WPGTX vs. HRTVX

Last updated Jun 5, 2026

WPGTX (WPG Partners Small/Micro Cap Value Fund) and HRTVX (Heartland Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, WPGTX returned 9.85%/yr vs 11.76%/yr for HRTVX. A 0.80 correlation means they provide meaningful diversification when combined. WPGTX charges 1.10%/yr vs 1.04%/yr for HRTVX.

Performance

WPGTX vs. HRTVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WPG Partners Small/Micro Cap Value Fund (WPGTX) 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, WPGTX achieves a 16.99% return, which is significantly lower than HRTVX's 18.62% return. Over the past 10 years, WPGTX has underperformed HRTVX with an annualized return of 9.85%, while HRTVX has yielded a comparatively higher 11.76% annualized return.

WPGTX

• 1D: -0.54%
• 1M: 1.66%
• YTD: 16.99%
• 6M: 16.14%
• 1Y: 31.61%
• 3Y*: 15.03%
• 5Y*: 10.41%
• 10Y*: 9.85%

HRTVX

• 1D: -1.21%
• 1M: 0.53%
• YTD: 18.62%
• 6M: 20.08%
• 1Y: 40.34%
• 3Y*: 21.71%
• 5Y*: 11.09%
• 10Y*: 11.76%

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

WPGTX vs. HRTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WPGTX WPG Partners Small/Micro Cap Value Fund	16.99%	7.08%	10.53%	14.45%	2.10%	40.04%	-1.31%	23.35%	-21.88%	5.58%
HRTVX Heartland Value Fund	18.62%	15.94%	15.76%	17.15%	-10.04%	21.86%	13.12%	17.93%	-12.10%	8.45%

Correlation

The correlation between WPGTX and HRTVX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
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 31, 1984	0.80

The correlation between WPGTX and HRTVX shifts across timeframes, from 0.80 (all time) to 0.94 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

WPGTX vs. HRTVX — Risk / Return Rank

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

WPGTX

WPGTX Risk / Return Rank: 51
WPGTX Sharpe Ratio Rank: 47
WPGTX Sortino Ratio Rank: 47
WPGTX Omega Ratio Rank: 45
WPGTX Calmar Ratio Rank: 61
WPGTX Martin Ratio Rank: 54

HRTVX

HRTVX Risk / Return Rank: 71
HRTVX Sharpe Ratio Rank: 66
HRTVX Sortino Ratio Rank: 68
HRTVX Omega Ratio Rank: 56
HRTVX Calmar Ratio Rank: 87
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.

WPGTX vs. HRTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WPG Partners Small/Micro Cap Value Fund (WPGTX) 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.

	WPGTX	HRTVX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.37	-0.36
Sortino ratio: Return per unit of downside risk	2.87	3.41	-0.54
Omega ratio: Gain probability vs. loss probability	1.36	1.41	-0.05
Calmar ratio: Return relative to maximum drawdown	2.98	4.19	-1.22
Martin ratio: Return relative to average drawdown	10.86	14.45	-3.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WPGTX vs. HRTVX - Sharpe Ratio Comparison

The current WPGTX Sharpe Ratio is 2.00, which is comparable to the HRTVX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of WPGTX 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

	WPGTX	HRTVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.37	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.57	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.56	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.59	-0.12

Drawdowns

WPGTX vs. HRTVX - Drawdown Comparison

The maximum WPGTX drawdown since its inception was -60.60%, roughly equal to the maximum HRTVX drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for WPGTX and HRTVX.

Drawdown Indicators

	WPGTX	HRTVX	Difference
Max Drawdown Largest peak-to-trough decline	-60.60%	-61.68%	+1.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-9.50%	-1.14%
Max Drawdown (3Y) Largest decline over 3 years	-25.90%	-23.17%	-2.73%
Max Drawdown (5Y) Largest decline over 5 years	-25.90%	-23.17%	-2.73%
Max Drawdown (10Y) Largest decline over 10 years	-50.03%	-46.31%	-3.72%
Current Drawdown Current decline from peak	-0.54%	-1.33%	+0.79%
Average Drawdown Average peak-to-trough decline	-13.01%	-9.04%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.75%	+0.16%

Volatility

WPGTX vs. HRTVX - Volatility Comparison

The current volatility for WPG Partners Small/Micro Cap Value Fund (WPGTX) is 4.19%, while Heartland Value Fund (HRTVX) has a volatility of 4.43%. This indicates that WPGTX experiences smaller price fluctuations and is considered to be less risky than HRTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WPGTX	HRTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	4.43%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	11.00%	11.74%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.85%	16.88%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	19.50%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.45%	21.04%	+1.41%

WPGTX vs. HRTVX - Expense Ratio Comparison

WPGTX has a 1.10% expense ratio, which is higher than HRTVX's 1.04% expense ratio.

Dividends

WPGTX vs. HRTVX - Dividend Comparison

WPGTX's dividend yield for the trailing twelve months is around 8.67%, more than HRTVX's 7.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRTVX Heartland Value Fund	7.83%	9.29%	8.91%	5.65%	3.01%	13.50%	0.76%	3.12%	7.26%	6.43%	3.56%	8.25%
WPGTX WPG Partners Small/Micro Cap Value Fund	8.67%	10.15%	6.38%	7.58%	17.82%	1.47%	0.64%	0.44%	8.44%	6.83%	0.42%	3.03%

Frequently Asked Questions

Can I hold both WPGTX and HRTVX in my portfolio?

With a correlation of 0.92, WPGTX 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, WPGTX or HRTVX?

HRTVX has higher volatility (4.43%) compared to WPGTX (4.19%). In terms of maximum drawdown, WPGTX dropped -60.60% vs HRTVX's -61.68%.

Which has better risk-adjusted returns?

HRTVX currently has the higher Sharpe Ratio (2.37 vs 2.00), 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.