HHCZX vs. HFRO
HHCZX (NexPoint Event Driven Fund) and HFRO (Highland Funds I - Highland Opportunities and Income Fund) are both mutual funds - HHCZX is a Long-Short fund managed by Highland Funds, while HFRO is a Diversified Portfolio fund managed by Highland Funds. Over the past 5 years, HHCZX returned -2.08%/yr vs 2.06%/yr for HFRO. At a 0.19 correlation, their price movements are largely independent. HHCZX charges 1.69%/yr vs 0.02%/yr for HFRO.
Performance
HHCZX vs. HFRO - Performance Comparison
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Returns By Period
In the year-to-date period, HHCZX achieves a -4.23% return, which is significantly lower than HFRO's 27.67% return.
HHCZX
- 1D
- -1.12%
- 1M
- 0.90%
- YTD
- -4.23%
- 6M
- -4.72%
- 1Y
- 0.48%
- 3Y*
- 4.80%
- 5Y*
- -2.08%
- 10Y*
- 3.90%
HFRO
- 1D
- 0.25%
- 1M
- 18.38%
- YTD
- 27.67%
- 6M
- 28.39%
- 1Y
- 52.55%
- 3Y*
- 1.45%
- 5Y*
- 2.06%
- 10Y*
- —
HHCZX vs. HFRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HHCZX NexPoint Event Driven Fund | -4.23% | 6.52% | 7.22% | 5.44% | -5.49% | -17.31% | 22.24% | 11.36% | 12.72% | 2.66% |
HFRO Highland Funds I - Highland Opportunities and Income Fund | 27.67% | 25.08% | -27.17% | -16.97% | 1.71% | 16.33% | -8.42% | 4.22% | -12.30% | 1.01% |
Correlation
The correlation between HHCZX and HFRO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.19 |
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Return for Risk
HHCZX vs. HFRO — Risk / Return Rank
HHCZX
HFRO
HHCZX vs. HFRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NexPoint Event Driven Fund (HHCZX) and Highland Funds I - Highland Opportunities and Income Fund (HFRO). 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 | HFRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.45 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | 3.35 | -3.32 |
| Martin ratioReturn relative to average drawdown | 0.07 | 8.12 | -8.05 |
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Drawdowns
HHCZX vs. HFRO - Drawdown Comparison
The maximum HHCZX drawdown since its inception was -33.57%, smaller than the maximum HFRO drawdown of -52.79%. Use the drawdown chart below to compare losses from any high point for HHCZX and HFRO.
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Drawdown Indicators
| HHCZX | HFRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.57% | -52.79% | +19.22% |
Max Drawdown (1Y)Largest decline over 1 year | -15.42% | -15.74% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -43.68% | +28.26% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -52.79% | +25.21% |
Max Drawdown (10Y)Largest decline over 10 years | -32.15% | — | — |
Current DrawdownCurrent decline from peak | -15.96% | -14.27% | -1.69% |
Average DrawdownAverage peak-to-trough decline | -14.02% | -20.65% | +6.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.43% | 6.49% | +1.94% |
Volatility
HHCZX vs. HFRO - Volatility Comparison
The current volatility for NexPoint Event Driven Fund (HHCZX) is 2.72%, while Highland Funds I - Highland Opportunities and Income Fund (HFRO) has a volatility of 6.59%. This indicates that HHCZX experiences smaller price fluctuations and is considered to be less risky than HFRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HHCZX | HFRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 6.59% | -3.87% |
Volatility (6M)Calculated over the trailing 6-month period | 7.60% | 15.36% | -7.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.48% | 21.25% | -4.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.62% | 23.45% | -12.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.28% | 22.51% | -6.23% |
HHCZX vs. HFRO - Expense Ratio Comparison
HHCZX has a 1.69% expense ratio, which is higher than HFRO's 0.02% expense ratio.
Dividends
HHCZX vs. HFRO - Dividend Comparison
HHCZX has not paid dividends to shareholders, while HFRO's dividend yield for the trailing twelve months is around 6.28%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFRO Highland Funds I - Highland Opportunities and Income Fund | 6.28% | 7.73% | 8.90% | 12.02% | 8.97% | 8.41% | 8.99% | 7.43% | 7.22% | 0.99% | 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 HFRO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HFRO has higher volatility (6.59%) compared to HHCZX (2.72%). In terms of maximum drawdown, HHCZX dropped -33.57% vs HFRO's -52.79%.
HFRO currently has the higher Sharpe Ratio (2.49 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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