HFRO vs. HHCZX
HFRO (Highland Funds I - Highland Opportunities and Income Fund) and HHCZX (NexPoint Event Driven Fund) are both mutual funds - HFRO is a Diversified Portfolio fund managed by Highland Funds, while HHCZX is a Long-Short fund managed by Highland Funds. Over the past 5 years, HFRO returned 2.37%/yr vs 0.90%/yr for HHCZX. Their 0.18 correlation means their historical movements had little consistent relationship. HFRO charges 0.02%/yr vs 1.69%/yr for HHCZX.
Performance
HFRO vs. HHCZX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HFRO achieves a 31.15% return, which is significantly higher than HHCZX's -3.72% return.
HFRO
- 1D
- 2.31%
- 1M
- 0.80%
- 6M
- 23.52%
- YTD
- 31.15%
- 1Y
- 53.19%
- 3Y*
- 4.37%
- 5Y*
- 2.37%
- 10Y*
- —
- ALL TIME*
- -0.09%
HHCZX
- 1D
- 1.81%
- 1M
- -1.12%
- 6M
- -4.86%
- YTD
- -3.72%
- 1Y
- -0.65%
- 3Y*
- 4.05%
- 5Y*
- 0.90%
- 10Y*
- 3.84%
- ALL TIME*
- 4.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.04M | $1.14M | $1.16M | |
| $0.00 | $0.00 | $0.00 |
HFRO vs. HHCZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HFRO Highland Funds I - Highland Opportunities and Income Fund | 31.15% | 25.08% | -27.17% | -16.97% | 1.71% | 16.33% | -8.42% | 4.22% | -12.30% | 1.01% |
HHCZX NexPoint Event Driven Fund | -3.72% | 6.52% | 7.22% | 5.44% | -5.49% | -17.31% | 22.24% | 11.36% | 12.72% | 2.66% |
Correlation
The correlation between HFRO and HHCZX is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.18 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HFRO vs. HHCZX — Risk / Return Rank
HFRO
HHCZX
HFRO vs. HHCZX - 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 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.
| HFRO | HHCZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.56 | ||
| Sortino ratioReturn per unit of downside risk | +3.34 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.00 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | -0.11 | +3.50 |
| Martin ratioReturn relative to average drawdown | 8.15 | -0.18 | +8.33 |
Loading charts...
Drawdowns
HFRO vs. HHCZX - Drawdown Comparison
The maximum HFRO drawdown since its inception was -52.79%, which is greater than HHCZX's maximum drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for HFRO and HHCZX.
Loading charts...
Drawdown Indicators
| HFRO | HHCZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.79% | -33.57% | -19.22% |
Max Drawdown (1Y)Largest decline over 1 year | -15.74% | -15.42% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -43.68% | -15.42% | -28.26% |
Max Drawdown (5Y)Largest decline over 5 years | -52.79% | -19.51% | -33.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.15% | — |
Current DrawdownCurrent decline from peak | -11.94% | -15.50% | +3.56% |
Average DrawdownAverage peak-to-trough decline | -20.57% | -14.03% | -6.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 9.34% | -2.80% |
Volatility
HFRO vs. HHCZX - Volatility Comparison
Highland Funds I - Highland Opportunities and Income Fund (HFRO) has a higher volatility of 5.84% compared to NexPoint Event Driven Fund (HHCZX) at 3.12%. This indicates that HFRO'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.
Loading charts...
Volatility by Period
| HFRO | HHCZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 3.12% | +2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 15.91% | 7.99% | +7.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.68% | 16.78% | +4.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.38% | 10.14% | +13.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.52% | 16.28% | +6.24% |
HFRO vs. HHCZX - Expense Ratio Comparison
HFRO has a 0.02% expense ratio, which is lower than HHCZX's 1.69% expense ratio.
Dividends
HFRO vs. HHCZX - Dividend Comparison
HFRO's dividend yield for the trailing twelve months is around 6.14%, while HHCZX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFRO Highland Funds I - Highland Opportunities and Income Fund | 6.14% | 7.73% | 8.90% | 12.02% | 8.97% | 8.41% | 8.99% | 7.43% | 7.22% | 0.99% | 0.00% | 0.00% |
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
HFRO and HHCZX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HFRO has higher volatility (5.84%) compared to HHCZX (3.12%). In terms of maximum drawdown, HFRO dropped -52.79% vs HHCZX's -33.57%.
HFRO currently has the higher Sharpe Ratio (2.47 vs -0.10), 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.
Find the right allocation for HFRO and HHCZX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer