HGLB vs. NMAI
HGLB (Highland Global Allocation Fund) and NMAI (Nuveen Multi-Asset Income Fund) are both Global Allocation funds. Over the past 3 years, HGLB returned 8.46%/yr vs 19.00%/yr for NMAI. At a 0.35 correlation, their price movements are largely independent. HGLB charges 0.02%/yr vs 2.91%/yr for NMAI.
Performance
HGLB vs. NMAI - Performance Comparison
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Returns By Period
In the year-to-date period, HGLB achieves a -12.79% return, which is significantly lower than NMAI's 13.89% return.
HGLB
- 1D
- -1.32%
- 1M
- -3.64%
- 6M
- -11.43%
- YTD
- -12.79%
- 1Y
- -0.76%
- 3Y*
- 8.46%
- 5Y*
- 7.24%
- 10Y*
- —
NMAI
- 1D
- 1.07%
- 1M
- 2.51%
- 6M
- 11.25%
- YTD
- 13.89%
- 1Y
- 24.91%
- 3Y*
- 19.00%
- 5Y*
- —
- 10Y*
- —
HGLB vs. NMAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HGLB Highland Global Allocation Fund | -12.79% | 51.74% | -1.52% | -6.15% | 14.53% | -0.10% |
NMAI Nuveen Multi-Asset Income Fund | 13.89% | 20.03% | 11.65% | 19.52% | -26.38% | -4.91% |
Correlation
The correlation between HGLB and NMAI is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021 | 0.35 |
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Return for Risk
HGLB vs. NMAI — Risk / Return Rank
HGLB
NMAI
HGLB vs. NMAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Highland Global Allocation Fund (HGLB) and Nuveen Multi-Asset Income Fund (NMAI). 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.
| HGLB | NMAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.44 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.34 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 2.11 | -2.14 |
| Martin ratioReturn relative to average drawdown | -0.06 | 8.80 | -8.85 |
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Drawdowns
HGLB vs. NMAI - Drawdown Comparison
The maximum HGLB drawdown since its inception was -70.40%, which is greater than NMAI's maximum drawdown of -37.40%. Use the drawdown chart below to compare losses from any high point for HGLB and NMAI.
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Drawdown Indicators
| HGLB | NMAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -37.40% | -33.00% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -11.88% | -11.98% |
Max Drawdown (3Y)Largest decline over 3 years | -23.86% | -13.05% | -10.81% |
Max Drawdown (5Y)Largest decline over 5 years | -29.88% | — | — |
Current DrawdownCurrent decline from peak | -22.41% | -0.42% | -21.99% |
Average DrawdownAverage peak-to-trough decline | -18.22% | -13.79% | -4.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.81% | 2.84% | +9.97% |
Volatility
HGLB vs. NMAI - Volatility Comparison
Highland Global Allocation Fund (HGLB) has a higher volatility of 5.20% compared to Nuveen Multi-Asset Income Fund (NMAI) at 4.69%. This indicates that HGLB's price experiences larger fluctuations and is considered to be riskier than NMAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HGLB | NMAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 4.69% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 12.91% | 11.54% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.18% | 13.45% | +7.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.15% | 16.64% | +5.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.57% | 16.64% | +10.93% |
HGLB vs. NMAI - Expense Ratio Comparison
HGLB has a 0.02% expense ratio, which is lower than NMAI's 2.91% expense ratio.
Dividends
HGLB vs. NMAI - Dividend Comparison
HGLB's dividend yield for the trailing twelve months is around 13.86%, more than NMAI's 10.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HGLB Highland Global Allocation Fund | 13.86% | 11.57% | 14.27% | 12.82% | 10.32% | 9.39% | 15.44% | 11.35% |
NMAI Nuveen Multi-Asset Income Fund | 10.22% | 9.89% | 13.73% | 10.57% | 19.45% | 1.88% | 0.00% | 0.00% |
Frequently Asked Questions
HGLB and NMAI have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HGLB has higher volatility (5.20%) compared to NMAI (4.69%). In terms of maximum drawdown, HGLB dropped -70.40% vs NMAI's -37.40%.
NMAI currently has the higher Sharpe Ratio (1.86 vs -0.04), 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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