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 2.45%/yr vs -2.21%/yr for HHCZX. At a 0.19 correlation, their price movements are largely independent. HFRO charges 0.02%/yr vs 1.69%/yr for HHCZX.
Performance
HFRO vs. HHCZX - Performance Comparison
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Returns By Period
In the year-to-date period, HFRO achieves a 27.35% return, which is significantly higher than HHCZX's -3.14% return.
HFRO
- 1D
- 0.82%
- 1M
- 18.08%
- YTD
- 27.35%
- 6M
- 26.07%
- 1Y
- 53.30%
- 3Y*
- 1.36%
- 5Y*
- 2.45%
- 10Y*
- —
HHCZX
- 1D
- 0.89%
- 1M
- 2.05%
- YTD
- -3.14%
- 6M
- -3.86%
- 1Y
- 1.74%
- 3Y*
- 5.08%
- 5Y*
- -2.21%
- 10Y*
- 3.83%
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 | 27.35% | 25.08% | -27.17% | -16.97% | 1.71% | 16.33% | -8.42% | 4.22% | -12.30% | 1.01% |
HHCZX NexPoint Event Driven Fund | -3.14% | 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 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.19 |
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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 | +2.41 | ||
| Sortino ratioReturn per unit of downside risk | +2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.05 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 0.11 | +3.29 |
| Martin ratioReturn relative to average drawdown | 8.23 | 0.21 | +8.02 |
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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.
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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% | -27.58% | -25.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.15% | — |
Current DrawdownCurrent decline from peak | -14.49% | -15.00% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -20.66% | -14.02% | -6.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.49% | 8.39% | -1.90% |
Volatility
HFRO vs. HHCZX - Volatility Comparison
Highland Funds I - Highland Opportunities and Income Fund (HFRO) has a higher volatility of 6.58% compared to NexPoint Event Driven Fund (HHCZX) at 2.63%. 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.
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Volatility by Period
| HFRO | HHCZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.58% | 2.63% | +3.95% |
Volatility (6M)Calculated over the trailing 6-month period | 15.36% | 7.53% | +7.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.29% | 16.41% | +4.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.51% | 10.62% | +12.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.52% | 16.27% | +6.25% |
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 6.26%, 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 | 5.74% | 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 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HFRO has higher volatility (6.58%) compared to HHCZX (2.63%). In terms of maximum drawdown, HFRO dropped -52.79% vs HHCZX's -33.57%.
HFRO currently has the higher Sharpe Ratio (2.52 vs 0.11), 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.
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