HFRO vs. STEW

Last updated Apr 2, 2026

Compare and contrast key facts about Highland Funds I - Highland Opportunities and Income Fund (HFRO) and SRH Total Return Fund Inc. (STEW).

HFRO is managed by Highland Funds. It was launched on Jan 13, 2000. STEW is managed by SRH.

Performance

HFRO vs. STEW - 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 SRH Total Return Fund Inc. (STEW). The values are adjusted to include any dividend payments, if applicable.

HFRO vs. STEW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HFRO Highland Funds I - Highland Opportunities and Income Fund	-3.03%	25.08%	-27.17%	-16.97%	-8.04%
STEW SRH Total Return Fund Inc.	-5.65%	20.28%	19.90%	13.54%	-11.18%

Returns By Period

In the year-to-date period, HFRO achieves a -3.03% return, which is significantly higher than STEW's -5.65% return.

HFRO

• 1D: -0.35%
• 1M: -8.34%
• YTD: -3.03%
• 6M: -6.64%
• 1Y: 19.01%
• 3Y*: -5.65%
• 5Y*: -4.78%
• 10Y*: —

STEW

• 1D: 1.17%
• 1M: -2.59%
• YTD: -5.65%
• 6M: -2.55%
• 1Y: 4.23%
• 3Y*: 16.53%
• 5Y*: —
• 10Y*: —

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

HFRO vs. STEW - Expense Ratio Comparison

HFRO has a 0.02% expense ratio, which is lower than STEW's 2.28% expense ratio.

STEW

SRH Total Return Fund Inc.

HFRO

Highland Funds I - Highland Opportunities and Income Fund

Return for Risk

HFRO vs. STEW — Risk / Return Rank

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

HFRO

HFRO Risk / Return Rank: 28
HFRO Sharpe Ratio Rank: 28
HFRO Sortino Ratio Rank: 28
HFRO Omega Ratio Rank: 30
HFRO Calmar Ratio Rank: 31
HFRO Martin Ratio Rank: 21

STEW

STEW Risk / Return Rank: 8
STEW Sharpe Ratio Rank: 8
STEW Sortino Ratio Rank: 8
STEW Omega Ratio Rank: 7
STEW Calmar Ratio Rank: 10
STEW Martin Ratio Rank: 10

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. 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.

	HFRO	STEW	Difference
Sharpe ratio Return per unit of total volatility	0.80	0.27	+0.53
Sortino ratio Return per unit of downside risk	1.20	0.49	+0.71
Omega ratio Gain probability vs. loss probability	1.18	1.07	+0.11
Calmar ratio Return relative to maximum drawdown	1.18	0.41	+0.76
Martin ratio Return relative to average drawdown	3.03	1.36	+1.67
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. STEW - Sharpe Ratio Comparison

The current HFRO Sharpe Ratio is 0.80, which is higher than the STEW Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of HFRO and STEW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HFRO	STEW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	0.27	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	0.53	-0.69

Correlation

The correlation between HFRO and STEW is 0.32, 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. STEW - Dividend Comparison

HFRO's dividend yield for the trailing twelve months is around 8.12%, more than STEW's 4.02% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
STEW SRH Total Return Fund Inc.	4.02%	3.56%	3.43%	3.60%	2.83%	0.00%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	HFRO	STEW	Difference
Max Drawdown Largest peak-to-trough decline	-52.79%	-25.25%	-27.54%
Max Drawdown (1Y) Largest decline over 1 year	-15.74%	-10.50%	-5.24%
Max Drawdown (5Y) Largest decline over 5 years	-52.79%	—	—
Current Drawdown Current decline from peak	-34.89%	-5.88%	-29.01%
Average Drawdown Average peak-to-trough decline	-20.50%	-5.43%	-15.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	3.21%	+2.92%

Volatility

HFRO vs. STEW - Volatility Comparison

Highland Funds I - Highland Opportunities and Income Fund (HFRO) has a higher volatility of 7.74% compared to SRH Total Return Fund Inc. (STEW) at 4.70%. 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.

Volatility by Period

	HFRO	STEW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.74%	4.70%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	15.13%	8.73%	+6.40%
Volatility (1Y) Calculated over the trailing 1-year period	23.78%	15.80%	+7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.58%	15.66%	+7.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.53%	15.66%	+6.87%