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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Highland Funds I - Highland Opportunities and Income Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Highland Funds I - Highland Opportunities and Income Fund (HFRO) has returned -2.69% so far this year and 18.97% over the past 12 months.
Highland Funds I - Highland Opportunities and Income Fund
- 1D
- 3.44%
- 1M
- -7.58%
- YTD
- -2.69%
- 6M
- -6.61%
- 1Y
- 18.97%
- 3Y*
- -5.54%
- 5Y*
- -4.71%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Nov 6, 2017, HFRO's average daily return is 0.00%, while the average monthly return is -0.04%.
Historically, 49% of months were positive and 51% were negative. The best month was Aug 2025 with a return of +17.2%, while the worst month was Mar 2020 at -27.8%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 4 months.
On a daily basis, HFRO closed higher 48% of trading days. The best single day was Nov 25, 2024 with a return of +9.1%, while the worst single day was Jan 4, 2024 at -16.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.17% | -0.83% | -7.58% | -2.69% | |||||||||
| 2025 | 11.75% | 1.20% | -9.53% | -0.38% | -0.01% | 2.72% | 2.29% | 17.22% | 3.84% | 3.14% | -3.53% | -3.55% | 25.08% |
| 2024 | -7.71% | -9.95% | 11.92% | -8.41% | -0.35% | -0.79% | 0.32% | -3.87% | 3.66% | -6.87% | 4.65% | -11.23% | -27.17% |
| 2023 | 4.15% | -9.00% | -7.87% | -0.95% | 3.36% | 3.00% | -4.91% | -2.84% | -0.92% | -8.21% | 15.27% | -6.90% | -16.97% |
| 2022 | 2.82% | 4.07% | 3.62% | -0.01% | -0.18% | -3.58% | 2.64% | 3.02% | -16.71% | 16.78% | 3.09% | -10.10% | 1.71% |
| 2021 | 0.56% | 1.89% | 7.60% | 4.39% | 4.26% | -7.74% | -5.73% | 8.31% | -1.21% | 6.48% | -0.82% | -1.37% | 16.33% |
Benchmark Metrics
Highland Funds I - Highland Opportunities and Income Fund has an annualized alpha of -6.40%, beta of 0.43, and R² of 0.14 versus S&P 500 Index. Calculated based on daily prices since November 07, 2017.
- This fund participated in 103.70% of S&P 500 Index downside but only 46.61% of its upside — more exposed to losses than it benefited from rallies.
- Beta of 0.43 may look defensive, but with R² of 0.14 this fund is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R² of 0.14 means this fund moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -6.40%
- Beta
- 0.43
- R²
- 0.14
- Upside Capture
- 46.61%
- Downside Capture
- 103.70%
Expense Ratio
HFRO has an expense ratio of 0.02%, which is considered low.
Return for Risk
Risk / Return Rank
HFRO ranks 42 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Highland Funds I - Highland Opportunities and Income Fund (HFRO) and compare them to a chosen benchmark (S&P 500 Index).
| HFRO | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.80 | 0.90 | -0.09 |
Sortino ratioReturn per unit of downside risk | 1.20 | 1.39 | -0.19 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.21 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.57 | 1.40 | +0.17 |
Martin ratioReturn relative to average drawdown | 4.05 | 6.61 | -2.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore HFRO risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Highland Funds I - Highland Opportunities and Income Fund provided a 8.09% dividend yield over the last twelve months, with an annual payout of $0.46 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.46 | $0.46 | $0.46 | $0.92 | $0.92 | $0.92 | $0.92 | $0.92 | $0.92 | $0.15 |
Dividend yield | 8.09% | 7.73% | 8.90% | 12.02% | 8.97% | 8.41% | 8.99% | 7.43% | 7.22% | 0.99% |
Monthly Dividends
The table displays the monthly dividend distributions for Highland Funds I - Highland Opportunities and Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.04 | $0.04 | $0.04 | $0.12 | |||||||||
| 2025 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.46 |
| 2024 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.46 |
| 2023 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.92 |
| 2022 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.92 |
| 2021 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.92 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Highland Funds I - Highland Opportunities and Income Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Highland Funds I - Highland Opportunities and Income Fund was 52.79%, occurring on Apr 8, 2025. The portfolio has not yet recovered.
The current Highland Funds I - Highland Opportunities and Income Fund drawdown is 34.66%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -52.79% | Aug 18, 2022 | 662 | Apr 8, 2025 | — | — | — |
| -49.44% | Jul 25, 2018 | 452 | May 11, 2020 | 475 | Mar 29, 2022 | 927 |
| -9.71% | May 9, 2022 | 31 | Jun 22, 2022 | 37 | Aug 15, 2022 | 68 |
| -3.99% | Nov 8, 2017 | 7 | Nov 16, 2017 | 25 | Dec 22, 2017 | 32 |
| -2.92% | Feb 2, 2018 | 8 | Feb 13, 2018 | 5 | Feb 21, 2018 | 13 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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