HHCZX vs. CDAZX
HHCZX (NexPoint Event Driven Fund) and CDAZX (Multi-Manager Directional Alternative Strategies Fund) are both Long-Short funds. Over the past 5 years, HHCZX returned 0.63%/yr vs 12.02%/yr for CDAZX. At a 0.40 correlation, their price movements are largely independent. HHCZX charges 1.69%/yr vs 1.84%/yr for CDAZX.
Performance
HHCZX vs. CDAZX - Performance Comparison
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Returns By Period
In the year-to-date period, HHCZX achieves a -3.20% return, which is significantly lower than CDAZX's 9.54% 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%
CDAZX
- 1D
- 0.00%
- 1M
- 0.77%
- 6M
- 7.58%
- YTD
- 9.54%
- 1Y
- 24.81%
- 3Y*
- 17.97%
- 5Y*
- 12.02%
- 10Y*
- —
HHCZX vs. CDAZX - 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% | 8.10% |
CDAZX Multi-Manager Directional Alternative Strategies Fund | 9.54% | 19.20% | 19.75% | 3.90% | 1.31% | 20.14% | -6.39% | 8.17% | -12.03% | 10.32% |
Correlation
The correlation between HHCZX and CDAZX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017 | 0.40 |
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Return for Risk
HHCZX vs. CDAZX — Risk / Return Rank
HHCZX
CDAZX
HHCZX vs. CDAZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NexPoint Event Driven Fund (HHCZX) and Multi-Manager Directional Alternative Strategies Fund (CDAZX). 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 | CDAZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.61 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.49 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 3.47 | -3.48 |
| Martin ratioReturn relative to average drawdown | -0.01 | 12.77 | -12.78 |
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Drawdowns
HHCZX vs. CDAZX - Drawdown Comparison
The maximum HHCZX drawdown since its inception was -33.57%, which is greater than CDAZX's maximum drawdown of -30.94%. Use the drawdown chart below to compare losses from any high point for HHCZX and CDAZX.
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Drawdown Indicators
| HHCZX | CDAZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.57% | -30.94% | -2.63% |
Max Drawdown (1Y)Largest decline over 1 year | -15.42% | -7.32% | -8.10% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -8.54% | -6.88% |
Max Drawdown (5Y)Largest decline over 5 years | -19.51% | -10.91% | -8.60% |
Max Drawdown (10Y)Largest decline over 10 years | -32.15% | — | — |
Current DrawdownCurrent decline from peak | -15.05% | -0.89% | -14.16% |
Average DrawdownAverage peak-to-trough decline | -14.02% | -6.08% | -7.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.94% | 1.97% | +6.97% |
Volatility
HHCZX vs. CDAZX - Volatility Comparison
NexPoint Event Driven Fund (HHCZX) has a higher volatility of 3.14% compared to Multi-Manager Directional Alternative Strategies Fund (CDAZX) at 2.62%. This indicates that HHCZX's price experiences larger fluctuations and is considered to be riskier than CDAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HHCZX | CDAZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 2.62% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 7.73% | 7.61% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.59% | 9.74% | +6.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.34% | 9.20% | +1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.28% | 10.04% | +6.24% |
HHCZX vs. CDAZX - Expense Ratio Comparison
HHCZX has a 1.69% expense ratio, which is lower than CDAZX's 1.84% expense ratio.
Dividends
HHCZX vs. CDAZX - Dividend Comparison
HHCZX has not paid dividends to shareholders, while CDAZX's dividend yield for the trailing twelve months is around 21.25%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDAZX Multi-Manager Directional Alternative Strategies Fund | 21.25% | 23.28% | 10.21% | 1.58% | 11.48% | 6.28% | 0.00% | 0.79% | 50.33% | 3.97% | 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 CDAZX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HHCZX has higher volatility (3.14%) compared to CDAZX (2.62%). In terms of maximum drawdown, HHCZX dropped -33.57% vs CDAZX's -30.94%.
CDAZX currently has the higher Sharpe Ratio (2.61 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.
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