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 0.90%/yr vs 2.37%/yr for HFRO. Their 0.18 correlation means their historical movements had little consistent relationship. 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 -3.72% return, which is significantly lower than HFRO's 31.15% return.
HHCZX
- 1D
- 1.81%
- 1M
- -1.12%
- 6M
- -4.86%
- YTD
- -3.72%
- 1Y
- -0.65%
- 3Y*
- 4.05%
- 5Y*
- 0.90%
- 10Y*
- 3.84%
- ALL TIME*
- 4.22%
HFRO
- 1D
- 2.31%
- 1M
- 0.80%
- 6M
- 23.52%
- YTD
- 31.15%
- 1Y
- 53.19%
- 3Y*
- 4.37%
- 5Y*
- 2.37%
- 10Y*
- —
- ALL TIME*
- -0.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.04M | $1.14M | $1.16M | |
| $0.00 | $0.00 | $0.00 |
HHCZX vs. HFRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HHCZX NexPoint Event Driven Fund | -3.72% | 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 | 31.15% | 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 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.22 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.18 |
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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 | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -3.34 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.44 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 3.40 | -3.50 |
| Martin ratioReturn relative to average drawdown | -0.18 | 8.15 | -8.33 |
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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 | -19.51% | -52.79% | +33.28% |
Max Drawdown (10Y)Largest decline over 10 years | -32.15% | — | — |
Current DrawdownCurrent decline from peak | -15.50% | -11.94% | -3.56% |
Average DrawdownAverage peak-to-trough decline | -14.03% | -20.57% | +6.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.34% | 6.54% | +2.80% |
Volatility
HHCZX vs. HFRO - Volatility Comparison
The current volatility for NexPoint Event Driven Fund (HHCZX) is 3.12%, while Highland Funds I - Highland Opportunities and Income Fund (HFRO) has a volatility of 5.84%. 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 | 3.12% | 5.84% | -2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 7.99% | 15.91% | -7.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.78% | 21.68% | -4.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.14% | 23.38% | -13.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.28% | 22.52% | -6.24% |
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 6.14%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFRO Highland Funds I - Highland Opportunities and Income Fund | 6.14% | 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 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HFRO has higher volatility (5.84%) compared to HHCZX (3.12%). In terms of maximum drawdown, HHCZX dropped -33.57% vs HFRO's -52.79%.
HFRO currently has the higher Sharpe Ratio (2.47 vs -0.10), 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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