Western Asset High Income Fund II (HIX)

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Western Asset High Income Fund II (HIX) is up 1.8% since the beginning of the year. HIX is currently trading at $4 per share. Investors who bought $1,000 worth of HIX shares 5 years ago would now be looking at an investment worth $1,035.

Western Asset High Income Fund II (HIX) has returned 1.83% so far this year and 8.08% over the past 12 months. Over the last ten years, HIX has returned 5.29% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since May 22, 1998, HIX's average daily return is +0.03%, while the average monthly return is +0.68%. At this rate, an investment would double in approximately 8.5 years.

Historically, 58% of months were positive and 42% were negative. The best month was Jan 2009 with a return of +26.6%, while the worst month was Aug 1998 at -22.9%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.

On a daily basis, HIX closed higher 49% of trading days. The best single day was Nov 25, 2008 with a return of +13.7%, while the worst single day was Mar 18, 2020 at -21.8%.

Western Asset High Income Fund II has an annualized alpha of 4.23%, beta of 0.49, and R2 of 0.22 versus S&P 500 Index. Calculated based on daily prices since May 22, 1998.

• This fund participated in 70.17% of S&P 500 Index downside but only 69.04% of its upside - more exposed to losses than it benefited from rallies.
• Beta of 0.49 may look defensive, but with R2 of 0.22 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 0.22 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.

HIX has a high expense ratio of 3.70%, indicating above-average management fees.

HIX ranks 8 for risk / return — in the bottom 8% 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.

Western Asset High Income Fund II provided a 14.74% dividend yield over the last twelve months, with an annual payout of $0.59 per share. The fund has been increasing its distributions for 7 consecutive years.

The table displays the monthly dividend distributions for Western Asset High Income Fund II. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

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.

The table below displays the maximum drawdowns of the Western Asset High Income Fund II. 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 Western Asset High Income Fund II was 61.03%, occurring on Nov 20, 2008. Recovery took 202 trading sessions.

The current Western Asset High Income Fund II drawdown is 4.85%.

The chart below shows the rolling one-month volatility.