DMA vs. HFRO
Compare and contrast key facts about Dimensional Managed Account Fund (DMA) and Highland Funds I - Highland Opportunities and Income Fund (HFRO).
DMA is managed by Dimensional Fund Advisors. It was launched on Mar 16, 2012. HFRO is managed by Highland Funds. It was launched on Jan 13, 2000.
Performance
DMA vs. HFRO - Performance Comparison
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DMA vs. HFRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DMA Dimensional Managed Account Fund | -5.96% | 16.89% | 41.06% | -3.81% | -15.90% |
HFRO Highland Funds I - Highland Opportunities and Income Fund | -2.69% | 25.08% | -27.17% | -16.97% | 1.25% |
Returns By Period
In the year-to-date period, DMA achieves a -5.96% return, which is significantly lower than HFRO's -2.69% return.
DMA
- 1D
- 0.00%
- 1M
- -3.49%
- YTD
- -5.96%
- 6M
- 0.97%
- 1Y
- 8.74%
- 3Y*
- 18.18%
- 5Y*
- —
- 10Y*
- —
HFRO
- 1D
- 3.44%
- 1M
- -7.58%
- YTD
- -2.69%
- 6M
- -6.61%
- 1Y
- 18.97%
- 3Y*
- -5.54%
- 5Y*
- -4.71%
- 10Y*
- —
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DMA vs. HFRO - Expense Ratio Comparison
DMA has a 0.03% expense ratio, which is higher than HFRO's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
DMA vs. HFRO — Risk / Return Rank
DMA
HFRO
DMA vs. HFRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional Managed Account Fund (DMA) and Highland Funds I - Highland Opportunities and Income Fund (HFRO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| DMA | HFRO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.49 | 0.80 | -0.31 |
Sortino ratioReturn per unit of downside risk | 0.88 | 1.20 | -0.31 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.18 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 0.61 | 1.57 | -0.96 |
Martin ratioReturn relative to average drawdown | 2.39 | 4.05 | -1.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DMA | HFRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.49 | 0.80 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.20 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | -0.16 | +0.39 |
Correlation
The correlation between DMA and HFRO is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
DMA vs. HFRO - Dividend Comparison
DMA's dividend yield for the trailing twelve months is around 13.69%, more than HFRO's 8.09% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DMA Dimensional Managed Account Fund | 13.69% | 9.42% | 3.83% | 5.22% | 10.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HFRO Highland Funds I - Highland Opportunities and Income Fund | 8.09% | 7.73% | 8.90% | 12.02% | 8.97% | 8.41% | 8.99% | 7.43% | 7.22% | 0.99% |
Drawdowns
DMA vs. HFRO - Drawdown Comparison
The maximum DMA drawdown since its inception was -38.85%, smaller than the maximum HFRO drawdown of -52.79%. Use the drawdown chart below to compare losses from any high point for DMA and HFRO.
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Drawdown Indicators
| DMA | HFRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.85% | -52.79% | +13.94% |
Max Drawdown (1Y)Largest decline over 1 year | -12.71% | -15.74% | +3.03% |
Max Drawdown (5Y)Largest decline over 5 years | — | -52.79% | — |
Current DrawdownCurrent decline from peak | -7.64% | -34.66% | +27.02% |
Average DrawdownAverage peak-to-trough decline | -11.26% | -20.50% | +9.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 6.10% | -2.72% |
Volatility
DMA vs. HFRO - Volatility Comparison
The current volatility for Dimensional Managed Account Fund (DMA) is 5.19%, while Highland Funds I - Highland Opportunities and Income Fund (HFRO) has a volatility of 8.13%. This indicates that DMA experiences smaller price fluctuations and is considered to be less risky than HFRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMA | HFRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 8.13% | -2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 8.94% | 15.20% | -6.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.78% | 24.25% | -6.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.34% | 23.59% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.34% | 22.54% | +1.80% |