- 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
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
HFRO Performance Chart
Highland Funds I - Highland Opportunities and Income Fund (HFRO) is up 31.2% since the beginning of the year. HFRO is currently trading at $8 per share. Investors who bought $1,000 worth of HFRO shares 5 years ago would now be looking at an investment worth $1,124.
Loading charts...
Compare this symbol against anything
Returns By Period
Highland Funds I - Highland Opportunities and Income Fund (HFRO) has returned 31.15% so far this year and 53.19% over the past 12 months.
Highland Funds I - Highland Opportunities and Income Fund
- 1D
- 2.31%
- 1M
- 0.80%
- 6M
- 23.52%
- YTD
- 31.15%
- 1Y
- 53.19%
- 3Y*
- 4.37%
- 5Y*
- 2.37%
- 10Y*
- —
- ALL TIME*
- -0.09%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
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 +0.26%. At this rate, an investment would double in approximately 22.2 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% | 10.61% | 6.04% | 31.15% | |||||
| 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 -3.46%, 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 94.86% 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
- -3.46%
- Beta
- 0.43
- R²
- 0.13
- Upside Capture
- 48.83%
- Downside Capture
- 94.86%
Expense Ratio
HFRO has an expense ratio of 0.02%, which is considered low.
Return for Risk
Risk / Return Rank
HFRO ranks 83 for risk / return — above 83% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return 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 | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.25 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 2.00 | +1.39 |
| Martin ratioReturn relative to average drawdown | 8.15 | 8.49 | -0.34 |
Dividends
Dividend History
Highland Funds I - Highland Opportunities and Income Fund provided a 6.14% 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 | 6.14% | 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 | $0.04 | $0.04 | $0.27 | |||||
| 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.
Loading charts...
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 11.94%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-52.79%Apr 2025 | 2y 7mo | — | 3y 11moAug 2022 - now | 2025 selloff2025 |
-49.44%May 2020 | 1y 9mo | 1y 10mo | 3y 8moJul 2018 - Mar 2022 | — |
-9.71%Jun 2022 | 1mo 14d | 1mo 24d | 3mo 8dMay 2022 - Aug 2022 | Bear market2022 |
-3.99%Nov 2017 | 8d | 1mo 6d | 1mo 14dNov 2017 - Dec 2017 | — |
-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 | -11.94% | -1.58% | -10.36% |
Average DrawdownAverage peak-to-trough decline | -20.57% | -10.70% | -9.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 2.14% | +4.40% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with HFRO
Add Highland Funds I - Highland Opportunities and Income Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with HFRO