TWSMX vs. TWHIX

Last updated Jun 6, 2026

TWSMX (American Century Strategic Allocation: Moderate Fund) and TWHIX (American Century Heritage Fund) are both mutual funds - TWSMX is a Diversified Portfolio fund managed by American Century, while TWHIX is a Mid Cap Growth Equities fund managed by American Century. Over the past 10 years, TWSMX returned 8.53%/yr vs 12.02%/yr for TWHIX. Their correlation of 0.89 suggests significant overlap in exposure. TWSMX charges 0.70%/yr vs 1.00%/yr for TWHIX.

Performance

TWSMX vs. TWHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Strategic Allocation: Moderate Fund (TWSMX) and American Century Heritage Fund (TWHIX). 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 TWSMX having a 6.19% return and TWHIX slightly higher at 6.40%. Over the past 10 years, TWSMX has underperformed TWHIX with an annualized return of 8.53%, while TWHIX has yielded a comparatively higher 12.02% annualized return.

TWSMX

• 1D: 0.42%
• 1M: 1.27%
• YTD: 6.19%
• 6M: 6.40%
• 1Y: 15.56%
• 3Y*: 12.79%
• 5Y*: 5.93%
• 10Y*: 8.53%

TWHIX

• 1D: 0.77%
• 1M: 4.34%
• YTD: 6.40%
• 6M: 3.83%
• 1Y: 6.83%
• 3Y*: 15.43%
• 5Y*: 6.02%
• 10Y*: 12.02%

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

TWSMX vs. TWHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWSMX American Century Strategic Allocation: Moderate Fund	6.19%	13.67%	10.52%	13.10%	-14.70%	12.23%	16.20%	20.69%	-5.56%	15.10%
TWHIX American Century Heritage Fund	6.40%	6.53%	24.66%	20.64%	-28.13%	11.52%	42.61%	35.50%	-5.08%	21.83%

Correlation

The correlation between TWSMX and TWHIX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 16, 1996	0.89

The correlation between TWSMX and TWHIX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

TWSMX vs. TWHIX — Risk / Return Rank

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

TWSMX

TWSMX Risk / Return Rank: 42
TWSMX Sharpe Ratio Rank: 41
TWSMX Sortino Ratio Rank: 41
TWSMX Omega Ratio Rank: 41
TWSMX Calmar Ratio Rank: 39
TWSMX Martin Ratio Rank: 48

TWHIX

TWHIX Risk / Return Rank: 6
TWHIX Sharpe Ratio Rank: 6
TWHIX Sortino Ratio Rank: 6
TWHIX Omega Ratio Rank: 5
TWHIX Calmar Ratio Rank: 6
TWHIX Martin Ratio Rank: 6

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.

TWSMX vs. TWHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Strategic Allocation: Moderate Fund (TWSMX) and American Century Heritage Fund (TWHIX). 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.

	TWSMX	TWHIX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	0.38	+1.42
Sortino ratio: Return per unit of downside risk	2.59	0.65	+1.94
Omega ratio: Gain probability vs. loss probability	1.33	1.07	+0.26
Calmar ratio: Return relative to maximum drawdown	2.27	0.41	+1.86
Martin ratio: Return relative to average drawdown	9.67	1.20	+8.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TWSMX vs. TWHIX - Sharpe Ratio Comparison

The current TWSMX Sharpe Ratio is 1.79, which is higher than the TWHIX Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of TWSMX and TWHIX, 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

	TWSMX	TWHIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	0.38	+1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.26	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.53	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.53	+0.13

Drawdowns

TWSMX vs. TWHIX - Drawdown Comparison

The maximum TWSMX drawdown since its inception was -37.90%, smaller than the maximum TWHIX drawdown of -56.98%. Use the drawdown chart below to compare losses from any high point for TWSMX and TWHIX.

Drawdown Indicators

	TWSMX	TWHIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.90%	-56.98%	+19.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-15.82%	+9.01%
Max Drawdown (3Y) Largest decline over 3 years	-11.22%	-26.30%	+15.08%
Max Drawdown (5Y) Largest decline over 5 years	-21.95%	-40.34%	+18.39%
Max Drawdown (10Y) Largest decline over 10 years	-25.52%	-40.34%	+14.82%
Current Drawdown Current decline from peak	-0.14%	-0.54%	+0.40%
Average Drawdown Average peak-to-trough decline	-5.17%	-12.25%	+7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	5.43%	-3.84%

Volatility

TWSMX vs. TWHIX - Volatility Comparison

The current volatility for American Century Strategic Allocation: Moderate Fund (TWSMX) is 2.50%, while American Century Heritage Fund (TWHIX) has a volatility of 4.35%. This indicates that TWSMX experiences smaller price fluctuations and is considered to be less risky than TWHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWSMX	TWHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	4.35%	-1.85%
Volatility (6M) Calculated over the trailing 6-month period	6.84%	13.71%	-6.87%
Volatility (1Y) Calculated over the trailing 1-year period	8.62%	17.37%	-8.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.96%	23.24%	-12.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.41%	22.82%	-11.41%

TWSMX vs. TWHIX - Expense Ratio Comparison

TWSMX has a 0.70% expense ratio, which is lower than TWHIX's 1.00% expense ratio.

Dividends

TWSMX vs. TWHIX - Dividend Comparison

TWSMX's dividend yield for the trailing twelve months is around 6.42%, less than TWHIX's 20.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TWHIX American Century Heritage Fund	20.81%	22.14%	15.58%	0.78%	0.98%	12.00%	13.72%	11.32%	25.33%	9.38%	8.71%	0.00%
TWSMX American Century Strategic Allocation: Moderate Fund	6.42%	6.88%	5.80%	2.08%	5.54%	10.75%	5.09%	14.25%	12.25%	11.03%	2.14%	7.92%

Frequently Asked Questions

Can I hold both TWSMX and TWHIX in my portfolio?

TWSMX and TWHIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TWSMX or TWHIX?

TWHIX has higher volatility (4.35%) compared to TWSMX (2.50%). In terms of maximum drawdown, TWSMX dropped -37.90% vs TWHIX's -56.98%.

Which has better risk-adjusted returns?

TWSMX currently has the higher Sharpe Ratio (1.79 vs 0.38), 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.