- ISIN
- US4301018739
- CUSIP
- 430101873
- Issuer
- Highland Funds
- Inception Date
- May 4, 2008
- Category
- Long-Short
- Min. Investment
- $2,500
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
HHCZX Performance Chart
NexPoint Event Driven Fund (HHCZX) is down 3.1% since the beginning of the year. HHCZX is currently trading at $17 per share. Investors who bought $1,000 worth of HHCZX shares 5 years ago would now be looking at an investment worth $894.
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Returns By Period
NexPoint Event Driven Fund (HHCZX) has returned -3.14% so far this year and 1.74% over the past 12 months. Over the last ten years, HHCZX has returned 3.83% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
NexPoint Event Driven Fund
- 1D
- 0.89%
- 1M
- 2.05%
- YTD
- -3.14%
- 6M
- -3.86%
- 1Y
- 1.74%
- 3Y*
- 5.08%
- 5Y*
- -2.21%
- 10Y*
- 3.83%
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%
HHCZX Monthly Returns History
Based on dividend-adjusted daily data since May 5, 2008, HHCZX's average daily return is +0.02%, while the average monthly return is +0.44%. At this rate, an investment would double in approximately 13.2 years.
Historically, 54% of months were positive and 46% were negative. The best month was Apr 2020 with a return of +17.3%, while the worst month was Jul 2021 at -13.0%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 8 months.
On a daily basis, HHCZX closed higher 48% of trading days. The best single day was Dec 4, 2009 with a return of +14.2%, while the worst single day was Mar 16, 2020 at -11.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.20% | 0.11% | -6.49% | 0.66% | 0.78% | 0.77% | -3.14% | ||||||
| 2025 | 1.22% | -1.26% | -0.79% | 0.61% | 1.28% | 1.15% | 1.61% | 1.11% | -0.93% | 9.89% | -3.41% | -3.53% | 6.52% |
| 2024 | 0.52% | 1.29% | 2.10% | 0.37% | -0.31% | 0.69% | 0.56% | 0.18% | 0.74% | 1.16% | 0.42% | -0.71% | 7.22% |
| 2023 | 0.27% | 0.20% | -0.86% | 1.07% | -1.79% | 1.75% | 2.32% | 1.43% | 0.70% | -0.70% | 0.70% | 0.29% | 5.44% |
| 2022 | -7.12% | 0.68% | -0.20% | -0.74% | -0.14% | -0.82% | 2.20% | 0.54% | -1.07% | 2.03% | -0.13% | -0.53% | -5.49% |
| 2021 | 0.10% | 0.52% | -0.57% | 5.21% | -3.57% | -1.85% | -13.03% | 3.49% | -10.23% | 1.10% | -5.19% | 7.16% | -17.31% |
Benchmark Metrics
NexPoint Event Driven Fund has an annualized alpha of 1.26%, beta of 0.36, and R2 of 0.23 versus S&P 500 Index. Calculated based on daily prices since May 05, 2008.
- This fund participated in 30.84% of S&P 500 Index downside but only 28.56% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.36 may look defensive, but with R2 of 0.23 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 0.23 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
- 1.26%
- Beta
- 0.36
- R²
- 0.23
- Upside Capture
- 28.56%
- Downside Capture
- 30.84%
Expense Ratio
HHCZX has a high expense ratio of 1.69%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
HHCZX ranks 4 for risk / return — in the bottom 4% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for NexPoint Event Driven Fund (HHCZX) 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.
| HHCZX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.37 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 2.78 | -2.67 |
| Martin ratioReturn relative to average drawdown | 0.21 | 12.44 | -12.23 |
Dividends
Dividend History
NexPoint Event Driven Fund provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.09 | $0.41 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.13 | $0.00 | $0.58 |
Dividend yield | 0.00% | 0.00% | 0.56% | 2.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.06% | 0.00% | 4.27% |
Monthly Dividends
The table displays the monthly dividend distributions for NexPoint Event Driven 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 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.09 | $0.09 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.41 | $0.41 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
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 NexPoint Event Driven 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 NexPoint Event Driven Fund was 33.57%, occurring on May 31, 2017. Recovery took 340 trading sessions.
The current NexPoint Event Driven Fund drawdown is 15.00%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2017 bear market2017 | -33.57%May 2017 | 1y 10mo | 1y 4mo | 3y 2moJul 2015 - Oct 2018 |
COVID crash2020 | -32.15%Mar 2020 | 1y 4mo | 2mo | 1y 6moNov 2018 - May 2020 |
Bear market2022 | -31.21%Jun 2022 | 1y 1mo | — | 5y 1moApr 2021 - now |
Financial crisis2007–2009 | -23.11%Oct 2009 | 11mo 29d | 1y 1mo | 2y 1moNov 2008 - Dec 2010 |
2012 bear market2012 | -20.73%Nov 2012 | 1y 3mo | 10mo 15d | 2y 2moJul 2011 - Sep 2013 |
Drawdown Indicators
| HHCZX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.57% | -56.78% | +23.21% |
Max Drawdown (1Y)Largest decline over 1 year | -15.42% | -9.10% | -6.32% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -18.90% | +3.48% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -25.43% | -2.15% |
Max Drawdown (10Y)Largest decline over 10 years | -32.15% | -33.92% | +1.77% |
Current DrawdownCurrent decline from peak | -15.00% | -1.80% | -13.20% |
Average DrawdownAverage peak-to-trough decline | -14.02% | -10.71% | -3.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.39% | 2.03% | +6.36% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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