HHCZX vs. ASILX

Last updated Jul 17, 2026

HHCZX (NexPoint Event Driven Fund) and ASILX (AB Select US Long/Short Portfolio) are both Long-Short funds. Over the past 10 years, HHCZX returned 3.95%/yr vs 8.89%/yr for ASILX. A 0.52 correlation means they provide meaningful diversification when combined. HHCZX charges 1.69%/yr vs 1.55%/yr for ASILX.

Performance

HHCZX vs. ASILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NexPoint Event Driven Fund (HHCZX) and AB Select US Long/Short Portfolio (ASILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HHCZX achieves a -3.20% return, which is significantly lower than ASILX's 5.17% return. Over the past 10 years, HHCZX has underperformed ASILX with an annualized return of 3.95%, while ASILX has yielded a comparatively higher 8.89% annualized return.

HHCZX

• 1D: 0.24%
• 1M: 0.18%
• 6M: -6.46%
• YTD: -3.20%
• 1Y: -0.06%
• 3Y*: 4.78%
• 5Y*: 0.63%
• 10Y*: 3.95%

ASILX

• 1D: 0.33%
• 1M: 0.59%
• 6M: 4.38%
• YTD: 5.17%
• 1Y: 10.49%
• 3Y*: 12.45%
• 5Y*: 7.81%
• 10Y*: 8.89%

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

HHCZX vs. ASILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HHCZX NexPoint Event Driven Fund	-3.20%	6.52%	7.22%	5.44%	-5.49%	-17.31%	22.24%	11.36%	12.72%	8.76%
ASILX AB Select US Long/Short Portfolio	5.17%	9.77%	18.46%	11.06%	-9.94%	17.81%	10.23%	17.17%	-1.61%	12.61%

Correlation

The correlation between HHCZX and ASILX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 13, 2012	0.52

The correlation between HHCZX and ASILX has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.

Return for Risk

HHCZX vs. ASILX — Risk / Return Rank

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

HHCZX

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

ASILX

ASILX Risk / Return Rank: 75
ASILX Sharpe Ratio Rank: 73
ASILX Sortino Ratio Rank: 71
ASILX Omega Ratio Rank: 72
ASILX Calmar Ratio Rank: 80
ASILX Martin Ratio Rank: 78

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.

HHCZX vs. ASILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NexPoint Event Driven Fund (HHCZX) and AB Select US Long/Short Portfolio (ASILX). 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.

	HHCZX	ASILX	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	1.93	-1.93
Sortino ratio: Return per unit of downside risk	0.15	2.71	-2.56
Omega ratio: Gain probability vs. loss probability	1.02	1.36	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.00	2.96	-2.96
Martin ratio: Return relative to average drawdown	-0.01	11.21	-11.21

HHCZX vs. ASILX - Sharpe Ratio Comparison

The current HHCZX Sharpe Ratio is -0.00, which is lower than the ASILX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of HHCZX and ASILX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HHCZX vs. ASILX - Drawdown Comparison

The maximum HHCZX drawdown since its inception was -33.57%, which is greater than ASILX's maximum drawdown of -18.36%. Use the drawdown chart below to compare losses from any high point for HHCZX and ASILX.

Drawdown Indicators

	HHCZX	ASILX	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-18.36%	-15.21%
Max Drawdown (1Y) Largest decline over 1 year	-15.42%	-3.61%	-11.81%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-7.94%	-7.48%
Max Drawdown (5Y) Largest decline over 5 years	-19.51%	-12.30%	-7.21%
Max Drawdown (10Y) Largest decline over 10 years	-32.15%	-18.36%	-13.79%
Current Drawdown Current decline from peak	-15.05%	0.00%	-15.05%
Average Drawdown Average peak-to-trough decline	-14.02%	-2.45%	-11.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.94%	0.95%	+7.99%

Volatility

HHCZX vs. ASILX - Volatility Comparison

NexPoint Event Driven Fund (HHCZX) has a higher volatility of 3.14% compared to AB Select US Long/Short Portfolio (ASILX) at 1.65%. This indicates that HHCZX's price experiences larger fluctuations and is considered to be riskier than ASILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HHCZX	ASILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	1.65%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	7.73%	3.92%	+3.81%
Volatility (1Y) Calculated over the trailing 1-year period	16.59%	5.54%	+11.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.34%	7.97%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	9.27%	+7.01%

HHCZX vs. ASILX - Expense Ratio Comparison

HHCZX has a 1.69% expense ratio, which is higher than ASILX's 1.55% expense ratio.

Dividends

HHCZX vs. ASILX - Dividend Comparison

HHCZX has not paid dividends to shareholders, while ASILX's dividend yield for the trailing twelve months is around 12.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASILX AB Select US Long/Short Portfolio	12.50%	13.15%	7.18%	1.41%	6.51%	11.92%	4.28%	3.54%	8.71%	5.03%	0.00%	3.35%
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

Can I hold both HHCZX and ASILX in my portfolio?

HHCZX and ASILX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HHCZX or ASILX?

HHCZX has higher volatility (3.14%) compared to ASILX (1.65%). In terms of maximum drawdown, HHCZX dropped -33.57% vs ASILX's -18.36%.

Which has better risk-adjusted returns?

ASILX currently has the higher Sharpe Ratio (1.93 vs -0.00), 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.