HFRO vs. STEW
HFRO (Highland Funds I - Highland Opportunities and Income Fund) and STEW (SRH Total Return Fund Inc.) are both Diversified Portfolio funds. Over the past 3 years, HFRO returned 1.36%/yr vs 15.50%/yr for STEW. At a 0.31 correlation, their price movements are largely independent. HFRO charges 0.02%/yr vs 2.28%/yr for STEW.
Performance
HFRO vs. STEW - 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 STEW's -2.38% return.
HFRO
- 1D
- 0.82%
- 1M
- 18.08%
- YTD
- 27.35%
- 6M
- 26.07%
- 1Y
- 53.30%
- 3Y*
- 1.36%
- 5Y*
- 2.45%
- 10Y*
- —
STEW
- 1D
- 0.57%
- 1M
- -0.11%
- YTD
- -2.38%
- 6M
- -1.69%
- 1Y
- 7.51%
- 3Y*
- 15.50%
- 5Y*
- —
- 10Y*
- —
HFRO vs. STEW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HFRO Highland Funds I - Highland Opportunities and Income Fund | 27.35% | 25.08% | -27.17% | -16.97% | -7.73% |
STEW SRH Total Return Fund Inc. | -2.38% | 20.28% | 19.90% | 13.54% | -10.14% |
Correlation
The correlation between HFRO and STEW is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2022 | 0.31 |
The correlation between HFRO and STEW shifts across timeframes, from 0.21 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HFRO vs. STEW — Risk / Return Rank
HFRO
STEW
HFRO vs. STEW - 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 SRH Total Return Fund Inc. (STEW). 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 | STEW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.84 | ||
| Sortino ratioReturn per unit of downside risk | +2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.12 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 0.78 | +2.62 |
| Martin ratioReturn relative to average drawdown | 8.23 | 2.39 | +5.85 |
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Drawdowns
HFRO vs. STEW - Drawdown Comparison
The maximum HFRO drawdown since its inception was -52.79%, which is greater than STEW's maximum drawdown of -25.25%. Use the drawdown chart below to compare losses from any high point for HFRO and STEW.
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Drawdown Indicators
| HFRO | STEW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.79% | -25.25% | -27.54% |
Max Drawdown (1Y)Largest decline over 1 year | -15.74% | -9.68% | -6.06% |
Max Drawdown (3Y)Largest decline over 3 years | -43.68% | -11.30% | -32.38% |
Max Drawdown (5Y)Largest decline over 5 years | -52.79% | — | — |
Current DrawdownCurrent decline from peak | -14.49% | -2.62% | -11.87% |
Average DrawdownAverage peak-to-trough decline | -20.66% | -5.30% | -15.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.49% | 3.15% | +3.34% |
Volatility
HFRO vs. STEW - Volatility Comparison
Highland Funds I - Highland Opportunities and Income Fund (HFRO) has a higher volatility of 6.58% compared to SRH Total Return Fund Inc. (STEW) at 2.81%. This indicates that HFRO's price experiences larger fluctuations and is considered to be riskier than STEW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HFRO | STEW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.58% | 2.81% | +3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 15.36% | 8.19% | +7.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.29% | 11.05% | +10.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.51% | 15.42% | +8.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.52% | 15.42% | +7.10% |
HFRO vs. STEW - Expense Ratio Comparison
HFRO has a 0.02% expense ratio, which is lower than STEW's 2.28% expense ratio.
Dividends
HFRO vs. STEW - Dividend Comparison
HFRO's dividend yield for the trailing twelve months is around 6.26%, more than STEW's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
STEW SRH Total Return Fund Inc. | 4.12% | 3.56% | 3.43% | 3.60% | 2.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HFRO and STEW have a correlation of 0.21, 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 STEW (2.81%). In terms of maximum drawdown, HFRO dropped -52.79% vs STEW's -25.25%.
HFRO currently has the higher Sharpe Ratio (2.52 vs 0.68), 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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