HGLB vs. HHCZX

Last updated Apr 1, 2026

Compare and contrast key facts about Highland Global Allocation Fund (HGLB) and NexPoint Event Driven Fund (HHCZX).

HGLB is managed by Highland Funds. It was launched on Jan 5, 1998. HHCZX is managed by Highland Funds. It was launched on May 4, 2008.

Performance

HGLB vs. HHCZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Highland Global Allocation Fund (HGLB) and NexPoint Event Driven Fund (HHCZX). The values are adjusted to include any dividend payments, if applicable.

HGLB vs. HHCZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HGLB Highland Global Allocation Fund	-9.43%	51.74%	-1.52%	-6.15%	14.53%	53.22%	-17.98%	-31.46%
HHCZX NexPoint Event Driven Fund	-7.03%	6.52%	7.22%	5.44%	-5.49%	-17.31%	22.24%	2.89%

Returns By Period

In the year-to-date period, HGLB achieves a -9.43% return, which is significantly lower than HHCZX's -7.03% return.

HGLB

• 1D: 2.55%
• 1M: -10.65%
• YTD: -9.43%
• 6M: -6.44%
• 1Y: 8.73%
• 3Y*: 8.85%
• 5Y*: 12.97%
• 10Y*: —

HHCZX

• 1D: -0.18%
• 1M: -8.24%
• YTD: -7.03%
• 6M: -4.80%
• 1Y: -0.12%
• 3Y*: 3.98%
• 5Y*: -2.65%
• 10Y*: 3.97%

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

HGLB vs. HHCZX - Expense Ratio Comparison

HGLB has a 0.02% expense ratio, which is lower than HHCZX's 1.69% expense ratio.

HHCZX

NexPoint Event Driven Fund

HGLB

Highland Global Allocation Fund

Return for Risk

HGLB vs. HHCZX — Risk / Return Rank

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

HGLB

HGLB Risk / Return Rank: 13
HGLB Sharpe Ratio Rank: 12
HGLB Sortino Ratio Rank: 13
HGLB Omega Ratio Rank: 14
HGLB Calmar Ratio Rank: 13
HGLB Martin Ratio Rank: 12

HHCZX

HHCZX Risk / Return Rank: 5
HHCZX Sharpe Ratio Rank: 5
HHCZX Sortino Ratio Rank: 5
HHCZX Omega Ratio Rank: 5
HHCZX Calmar Ratio Rank: 6
HHCZX Martin Ratio Rank: 6

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.

HGLB vs. HHCZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Highland Global Allocation Fund (HGLB) 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.

	HGLB	HHCZX	Difference
Sharpe ratio Return per unit of total volatility	0.35	-0.00	+0.35
Sortino ratio Return per unit of downside risk	0.65	0.14	+0.51
Omega ratio Gain probability vs. loss probability	1.09	1.02	+0.08
Calmar ratio Return relative to maximum drawdown	0.37	-0.03	+0.40
Martin ratio Return relative to average drawdown	0.98	-0.08	+1.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HGLB vs. HHCZX - Sharpe Ratio Comparison

The current HGLB Sharpe Ratio is 0.35, which is higher than the HHCZX Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of HGLB and HHCZX, 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

	HGLB	HHCZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	-0.00	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	-0.25	+0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.27	-0.16

Correlation

The correlation between HGLB and HHCZX is 0.25, 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

HGLB vs. HHCZX - Dividend Comparison

HGLB's dividend yield for the trailing twelve months is around 13.04%, while HHCZX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HGLB Highland Global Allocation Fund	13.04%	11.57%	14.27%	12.82%	10.32%	9.39%	15.44%	11.35%	0.00%	0.00%	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%

Drawdowns

HGLB vs. HHCZX - Drawdown Comparison

The maximum HGLB drawdown since its inception was -70.40%, which is greater than HHCZX's maximum drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for HGLB and HHCZX.

Drawdown Indicators

	HGLB	HHCZX	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-33.57%	-36.83%
Max Drawdown (1Y) Largest decline over 1 year	-23.34%	-15.31%	-8.03%
Max Drawdown (5Y) Largest decline over 5 years	-29.88%	-31.21%	+1.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.15%	—
Current Drawdown Current decline from peak	-19.42%	-18.41%	-1.01%
Average Drawdown Average peak-to-trough decline	-18.21%	-13.98%	-4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.77%	5.41%	+3.36%

Volatility

HGLB vs. HHCZX - Volatility Comparison

Highland Global Allocation Fund (HGLB) has a higher volatility of 8.17% compared to NexPoint Event Driven Fund (HHCZX) at 3.62%. This indicates that HGLB'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.

Volatility by Period

	HGLB	HHCZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.17%	3.62%	+4.55%
Volatility (6M) Calculated over the trailing 6-month period	18.33%	15.31%	+3.02%
Volatility (1Y) Calculated over the trailing 1-year period	25.33%	16.39%	+8.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.36%	10.86%	+11.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.93%	16.37%	+11.56%