HFRO vs. CONWX

Last updated Jun 4, 2026

HFRO (Highland Funds I - Highland Opportunities and Income Fund) and CONWX (Concorde Wealth Management Fund) are both Diversified Portfolio funds. Over the past 5 years, HFRO returned -3.18%/yr vs 6.49%/yr for CONWX. At a 0.27 correlation, their price movements are largely independent. HFRO charges 0.02%/yr vs 1.41%/yr for CONWX.

Performance

HFRO vs. CONWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Highland Funds I - Highland Opportunities and Income Fund (HFRO) and Concorde Wealth Management Fund (CONWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFRO achieves a 14.58% return, which is significantly higher than CONWX's 6.98% return.

HFRO

• 1D: -1.34%
• 1M: 8.46%
• YTD: 14.58%
• 6M: 13.05%
• 1Y: 39.54%
• 3Y*: -1.98%
• 5Y*: -3.18%
• 10Y*: —

CONWX

• 1D: 0.29%
• 1M: -0.77%
• YTD: 6.98%
• 6M: 6.89%
• 1Y: 16.04%
• 3Y*: 12.21%
• 5Y*: 6.49%
• 10Y*: 8.21%

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

HFRO vs. CONWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFRO Highland Funds I - Highland Opportunities and Income Fund	14.58%	25.08%	-27.17%	-16.97%	1.71%	16.33%	-8.42%	4.22%	-12.30%	1.01%
CONWX Concorde Wealth Management Fund	6.98%	11.95%	13.58%	0.20%	-2.51%	19.73%	8.76%	16.84%	-1.95%	2.06%

Correlation

The correlation between HFRO and CONWX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.27

The correlation between HFRO and CONWX shifts across timeframes, from 0.17 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HFRO vs. CONWX — Risk / Return Rank

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

HFRO

HFRO Risk / Return Rank: 39
HFRO Sharpe Ratio Rank: 43
HFRO Sortino Ratio Rank: 39
HFRO Omega Ratio Rank: 44
HFRO Calmar Ratio Rank: 44
HFRO Martin Ratio Rank: 25

CONWX

CONWX Risk / Return Rank: 71
CONWX Sharpe Ratio Rank: 66
CONWX Sortino Ratio Rank: 70
CONWX Omega Ratio Rank: 60
CONWX Calmar Ratio Rank: 89
CONWX Martin Ratio Rank: 68

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.

HFRO vs. CONWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Highland Funds I - Highland Opportunities and Income Fund (HFRO) and Concorde Wealth Management Fund (CONWX). 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.

	HFRO	CONWX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.38	-0.45
Sortino ratio: Return per unit of downside risk	2.62	3.49	-0.88
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	2.52	4.50	-1.97
Martin ratio: Return relative to average drawdown	6.11	13.12	-7.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFRO vs. CONWX - Sharpe Ratio Comparison

The current HFRO Sharpe Ratio is 1.93, which is comparable to the CONWX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of HFRO and CONWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HFRO	CONWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.38	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.64	-0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.76	-0.84

Drawdowns

HFRO vs. CONWX - Drawdown Comparison

The maximum HFRO drawdown since its inception was -52.79%, which is greater than CONWX's maximum drawdown of -26.09%. Use the drawdown chart below to compare losses from any high point for HFRO and CONWX.

Drawdown Indicators

	HFRO	CONWX	Difference
Max Drawdown Largest peak-to-trough decline	-52.79%	-26.09%	-26.70%
Max Drawdown (1Y) Largest decline over 1 year	-15.74%	-3.68%	-12.06%
Max Drawdown (3Y) Largest decline over 3 years	-43.68%	-9.86%	-33.82%
Max Drawdown (5Y) Largest decline over 5 years	-52.79%	-12.49%	-40.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.09%	—
Current Drawdown Current decline from peak	-23.06%	-3.11%	-19.95%
Average Drawdown Average peak-to-trough decline	-20.68%	-2.78%	-17.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	1.26%	+5.23%

Volatility

HFRO vs. CONWX - Volatility Comparison

Highland Funds I - Highland Opportunities and Income Fund (HFRO) has a higher volatility of 6.28% compared to Concorde Wealth Management Fund (CONWX) at 1.42%. This indicates that HFRO's price experiences larger fluctuations and is considered to be riskier than CONWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFRO	CONWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	1.42%	+4.86%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	5.13%	+9.41%
Volatility (1Y) Calculated over the trailing 1-year period	20.63%	6.96%	+13.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.78%	10.19%	+13.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.50%	11.10%	+11.40%

HFRO vs. CONWX - Expense Ratio Comparison

HFRO has a 0.02% expense ratio, which is lower than CONWX's 1.41% expense ratio.

Dividends

HFRO vs. CONWX - Dividend Comparison

HFRO's dividend yield for the trailing twelve months is around 6.96%, more than CONWX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CONWX Concorde Wealth Management Fund	3.45%	3.69%	10.55%	2.16%	7.85%	3.63%	3.86%	2.16%	5.09%	2.48%
HFRO Highland Funds I - Highland Opportunities and Income Fund	6.96%	7.73%	8.90%	12.02%	8.97%	8.41%	8.99%	7.43%	7.22%	0.99%

Frequently Asked Questions

Can I hold both HFRO and CONWX in my portfolio?

HFRO and CONWX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFRO or CONWX?

HFRO has higher volatility (6.28%) compared to CONWX (1.42%). In terms of maximum drawdown, HFRO dropped -52.79% vs CONWX's -26.09%.

Which has better risk-adjusted returns?

CONWX currently has the higher Sharpe Ratio (2.38 vs 1.93), 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.