To achieve Higher Education Act Title V funding goals, policymakers must reconsider approaches, respond to Hispanic-Serving Institution (HSI) diversity, and prioritize servingness. This study investigated HSI heterogeneity across traditional performance metrics and student-engagement indicators using data sources previously only examined independently. A multi-step TwoStep cluster analysis revealed six clusters of HSIs. The two most important predictors of cluster membership were years with an HSI designation (transitioning and established) and institution type (associate, bachelor, and special focus). Key quantitative metrics may be useful for policy actors seeking an equity-minded Title V award strategy that considers HSI heterogeneity and prioritizes HEA Title V policy aims.