VSSVX vs. HRTVX

Last updated Jun 3, 2026

VSSVX (VALIC Company I Small Cap Special Values Fund) and HRTVX (Heartland Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, VSSVX returned 6.44%/yr vs 11.79%/yr for HRTVX. Their correlation of 0.92 suggests significant overlap in exposure. VSSVX charges 0.87%/yr vs 1.04%/yr for HRTVX.

Performance

VSSVX vs. HRTVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Small Cap Special Values Fund (VSSVX) 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, VSSVX achieves a 9.65% return, which is significantly lower than HRTVX's 18.95% return. Over the past 10 years, VSSVX has underperformed HRTVX with an annualized return of 6.44%, while HRTVX has yielded a comparatively higher 11.79% annualized return.

VSSVX

• 1D: -0.54%
• 1M: 0.92%
• YTD: 9.65%
• 6M: 10.77%
• 1Y: 17.82%
• 3Y*: 5.35%
• 5Y*: 1.46%
• 10Y*: 6.44%

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)

VSSVX vs. HRTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSSVX VALIC Company I Small Cap Special Values Fund	9.65%	-12.52%	6.53%	18.97%	-13.61%	29.58%	1.79%	28.53%	-20.39%	11.27%
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 VSSVX 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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 8, 2005	0.92

The correlation between VSSVX and HRTVX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

VSSVX vs. HRTVX — Risk / Return Rank

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

VSSVX

VSSVX Risk / Return Rank: 13
VSSVX Sharpe Ratio Rank: 12
VSSVX Sortino Ratio Rank: 14
VSSVX Omega Ratio Rank: 12
VSSVX Calmar Ratio Rank: 12
VSSVX Martin Ratio Rank: 12

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.

VSSVX vs. HRTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Small Cap Special Values Fund (VSSVX) 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.

	VSSVX	HRTVX	Difference
Sharpe ratio Return per unit of total volatility	0.97	2.48	-1.51
Sortino ratio Return per unit of downside risk	1.57	3.56	-1.99
Omega ratio Gain probability vs. loss probability	1.18	1.43	-0.25
Calmar ratio Return relative to maximum drawdown	1.19	4.30	-3.11
Martin ratio Return relative to average drawdown	3.54	14.84	-11.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSSVX vs. HRTVX - Sharpe Ratio Comparison

The current VSSVX Sharpe Ratio is 0.97, which is lower than the HRTVX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of VSSVX 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

	VSSVX	HRTVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	2.48	-1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.57	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.56	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.59	-0.41

Drawdowns

VSSVX vs. HRTVX - Drawdown Comparison

The maximum VSSVX drawdown since its inception was -68.85%, which is greater than HRTVX's maximum drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for VSSVX and HRTVX.

Drawdown Indicators

	VSSVX	HRTVX	Difference
Max Drawdown Largest peak-to-trough decline	-68.85%	-61.68%	-7.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.52%	-9.50%	-4.02%
Max Drawdown (3Y) Largest decline over 3 years	-32.14%	-23.17%	-8.97%
Max Drawdown (5Y) Largest decline over 5 years	-32.14%	-23.17%	-8.97%
Max Drawdown (10Y) Largest decline over 10 years	-44.25%	-46.31%	+2.06%
Current Drawdown Current decline from peak	-11.94%	-1.05%	-10.89%
Average Drawdown Average peak-to-trough decline	-15.83%	-9.04%	-6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	2.75%	+1.80%

Volatility

VSSVX vs. HRTVX - Volatility Comparison

VALIC Company I Small Cap Special Values Fund (VSSVX) has a higher volatility of 5.13% compared to Heartland Value Fund (HRTVX) at 4.46%. This indicates that VSSVX's price experiences larger fluctuations and is considered to be riskier than HRTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSSVX	HRTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	4.46%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	11.64%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.73%	16.85%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	19.50%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	21.03%	+0.72%

VSSVX vs. HRTVX - Expense Ratio Comparison

VSSVX has a 0.87% expense ratio, which is lower than HRTVX's 1.04% expense ratio.

Dividends

VSSVX vs. HRTVX - Dividend Comparison

VSSVX's dividend yield for the trailing twelve months is around 9.16%, more 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%
VSSVX VALIC Company I Small Cap Special Values Fund	9.16%	0.00%	4.41%	13.57%	7.01%	2.83%	9.91%	13.88%	1.57%	7.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VSSVX and HRTVX in my portfolio?

With a correlation of 0.91, VSSVX 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, VSSVX or HRTVX?

VSSVX has higher volatility (5.13%) compared to HRTVX (4.46%). In terms of maximum drawdown, VSSVX dropped -68.85% vs HRTVX's -61.68%.

Which has better risk-adjusted returns?

HRTVX currently has the higher Sharpe Ratio (2.48 vs 0.97), 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.