Western Asset High Income Opportunity Fund Inc (HIO) belongs to the High Yield Bonds category. Below you'll find alternative mutual funds from the same category, ranked by key criteria, plus funds that investors commonly compare with HIO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to HIO
HIO charges 0.02% annually. No mutual funds in the High Yield Bonds category have lower expense ratios; the lowest-cost alternatives shown here go as low as 0.02%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Western Asset High Yield Opportunity Fund Inc | 0.02% | — | Jul 2010 | HIO vs HYI | |
| Western Asset Global High Income Fund Inc | 0.02% | — | Jan 2010 | HIO vs EHI | |
| PGIM High Yield Bond Fund | 0.02% | — | Apr 2012 | HIO vs ISD | |
| First Trust High Yield Opportunities 2027 Term Fun... | 0.02% | — | Jun 2020 | HIO vs FTHY | |
| Nuveen Floating Rate Income Fund | 0.02% | — | Mar 2004 | HIO vs JFR |
Best Risk-Adjusted Alternatives to HIO
HIO has a PortfoliosLab risk / return rank of 4. There are 192 mutual funds in the High Yield Bonds category with higher risk-adjusted ranks, going as high as 100.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Pioneer ILS Interval Fund | 100 | — | Dec 2014 | HIO vs XILSX | |
| Cliffwater Corporate Lending Fund Class I Shares | 100 | — | Jun 2019 | HIO vs CCLFX | |
| RiverPark Short Term High Yield Fund | 100 | — | Sep 2010 | HIO vs RPHIX | |
| Intrepid Income Fund | 97 | — | Aug 2010 | HIO vs ICMUX | |
| Penn Capital Short Duration High Income Fund | 97 | — | Jul 2017 | HIO vs PSHNX |
Top Performing HIO Alternatives (YTD)
HIO is at 1.83% YTD. There are 68 mutual funds in the High Yield Bonds category with higher YTD returns, going as high as 10.04%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Pioneer ILS Interval Fund | 10.04% | — | Dec 2014 | HIO vs XILSX | |
| Fairholme Focused Income Fund | 9.48% | — | Dec 2009 | HIO vs FOCIX | |
| RiverNorth Capital and Income Fund | 8.22% | — | — | HIO vs RSF | |
| Nuveen Floating Rate Income Fund | 5.94% | — | Mar 2004 | HIO vs JFR | |
| Fidelity Capital & Income Fund | 5.47% | — | Nov 1977 | HIO vs FAGIX |
Lowest Volatility Alternatives to HIO
HIO has 10.47% 1-year volatility. There are 198 mutual funds in the High Yield Bonds category with lower 1-year volatility, going as low as 0.83%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| RiverPark Short Term High Yield Fund | 0.83% | — | Sep 2010 | HIO vs RPHIX | |
| Cliffwater Corporate Lending Fund Class I Shares | 0.85% | — | Jun 2019 | HIO vs CCLFX | |
| Chartwell Short Duration High Yield Fund | 1.51% | — | Jul 2014 | HIO vs CWFIX | |
| Shenkman Capital Short Duration High Income Fund | 1.64% | — | Oct 2012 | HIO vs SCFIX | |
| Osterweis Strategic Income Fund | 1.77% | — | Aug 2002 | HIO vs OSTIX |
Lowest Drawdown Alternatives to HIO
HIO has a 1-year max drawdown of -6.70%. There are 188 mutual funds in the High Yield Bonds category with shallower 1-year drawdowns, going as shallow as -0.10%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Pioneer ILS Interval Fund | -0.10% | — | Dec 2014 | HIO vs XILSX | |
| RiverPark Short Term High Yield Fund | -0.10% | — | Sep 2010 | HIO vs RPHIX | |
| Cliffwater Corporate Lending Fund Class I Shares | -0.19% | — | Jun 2019 | HIO vs CCLFX | |
| MainStay MacKay Short Duration High Yield Fund | -1.06% | — | Dec 2012 | HIO vs MDHVX | |
| Shenkman Capital Short Duration High Income Fund | -1.11% | — | Oct 2012 | HIO vs SCFIX |
Other Mutual Funds from Franklin Templeton
The 10 most viewed Franklin Templeton mutual funds shown here include FKDNX, FKRCX, FKINX and span 9 categories.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Franklin DynaTech Fund | Large Cap Growth Equities, Technology Equities | 10 | 1.52% | — | Jan 1968 | HIO vs FKDNX | |
| Franklin Gold and Precious Metals Fund | Gold, Precious Metals | 48 | -10.16% | — | May 1969 | HIO vs FKRCX | |
| Franklin Income Fund Class A1 | Diversified Portfolio | 87 | 5.21% | — | — | HIO vs FKINX | |
| Franklin Growth Fund Class A | Large Cap Growth Equities | 20 | 4.81% | — | Apr 1948 | HIO vs FKGRX | |
| ClearBridge Energy Midstream Opportunity Fund | MLPs, Energy Equities | 44 | 21.52% | — | Jun 2011 | HIO vs EMO | |
| Franklin Rising Dividends Fund | Large Cap Blend Equities | 41 | 8.25% | — | Jan 1987 | HIO vs FRDPX | |
| ClearBridge Large Cap Growth Fund | Large Cap Growth Equities | 6 | -0.11% | — | Aug 1997 | HIO vs SBLGX | |
| Templeton Institutional Fund International Equity ... | Foreign Large Cap Equities | 63 | 13.92% | — | Oct 1990 | HIO vs TFEQX | |
| Franklin Income Fund Advisor Class | Diversified Portfolio | 93 | 5.78% | — | Aug 1997 | HIO vs FRIAX | |
| ClearBridge Aggressive Growth Fund | Large Cap Blend Equities | 6 | 0.24% | — | Oct 1983 | HIO vs SHRAX |
Often Compared With HIO
Investors most often compare HIO with DHF, GHY, WIW. These 20 comparison targets span 4 categories, based on PortfoliosLab usage data.
Compare HIO with Any Fund or Stock
Compare HIO with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair HIO with funds that move differently
Western Asset High Income Opportunity Fund Inc alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to HIO.
Explore HIO Diversifiers