FLSPX vs. HHCZX

Last updated Jul 14, 2026

FLSPX (Meeder Spectrum Fund) and HHCZX (NexPoint Event Driven Fund) are both Long-Short funds. Over the past 10 years, FLSPX returned 10.62%/yr vs 3.85%/yr for HHCZX. A 0.53 correlation means they provide meaningful diversification when combined. FLSPX charges 1.52%/yr vs 1.69%/yr for HHCZX.

Performance

FLSPX vs. HHCZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Meeder Spectrum Fund (FLSPX) and NexPoint Event Driven Fund (HHCZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLSPX achieves a 10.88% return, which is significantly higher than HHCZX's -3.77% return. Over the past 10 years, FLSPX has outperformed HHCZX with an annualized return of 10.62%, while HHCZX has yielded a comparatively lower 3.85% annualized return.

FLSPX

• 1D: 0.24%
• 1M: 0.78%
• 6M: 8.37%
• YTD: 10.88%
• 1Y: 23.51%
• 3Y*: 20.19%
• 5Y*: 11.73%
• 10Y*: 10.62%

HHCZX

• 1D: -0.18%
• 1M: 1.32%
• 6M: -6.91%
• YTD: -3.77%
• 1Y: -1.06%
• 3Y*: 4.69%
• 5Y*: -1.58%
• 10Y*: 3.85%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FLSPX vs. HHCZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLSPX Meeder Spectrum Fund	10.88%	16.15%	27.96%	14.00%	-11.49%	20.56%	-0.23%	13.03%	-3.96%	19.30%
HHCZX NexPoint Event Driven Fund	-3.77%	6.52%	7.22%	5.44%	-5.49%	-17.31%	22.24%	11.36%	12.72%	8.76%

Correlation

The correlation between FLSPX and HHCZX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jan 6, 2015	0.53

The correlation between FLSPX and HHCZX has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.

Return for Risk

FLSPX vs. HHCZX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FLSPX

FLSPX Risk / Return Rank: 67
FLSPX Sharpe Ratio Rank: 67
FLSPX Sortino Ratio Rank: 62
FLSPX Omega Ratio Rank: 60
FLSPX Calmar Ratio Rank: 72
FLSPX Martin Ratio Rank: 76

HHCZX

HHCZX Risk / Return Rank: 3
HHCZX Sharpe Ratio Rank: 3
HHCZX Sortino Ratio Rank: 3
HHCZX Omega Ratio Rank: 3
HHCZX Calmar Ratio Rank: 3
HHCZX Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FLSPX vs. HHCZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Meeder Spectrum Fund (FLSPX) and NexPoint Event Driven Fund (HHCZX). 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.

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.

	FLSPX	HHCZX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	-0.07	+1.88
Sortino ratio: Return per unit of downside risk	2.47	0.01	+2.47
Omega ratio: Gain probability vs. loss probability	1.32	1.00	+0.32
Calmar ratio: Return relative to maximum drawdown	2.63	-0.08	+2.71
Martin ratio: Return relative to average drawdown	10.85	-0.14	+10.99

FLSPX vs. HHCZX - Sharpe Ratio Comparison

The current FLSPX Sharpe Ratio is 1.80, which is higher than the HHCZX Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of FLSPX and HHCZX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLSPX vs. HHCZX - Drawdown Comparison

The maximum FLSPX drawdown since its inception was -27.07%, smaller than the maximum HHCZX drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for FLSPX and HHCZX.

Drawdown Indicators

	FLSPX	HHCZX	Difference
Max Drawdown Largest peak-to-trough decline	-27.07%	-33.57%	+6.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-15.42%	+6.69%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-15.42%	-0.81%
Max Drawdown (5Y) Largest decline over 5 years	-20.01%	-19.51%	-0.50%
Max Drawdown (10Y) Largest decline over 10 years	-27.07%	-32.15%	+5.08%
Current Drawdown Current decline from peak	-0.83%	-15.55%	+14.72%
Average Drawdown Average peak-to-trough decline	-5.65%	-14.02%	+8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	8.85%	-6.74%

Volatility

FLSPX vs. HHCZX - Volatility Comparison

Meeder Spectrum Fund (FLSPX) has a higher volatility of 4.17% compared to NexPoint Event Driven Fund (HHCZX) at 3.13%. This indicates that FLSPX's price experiences larger fluctuations and is considered to be riskier than HHCZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLSPX	HHCZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	3.13%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	10.02%	7.81%	+2.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.72%	16.57%	-3.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.48%	10.54%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.59%	16.28%	-2.69%

FLSPX vs. HHCZX - Expense Ratio Comparison

FLSPX has a 1.52% expense ratio, which is lower than HHCZX's 1.69% expense ratio.

Dividends

FLSPX vs. HHCZX - Dividend Comparison

FLSPX's dividend yield for the trailing twelve months is around 4.09%, while HHCZX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLSPX Meeder Spectrum Fund	4.09%	4.32%	17.39%	8.41%	2.81%	5.55%	0.09%	0.96%	1.26%	6.78%	2.52%	1.55%
HHCZX NexPoint Event Driven Fund	0.00%	0.00%	0.56%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	1.06%	0.00%	4.27%

Frequently Asked Questions

Can I hold both FLSPX and HHCZX in my portfolio?

FLSPX and HHCZX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLSPX or HHCZX?

FLSPX has higher volatility (4.17%) compared to HHCZX (3.13%). In terms of maximum drawdown, FLSPX dropped -27.07% vs HHCZX's -33.57%.

Which has better risk-adjusted returns?

FLSPX currently has the higher Sharpe Ratio (1.80 vs -0.07), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.