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HHCZX vs. BIVIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HHCZX vs. BIVIX

Last updated Jul 14, 2026
Documentation

HHCZX (NexPoint Event Driven Fund) and BIVIX (Invenomic Fund Institutional Class) are both Long-Short funds. Over the past 5 years, HHCZX returned -1.58%/yr vs 13.32%/yr for BIVIX. At a correlation of -0.00, they often move in opposite directions. HHCZX charges 1.69%/yr vs 3.17%/yr for BIVIX.

Performance

HHCZX vs. BIVIX - Performance Comparison

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

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Returns By Period

In the year-to-date period, HHCZX achieves a -3.77% return, which is significantly higher than BIVIX's -6.05% return.

HHCZX

1D
-0.18%
1M
1.32%
6M
-6.91%
YTD
-3.77%
1Y
-1.06%
3Y*
4.69%
5Y*
-1.58%
10Y*
3.85%

BIVIX

1D
1.96%
1M
7.92%
6M
-1.71%
YTD
-6.05%
1Y
-2.49%
3Y*
-1.95%
5Y*
13.32%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HHCZX vs. BIVIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HHCZX
NexPoint Event Driven Fund		-3.77%6.52%7.22%5.44%-5.49%-17.31%22.24%11.36%12.72%6.02%
BIVIX
Invenomic Fund Institutional Class		-6.05%4.63%-8.81%16.80%50.01%63.81%11.46%11.59%3.68%8.93%

Correlation

The correlation between HHCZX and BIVIX is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.04

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

0.02

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

-0.01

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2017

-0.00

Compare stocks, funds, or ETFs

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

NexPoint Event Driven Fund

Invenomic Fund Institutional Class

Often compared with HHCZX:
HHCZX vs. HFROHHCZX vs. HGLBHHCZX vs. SNOIXHHCZX vs. VMNFXHHCZX vs. QAMNXHHCZX vs. HMEZXHHCZX vs. BAC
Often compared with BIVIX:
BIVIX vs. BGXBIVIX vs. LSOFXBIVIX vs. WAYEXBIVIX vs. LEQIXBIVIX vs. WTLSBIVIX vs. PHSWXBIVIX vs. QLFRX

Return for Risk

HHCZX vs. BIVIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
BIVIX
BIVIX Risk / Return Rank: 33
Overall Rank
BIVIX Sharpe Ratio Rank: 33
Sharpe Ratio Rank
BIVIX Sortino Ratio Rank: 33
Sortino Ratio Rank
BIVIX Omega Ratio Rank: 33
Omega Ratio Rank
BIVIX Calmar Ratio Rank: 33
Calmar Ratio Rank
BIVIX Martin Ratio Rank: 22
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.

HHCZX vs. BIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NexPoint Event Driven Fund (HHCZX) and Invenomic Fund Institutional Class (BIVIX). 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.

HHCZXBIVIXDifference
Sharpe ratioReturn per unit of total volatility
-0.07
-0.12

+0.04

Sortino ratioReturn per unit of downside risk
0.01
0.05

-0.04

Omega ratioGain probability vs. loss probability

1.00

1.01

0.00

Calmar ratioReturn relative to maximum drawdown

-0.08

-0.13

+0.05

Martin ratioReturn relative to average drawdown

-0.14

-0.35

+0.21

HHCZX vs. BIVIX - Sharpe Ratio Comparison

The current HHCZX Sharpe Ratio is -0.07, which is higher than the BIVIX Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of HHCZX and BIVIX, 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

HHCZX vs. BIVIX - Drawdown Comparison

The maximum HHCZX drawdown since its inception was -33.57%, which is greater than BIVIX's maximum drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for HHCZX and BIVIX.

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Drawdown Indicators

HHCZXBIVIXDifference

Max Drawdown

Largest peak-to-trough decline

-33.57%

-26.95%

-6.62%

Max Drawdown (1Y)

Largest decline over 1 year

-15.42%

-26.95%

+11.53%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-26.95%

+11.53%

Max Drawdown (5Y)

Largest decline over 5 years

-19.51%

-26.95%

+7.44%

Max Drawdown (10Y)

Largest decline over 10 years

-32.15%

—

—

Current Drawdown

Current decline from peak

-15.55%

-11.96%

-3.59%

Average Drawdown

Average peak-to-trough decline

-14.02%

-6.03%

-7.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.85%

9.85%

-1.00%

Volatility

HHCZX vs. BIVIX - Volatility Comparison

The current volatility for NexPoint Event Driven Fund (HHCZX) is 3.13%, while Invenomic Fund Institutional Class (BIVIX) has a volatility of 17.20%. This indicates that HHCZX experiences smaller price fluctuations and is considered to be less risky than BIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HHCZXBIVIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.13%

17.20%

-14.07%

Volatility (6M)

Calculated over the trailing 6-month period

7.81%

26.03%

-18.22%

Volatility (1Y)

Calculated over the trailing 1-year period

16.57%

29.79%

-13.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.54%

18.31%

-7.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.28%

18.02%

-1.74%

HHCZX vs. BIVIX - Expense Ratio Comparison

HHCZX has a 1.69% expense ratio, which is lower than BIVIX's 3.17% expense ratio.

Dividends

HHCZX vs. BIVIX - Dividend Comparison

HHCZX has not paid dividends to shareholders, while BIVIX's dividend yield for the trailing twelve months is around 2.34%.

PositionTTM20252024202320222021202020192018201720162015
BIVIX
Invenomic Fund Institutional Class		2.34%2.20%3.95%20.15%27.91%16.08%3.15%3.19%4.79%1.21%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

HHCZX and BIVIX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BIVIX has higher volatility (17.20%) compared to HHCZX (3.13%). In terms of maximum drawdown, HHCZX dropped -33.57% vs BIVIX's -26.95%.

HHCZX currently has the higher Sharpe Ratio (-0.07 vs -0.12), 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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