HGLB vs. PTY

Last updated Jun 4, 2026

HGLB (Highland Global Allocation Fund) and PTY (PIMCO Corporate & Income Opportunity Fund) are both mutual funds - HGLB is a Global Allocation fund managed by Highland Funds, while PTY is a Corporate Bonds fund managed by FPA. Over the past 5 years, HGLB returned 8.64%/yr vs -0.40%/yr for PTY. At a 0.25 correlation, their price movements are largely independent. HGLB charges 0.02%/yr vs 1.19%/yr for PTY.

Performance

HGLB vs. PTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Highland Global Allocation Fund (HGLB) and PIMCO Corporate & Income Opportunity Fund (PTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HGLB achieves a -9.04% return, which is significantly lower than PTY's -3.77% return.

HGLB

• 1D: -0.13%
• 1M: -2.42%
• YTD: -9.04%
• 6M: -13.92%
• 1Y: 2.49%
• 3Y*: 10.57%
• 5Y*: 8.64%
• 10Y*: —

PTY

• 1D: -0.42%
• 1M: -2.48%
• YTD: -3.77%
• 6M: -5.18%
• 1Y: -4.95%
• 3Y*: 7.52%
• 5Y*: -0.40%
• 10Y*: 8.25%

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

HGLB vs. PTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HGLB Highland Global Allocation Fund	-9.04%	51.74%	-1.52%	-6.15%	14.53%	53.22%	-17.98%	-31.46%
PTY PIMCO Corporate & Income Opportunity Fund	-3.77%	-0.51%	19.87%	22.56%	-18.71%	0.40%	3.24%	22.18%

Correlation

The correlation between HGLB and PTY 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	0.24
Correlation (All Time) Calculated using the full available price history since Feb 20, 2019	0.25

Return for Risk

HGLB vs. PTY — Risk / Return Rank

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

HGLB

HGLB Risk / Return Rank: 3
HGLB Sharpe Ratio Rank: 3
HGLB Sortino Ratio Rank: 3
HGLB Omega Ratio Rank: 3
HGLB Calmar Ratio Rank: 3
HGLB Martin Ratio Rank: 3

PTY

PTY Risk / Return Rank: 1
PTY Sharpe Ratio Rank: 1
PTY Sortino Ratio Rank: 1
PTY Omega Ratio Rank: 1
PTY Calmar Ratio Rank: 1
PTY Martin Ratio Rank: 1

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. PTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Highland Global Allocation Fund (HGLB) and PIMCO Corporate & Income Opportunity Fund (PTY). 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	PTY	Difference
Sharpe ratio: Return per unit of total volatility	0.12	-0.46	+0.58
Sortino ratio: Return per unit of downside risk	0.33	-0.55	+0.88
Omega ratio: Gain probability vs. loss probability	1.04	0.92	+0.13
Calmar ratio: Return relative to maximum drawdown	0.11	-0.32	+0.43
Martin ratio: Return relative to average drawdown	0.23	-0.65	+0.88
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. PTY - Sharpe Ratio Comparison

The current HGLB Sharpe Ratio is 0.12, which is higher than the PTY Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of HGLB and PTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HGLB	PTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	-0.46	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	-0.02	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.46	-0.35

Drawdowns

HGLB vs. PTY - Drawdown Comparison

The maximum HGLB drawdown since its inception was -70.40%, which is greater than PTY's maximum drawdown of -60.86%. Use the drawdown chart below to compare losses from any high point for HGLB and PTY.

Drawdown Indicators

	HGLB	PTY	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-60.86%	-9.54%
Max Drawdown (1Y) Largest decline over 1 year	-23.34%	-15.44%	-7.90%
Max Drawdown (3Y) Largest decline over 3 years	-23.34%	-16.04%	-7.30%
Max Drawdown (5Y) Largest decline over 5 years	-29.88%	-41.38%	+11.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.55%	—
Current Drawdown Current decline from peak	-19.07%	-12.67%	-6.40%
Average Drawdown Average peak-to-trough decline	-18.19%	-8.61%	-9.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.10%	7.60%	+3.50%

Volatility

HGLB vs. PTY - Volatility Comparison

Highland Global Allocation Fund (HGLB) has a higher volatility of 4.97% compared to PIMCO Corporate & Income Opportunity Fund (PTY) at 2.82%. This indicates that HGLB's price experiences larger fluctuations and is considered to be riskier than PTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGLB	PTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	2.82%	+2.15%
Volatility (6M) Calculated over the trailing 6-month period	13.21%	7.52%	+5.69%
Volatility (1Y) Calculated over the trailing 1-year period	21.14%	10.82%	+10.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.07%	17.40%	+4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.68%	21.20%	+6.48%

HGLB vs. PTY - Expense Ratio Comparison

HGLB has a 0.02% expense ratio, which is lower than PTY's 1.19% expense ratio.

Dividends

HGLB vs. PTY - Dividend Comparison

HGLB's dividend yield for the trailing twelve months is around 13.18%, more than PTY's 12.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HGLB Highland Global Allocation Fund	13.18%	11.57%	14.27%	12.82%	10.32%	9.39%	15.44%	11.35%	0.00%	0.00%	0.00%	0.00%
PTY PIMCO Corporate & Income Opportunity Fund	12.04%	11.05%	9.92%	10.77%	13.12%	9.16%	8.74%	8.37%	10.63%	9.48%	12.09%	11.92%

Frequently Asked Questions

Can I hold both HGLB and PTY in my portfolio?

HGLB and PTY 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.

Which is riskier, HGLB or PTY?

HGLB has higher volatility (4.97%) compared to PTY (2.82%). In terms of maximum drawdown, HGLB dropped -70.40% vs PTY's -60.86%.

Which has better risk-adjusted returns?

HGLB currently has the higher Sharpe Ratio (0.12 vs -0.46), 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.