- ISIN
- US43010E4044
- CUSIP
- 43010E404
- Issuer
- Highland Funds
- Inception Date
- Jan 13, 2000
- Category
- Diversified Portfolio
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
HFRO Performance Chart
Highland Funds I - Highland Opportunities and Income Fund (HFRO) is up 27.4% since the beginning of the year. HFRO is currently trading at $7 per share. Investors who bought $1,000 worth of HFRO shares 5 years ago would now be looking at an investment worth $1,129.
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Returns By Period
Highland Funds I - Highland Opportunities and Income Fund (HFRO) has returned 27.35% so far this year and 53.30% over the past 12 months.
Highland Funds I - Highland Opportunities and Income Fund
- 1D
- 0.82%
- 1M
- 18.08%
- YTD
- 27.35%
- 6M
- 26.07%
- 1Y
- 53.30%
- 3Y*
- 1.36%
- 5Y*
- 2.45%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
HFRO Monthly Returns History
Based on dividend-adjusted daily data since Nov 6, 2017, HFRO's average daily return is +0.01%, while the average monthly return is +0.23%. At this rate, an investment would double in approximately 25.1 years.
Historically, 50% of months were positive and 50% 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% | 9.62% | 4.82% | 13.89% | 27.35% | ||||||
| 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 -3.86%, beta of 0.43, and R2 of 0.13 versus S&P 500 Index. Calculated based on daily prices since November 06, 2017.
- This fund participated in 96.33% of S&P 500 Index downside but only 48.83% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.43 may look defensive, but with R2 of 0.13 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 0.13 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
- -3.86%
- Beta
- 0.43
- R²
- 0.13
- Upside Capture
- 48.83%
- Downside Capture
- 96.33%
Expense Ratio
HFRO has an expense ratio of 0.02%, which is considered low.
Return for Risk
Risk / Return Rank
HFRO ranks 71 for risk / return — better than 71% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
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 S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HFRO | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.37 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 2.78 | +0.62 |
| Martin ratioReturn relative to average drawdown | 8.23 | 12.44 | -4.21 |
Dividends
Dividend History
Highland Funds I - Highland Opportunities and Income Fund provided a 6.26% 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 | 6.26% | 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 | $0.04 | $0.04 | $0.00 | $0.19 | ||||||
| 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 14.49%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -52.79%Apr 2025 | 2y 7mo | — | 3y 10moAug 2022 - now |
2020 bear market2020 | -49.44%May 2020 | 1y 9mo | 1y 10mo | 3y 8moJul 2018 - Mar 2022 |
Bear market2022 | -9.71%Jun 2022 | 1mo 14d | 1mo 24d | 3mo 8dMay 2022 - Aug 2022 |
2017 pullback2017 | -3.99%Nov 2017 | 8d | 1mo 6d | 1mo 14dNov 2017 - Dec 2017 |
2018 pullback2018 | -2.92%Feb 2018 | 11d | 8d | 19dFeb 2018 - Feb 2018 |
Drawdown Indicators
| HFRO | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.79% | -56.78% | +3.99% |
Max Drawdown (1Y)Largest decline over 1 year | -15.74% | -9.10% | -6.64% |
Max Drawdown (3Y)Largest decline over 3 years | -43.68% | -18.90% | -24.78% |
Max Drawdown (5Y)Largest decline over 5 years | -52.79% | -25.43% | -27.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -14.49% | -1.80% | -12.69% |
Average DrawdownAverage peak-to-trough decline | -20.66% | -10.71% | -9.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.49% | 2.03% | +4.46% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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