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NexPoint Event Driven Fund (HHCZX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 23, 2026

The investment seeks long-term capital appreciation. The fund seeks to primarily invest in equity, debt, and/or derivative securities of companies that the Adviser expects to benefit from an event catalyst. The fund may invest significantly in the common stock of and other interests (e.g., warrants) in special purpose acquisition companies or similar special purpose entities that pool funds to seek potential acquisition opportunities (collectively, SPACs). It is non-diversified.

Looking to diversify beyond HHCZX? The mutual funds below have the lowest correlation with HHCZX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from HHCZX.

Best Diversifiers for HHCZX

7 mutual funds have low correlation with HHCZX (below 0.3), 2 of which are negatively correlated. The least correlated is Vanguard Market Neutral Fund Institutional Shares (VMNIX) (Long-Short) with a 1Y correlation of -0.14, roughly unchanged from -0.10 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
VMNIX
Vanguard Market Neutral Fund Institutional Shares-0.14-0.12-0.10
85
Long-ShortHHCZX vs VMNIX
VMNFX
Vanguard Market Neutral Fund Investor Shares-0.13-0.11-0.10
85
Long-ShortHHCZX vs VMNFX
KCEIX
Knights of Columbus Long/Short Equity Fund0.030.190.10
60
Long-ShortHHCZX vs KCEIX
BDMIX
BlackRock Global Long/Short Equity Fund Class I0.180.100.07
95
Long-ShortHHCZX vs BDMIX
GTAPX
Quantitative U.S. Long/Short Equity Portfolio0.180.290.31
65
Long-ShortHHCZX vs GTAPX
See all 15 diversifiers for HHCZX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from HHCZX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to HHCZX and solid risk/return profiles. The least correlated is Bank of America Corporation (BAC) (Financial Services) with a 1Y correlation of 0.27, down from 0.40 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
BAC
Bank of America Corporation0.270.360.40
75
Financial Services

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Diversification Analysis

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