TVOAX vs. HRTVX

Last updated Jun 3, 2026

TVOAX (Touchstone Small Cap Value Fund) and HRTVX (Heartland Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, TVOAX returned 9.25%/yr vs 11.79%/yr for HRTVX. Their correlation of 0.91 suggests significant overlap in exposure. TVOAX charges 1.38%/yr vs 1.04%/yr for HRTVX.

Performance

TVOAX vs. HRTVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Small Cap Value Fund (TVOAX) and Heartland Value Fund (HRTVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TVOAX achieves a 12.45% return, which is significantly lower than HRTVX's 18.95% return. Over the past 10 years, TVOAX has underperformed HRTVX with an annualized return of 9.25%, while HRTVX has yielded a comparatively higher 11.79% annualized return.

TVOAX

• 1D: -0.61%
• 1M: -1.78%
• YTD: 12.45%
• 6M: 12.89%
• 1Y: 31.11%
• 3Y*: 14.93%
• 5Y*: 7.29%
• 10Y*: 9.25%

HRTVX

• 1D: -0.35%
• 1M: 0.37%
• YTD: 18.95%
• 6M: 21.87%
• 1Y: 42.10%
• 3Y*: 21.83%
• 5Y*: 11.02%
• 10Y*: 11.79%

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

TVOAX vs. HRTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TVOAX Touchstone Small Cap Value Fund	12.45%	10.39%	9.64%	10.16%	-8.60%	30.20%	3.18%	24.48%	-15.71%	7.21%
HRTVX Heartland Value Fund	18.95%	15.94%	15.76%	17.15%	-10.04%	21.86%	13.12%	17.93%	-12.10%	8.45%

Correlation

The correlation between TVOAX and HRTVX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 1, 2002	0.91

The correlation between TVOAX and HRTVX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

TVOAX vs. HRTVX — Risk / Return Rank

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

TVOAX

TVOAX Risk / Return Rank: 51
TVOAX Sharpe Ratio Rank: 41
TVOAX Sortino Ratio Rank: 44
TVOAX Omega Ratio Rank: 37
TVOAX Calmar Ratio Rank: 75
TVOAX Martin Ratio Rank: 57

HRTVX

HRTVX Risk / Return Rank: 74
HRTVX Sharpe Ratio Rank: 73
HRTVX Sortino Ratio Rank: 73
HRTVX Omega Ratio Rank: 58
HRTVX Calmar Ratio Rank: 88
HRTVX Martin Ratio Rank: 79

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.

TVOAX vs. HRTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Small Cap Value Fund (TVOAX) and Heartland Value Fund (HRTVX). 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.

	TVOAX	HRTVX	Difference
Sharpe ratio Return per unit of total volatility	1.88	2.48	-0.60
Sortino ratio Return per unit of downside risk	2.80	3.56	-0.76
Omega ratio Gain probability vs. loss probability	1.33	1.43	-0.10
Calmar ratio Return relative to maximum drawdown	3.42	4.30	-0.88
Martin ratio Return relative to average drawdown	11.46	14.84	-3.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TVOAX vs. HRTVX - Sharpe Ratio Comparison

The current TVOAX Sharpe Ratio is 1.88, which is comparable to the HRTVX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of TVOAX and HRTVX, 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

	TVOAX	HRTVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.48	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.57	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.56	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.59	-0.24

Drawdowns

TVOAX vs. HRTVX - Drawdown Comparison

The maximum TVOAX drawdown since its inception was -61.78%, roughly equal to the maximum HRTVX drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for TVOAX and HRTVX.

Drawdown Indicators

	TVOAX	HRTVX	Difference
Max Drawdown Largest peak-to-trough decline	-61.78%	-61.68%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-9.50%	+0.69%
Max Drawdown (3Y) Largest decline over 3 years	-23.90%	-23.17%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-23.90%	-23.17%	-0.73%
Max Drawdown (10Y) Largest decline over 10 years	-44.53%	-46.31%	+1.78%
Current Drawdown Current decline from peak	-2.68%	-1.05%	-1.63%
Average Drawdown Average peak-to-trough decline	-11.88%	-9.04%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.75%	-0.12%

Volatility

TVOAX vs. HRTVX - Volatility Comparison

Touchstone Small Cap Value Fund (TVOAX) and Heartland Value Fund (HRTVX) have volatilities of 4.38% and 4.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TVOAX	HRTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	4.46%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	11.22%	11.64%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.46%	16.85%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.44%	19.50%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.53%	21.03%	+0.50%

TVOAX vs. HRTVX - Expense Ratio Comparison

TVOAX has a 1.38% expense ratio, which is higher than HRTVX's 1.04% expense ratio.

Dividends

TVOAX vs. HRTVX - Dividend Comparison

TVOAX's dividend yield for the trailing twelve months is around 0.49%, less than HRTVX's 7.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRTVX Heartland Value Fund	7.81%	9.29%	8.91%	5.65%	3.01%	13.50%	0.76%	3.12%	7.26%	6.43%	3.56%	8.25%
TVOAX Touchstone Small Cap Value Fund	0.49%	0.55%	0.31%	0.53%	0.02%	0.36%	0.29%	0.24%	8.30%	0.04%	0.51%	5.64%

Frequently Asked Questions

Can I hold both TVOAX and HRTVX in my portfolio?

With a correlation of 0.91, TVOAX and HRTVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TVOAX or HRTVX?

HRTVX has higher volatility (4.46%) compared to TVOAX (4.38%). In terms of maximum drawdown, TVOAX dropped -61.78% vs HRTVX's -61.68%.

Which has better risk-adjusted returns?

HRTVX currently has the higher Sharpe Ratio (2.48 vs 1.88), 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.