HFRO vs. PMAIX
Compare and contrast key facts about Highland Funds I - Highland Opportunities and Income Fund (HFRO) and Pioneer Multi-Asset Income Fund A (PMAIX).
HFRO is managed by Highland Funds. It was launched on Jan 13, 2000. PMAIX is managed by Amundi. It was launched on Dec 22, 2011.
Performance
HFRO vs. PMAIX - Performance Comparison
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HFRO vs. PMAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HFRO Highland Funds I - Highland Opportunities and Income Fund | -3.03% | 25.08% | -27.17% | -16.97% | 1.71% | 16.33% | -8.42% | 4.22% | -12.30% | 1.01% |
PMAIX Pioneer Multi-Asset Income Fund A | 1.34% | 23.03% | 6.09% | 7.32% | -0.79% | 12.00% | 5.35% | 10.88% | -6.10% | 3.03% |
Returns By Period
In the year-to-date period, HFRO achieves a -3.03% return, which is significantly lower than PMAIX's 1.34% return.
HFRO
- 1D
- -0.35%
- 1M
- -8.34%
- YTD
- -3.03%
- 6M
- -6.64%
- 1Y
- 19.01%
- 3Y*
- -5.65%
- 5Y*
- -4.78%
- 10Y*
- —
PMAIX
- 1D
- 0.54%
- 1M
- -2.74%
- YTD
- 1.34%
- 6M
- 4.36%
- 1Y
- 17.30%
- 3Y*
- 12.04%
- 5Y*
- 7.98%
- 10Y*
- 8.51%
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HFRO vs. PMAIX - Expense Ratio Comparison
HFRO has a 0.02% expense ratio, which is lower than PMAIX's 0.85% expense ratio.
Return for Risk
HFRO vs. PMAIX — Risk / Return Rank
HFRO
PMAIX
HFRO vs. PMAIX - 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 Pioneer Multi-Asset Income Fund A (PMAIX). 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 | PMAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.80 | 2.43 | -1.63 |
Sortino ratioReturn per unit of downside risk | 1.20 | 3.08 | -1.88 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.52 | -0.34 |
Calmar ratioReturn relative to maximum drawdown | 1.18 | 2.50 | -1.33 |
Martin ratioReturn relative to average drawdown | 3.03 | 11.66 | -8.63 |
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
| HFRO | PMAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 2.43 | -1.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.20 | 1.11 | -1.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.13 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.16 | 1.12 | -1.28 |
Correlation
The correlation between HFRO and PMAIX is 0.27, 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
HFRO vs. PMAIX - Dividend Comparison
HFRO's dividend yield for the trailing twelve months is around 8.12%, more than PMAIX's 5.79% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFRO Highland Funds I - Highland Opportunities and Income Fund | 8.12% | 7.73% | 8.90% | 12.02% | 8.97% | 8.41% | 8.99% | 7.43% | 7.22% | 0.99% | 0.00% | 0.00% |
PMAIX Pioneer Multi-Asset Income Fund A | 5.79% | 6.29% | 5.30% | 5.14% | 4.53% | 5.50% | 5.39% | 5.78% | 5.83% | 6.69% | 5.53% | 5.92% |
Drawdowns
HFRO vs. PMAIX - Drawdown Comparison
The maximum HFRO drawdown since its inception was -52.79%, which is greater than PMAIX's maximum drawdown of -24.12%. Use the drawdown chart below to compare losses from any high point for HFRO and PMAIX.
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Drawdown Indicators
| HFRO | PMAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.79% | -24.12% | -28.67% |
Max Drawdown (1Y)Largest decline over 1 year | -15.74% | -7.06% | -8.68% |
Max Drawdown (5Y)Largest decline over 5 years | -52.79% | -13.97% | -38.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.12% | — |
Current DrawdownCurrent decline from peak | -34.89% | -3.10% | -31.79% |
Average DrawdownAverage peak-to-trough decline | -20.50% | -2.69% | -17.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.13% | 1.52% | +4.61% |
Volatility
HFRO vs. PMAIX - Volatility Comparison
Highland Funds I - Highland Opportunities and Income Fund (HFRO) has a higher volatility of 7.74% compared to Pioneer Multi-Asset Income Fund A (PMAIX) at 2.29%. This indicates that HFRO's price experiences larger fluctuations and is considered to be riskier than PMAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HFRO | PMAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.74% | 2.29% | +5.45% |
Volatility (6M)Calculated over the trailing 6-month period | 15.13% | 4.18% | +10.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.78% | 7.19% | +16.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.58% | 7.20% | +16.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.53% | 7.58% | +14.95% |