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HGLB vs. HHCZX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HGLB vs. HHCZX

Last updated Jun 24, 2026

HGLB (Highland Global Allocation Fund) and HHCZX (NexPoint Event Driven Fund) are both mutual funds - HGLB is a Global Allocation fund managed by Highland Funds, while HHCZX is a Long-Short fund managed by Highland Funds. Over the past 5 years, HGLB returned 7.90%/yr vs -2.08%/yr for HHCZX. At a 0.26 correlation, their price movements are largely independent. HGLB charges 0.02%/yr vs 1.69%/yr for HHCZX.

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.

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Returns By Period

In the year-to-date period, HGLB achieves a -13.14% return, which is significantly lower than HHCZX's -4.23% return.

HGLB

1D
-1.65%
1M
-6.17%
YTD
-13.14%
6M
-14.10%
1Y
-4.96%
3Y*
9.17%
5Y*
7.90%
10Y*
—

HHCZX

1D
-1.12%
1M
0.90%
YTD
-4.23%
6M
-4.72%
1Y
0.48%
3Y*
4.80%
5Y*
-2.08%
10Y*
3.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HGLB vs. HHCZX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
HGLB
Highland Global Allocation Fund		-13.14%51.74%-1.52%-6.15%14.53%53.22%-17.98%-31.46%
HHCZX
NexPoint Event Driven Fund		-4.23%6.52%7.22%5.44%-5.49%-17.31%22.24%2.55%

Correlation

The correlation between HGLB and HHCZX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.25

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.26

Correlation (All Time)
Calculated using the full available price history since Feb 19, 2019

0.26

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Highland Global Allocation Fund

NexPoint Event Driven Fund

Often compared with HGLB:
HGLB vs. LGIHGLB vs. WMRIXHGLB vs. GBMFXHGLB vs. RAPZXHGLB vs. GAAHGLB vs. GBFFXHGLB vs. IGA
Often compared with HHCZX:
HHCZX vs. HFROHHCZX vs. SNOIXHHCZX vs. VMNFXHHCZX vs. HMEZXHHCZX vs. BACHHCZX vs. QAMNXHHCZX vs. BIVIX

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: 22
Overall Rank
HGLB Sharpe Ratio Rank: 22
Sharpe Ratio Rank
HGLB Sortino Ratio Rank: 22
Sortino Ratio Rank
HGLB Omega Ratio Rank: 22
Omega Ratio Rank
HGLB Calmar Ratio Rank: 22
Calmar Ratio Rank
HGLB Martin Ratio Rank: 22
Martin Ratio Rank
HHCZX
HHCZX Risk / Return Rank: 33
Overall Rank
HHCZX Sharpe Ratio Rank: 33
Sharpe Ratio Rank
HHCZX Sortino Ratio Rank: 33
Sortino Ratio Rank
HHCZX Omega Ratio Rank: 33
Omega Ratio Rank
HHCZX Calmar Ratio Rank: 33
Calmar Ratio Rank
HHCZX Martin Ratio Rank: 33
Martin Ratio Rank
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.

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.

HGLBHHCZXDifference
Sharpe ratioReturn per unit of total volatility
-0.24
0.04

-0.27

Sortino ratioReturn per unit of downside risk
-0.20
0.22

-0.42

Omega ratioGain probability vs. loss probability

0.97

1.03

-0.05

Calmar ratioReturn relative to maximum drawdown

-0.21

0.04

-0.25

Martin ratioReturn relative to average drawdown

-0.41

0.07

-0.49

HGLB vs. HHCZX - Sharpe Ratio Comparison

The current HGLB Sharpe Ratio is -0.24, which is lower than the HHCZX Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of HGLB and HHCZX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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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.

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Drawdown Indicators

HGLBHHCZXDifference

Max Drawdown

Largest peak-to-trough decline

-70.40%

-33.57%

-36.83%

Max Drawdown (1Y)

Largest decline over 1 year

-23.34%

-15.42%

-7.92%

Max Drawdown (3Y)

Largest decline over 3 years

-23.34%

-15.42%

-7.92%

Max Drawdown (5Y)

Largest decline over 5 years

-29.88%

-27.58%

-2.30%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.15%

—

Current Drawdown

Current decline from peak

-22.72%

-15.96%

-6.76%

Average Drawdown

Average peak-to-trough decline

-18.20%

-14.02%

-4.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.99%

8.43%

+3.56%

Volatility

HGLB vs. HHCZX - Volatility Comparison

Highland Global Allocation Fund (HGLB) has a higher volatility of 6.02% compared to NexPoint Event Driven Fund (HHCZX) at 2.72%. 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.

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Volatility by Period

HGLBHHCZXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.02%

2.72%

+3.30%

Volatility (6M)

Calculated over the trailing 6-month period

12.95%

7.60%

+5.35%

Volatility (1Y)

Calculated over the trailing 1-year period

21.16%

16.48%

+4.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.11%

10.62%

+11.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.62%

16.28%

+11.34%

HGLB vs. HHCZX - Expense Ratio Comparison

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

Dividends

HGLB vs. HHCZX - Dividend Comparison

HGLB's dividend yield for the trailing twelve months is around 13.91%, while HHCZX has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HGLB
Highland Global Allocation Fund		13.91%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%

Frequently Asked Questions

HGLB and HHCZX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HGLB has higher volatility (6.02%) compared to HHCZX (2.72%). In terms of maximum drawdown, HGLB dropped -70.40% vs HHCZX's -33.57%.

HHCZX currently has the higher Sharpe Ratio (0.04 vs -0.24), 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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