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 -1.58%/yr vs 1.66%/yr for HFRO. At a 0.18 correlation, their price movements are largely independent. HHCZX charges 1.69%/yr vs 0.02%/yr for HFRO.
Performance
HHCZX vs. HFRO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HHCZX achieves a -3.77% return, which is significantly lower than HFRO's 33.22% 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%
HFRO
- 1D
- 1.05%
- 1M
- 8.74%
- 6M
- 29.54%
- YTD
- 33.22%
- 1Y
- 59.80%
- 3Y*
- 4.18%
- 5Y*
- 1.66%
- 10Y*
- —
HHCZX vs. HFRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HHCZX NexPoint Event Driven Fund | -3.77% | 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 | 33.22% | 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 price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
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 | 0.18 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.59 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.49 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 3.82 | -3.90 |
| Martin ratioReturn relative to average drawdown | -0.14 | 9.23 | -9.37 |
Loading charts...
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.
Loading charts...
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 | -15.55% | -10.54% | -5.01% |
Average DrawdownAverage peak-to-trough decline | -14.02% | -20.61% | +6.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.85% | 6.50% | +2.35% |
Volatility
HHCZX vs. HFRO - Volatility Comparison
The current volatility for NexPoint Event Driven Fund (HHCZX) is 3.13%, while Highland Funds I - Highland Opportunities and Income Fund (HFRO) has a volatility of 6.18%. 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.
Loading charts...
Volatility by Period
| HHCZX | HFRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 6.18% | -3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 7.81% | 15.46% | -7.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.57% | 21.78% | -5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.54% | 23.32% | -12.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.28% | 22.53% | -6.25% |
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 6.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFRO Highland Funds I - Highland Opportunities and Income Fund | 6.02% | 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 (6.18%) compared to HHCZX (3.13%). In terms of maximum drawdown, HHCZX dropped -33.57% vs HFRO's -52.79%.
HFRO currently has the higher Sharpe Ratio (2.77 vs -0.07), 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.
Find the right allocation for HHCZX and HFRO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer