 48
HDCTX Martin Ratio Rank: 31

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.

TSWEX vs. HDCTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TSW Large Cap Value Fund (TSWEX) 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.

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.

	TSWEX	HDCTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	1.59	-1.65
Sortino ratio: Return per unit of downside risk	0.04	2.31	-2.27
Omega ratio: Gain probability vs. loss probability	1.01	1.28	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.07	2.21	-2.28
Martin ratio: Return relative to average drawdown	-0.14	5.60	-5.74

TSWEX vs. HDCTX - Sharpe Ratio Comparison

The current TSWEX Sharpe Ratio is -0.06, which is lower than the HDCTX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of TSWEX 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.

Drawdowns

TSWEX vs. HDCTX - Drawdown Comparison

The maximum TSWEX drawdown since its inception was -53.14%, smaller than the maximum HDCTX drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for TSWEX and HDCTX.

Drawdown Indicators

	TSWEX	HDCTX	Difference
Max Drawdown Largest peak-to-trough decline	-53.14%	-59.05%	+5.91%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-6.95%	-7.40%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	-11.74%	-2.61%
Max Drawdown (5Y) Largest decline over 5 years	-16.34%	-18.22%	+1.88%
Max Drawdown (10Y) Largest decline over 10 years	-33.90%	-19.43%	-14.47%
Current Drawdown Current decline from peak	-7.29%	-3.81%	-3.48%
Average Drawdown Average peak-to-trough decline	-7.37%	-6.40%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	2.74%	+4.57%

Volatility

TSWEX vs. HDCTX - Volatility Comparison

TSW Large Cap Value Fund (TSWEX) has a higher volatility of 3.64% compared to Rational Equity Armor Fund (HDCTX) at 3.14%. This indicates that TSWEX's price experiences larger fluctuations and is considered to be riskier than HDCTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSWEX	HDCTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	3.14%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	7.48%	7.29%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	17.88%	9.67%	+8.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	10.68%	+4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	11.55%	+4.71%

TSWEX vs. HDCTX - Expense Ratio Comparison

TSWEX has a 0.75% expense ratio, which is lower than HDCTX's 1.17% expense ratio.

Dividends

TSWEX vs. HDCTX - Dividend Comparison

TSWEX's dividend yield for the trailing twelve months is around 1.53%, more than HDCTX's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDCTX Rational Equity Armor Fund	0.19%	0.00%	0.00%	0.17%	0.78%	1.21%	1.10%	5.37%	7.86%	5.60%	3.28%	15.32%
TSWEX TSW Large Cap Value Fund	1.53%	1.05%	8.86%	8.12%	12.42%	13.07%	5.12%	4.40%	16.09%	8.52%	11.06%	6.91%

Frequently Asked Questions

Can I hold both TSWEX and HDCTX in my portfolio?

TSWEX and HDCTX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSWEX or HDCTX?

TSWEX has higher volatility (3.64%) compared to HDCTX (3.14%). In terms of maximum drawdown, TSWEX dropped -53.14% vs HDCTX's -59.05%.

Which has better risk-adjusted returns?

HDCTX currently has the higher Sharpe Ratio (1.59 vs -0.06), 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.