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HHCZX vs. HGLB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HHCZX vs. HGLB

Last updated Jun 24, 2026

HHCZX (NexPoint Event Driven Fund) and HGLB (Highland Global Allocation Fund) are both mutual funds - HHCZX is a Long-Short fund managed by Highland Funds, while HGLB is a Global Allocation fund managed by Highland Funds. Over the past 5 years, HHCZX returned -2.08%/yr vs 7.90%/yr for HGLB. At a 0.26 correlation, their price movements are largely independent. HHCZX charges 1.69%/yr vs 0.02%/yr for HGLB.

Performance

HHCZX vs. HGLB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NexPoint Event Driven Fund (HHCZX) and Highland Global Allocation Fund (HGLB). 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 -4.23% return, which is significantly higher than HGLB's -13.14% 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%

HGLB

1D
-1.65%
1M
-6.17%
YTD
-13.14%
6M
-14.10%
1Y
-4.96%
3Y*
9.17%
5Y*
7.90%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HHCZX vs. HGLB - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
HHCZX
NexPoint Event Driven Fund		-4.23%6.52%7.22%5.44%-5.49%-17.31%22.24%2.55%
HGLB
Highland Global Allocation Fund		-13.14%51.74%-1.52%-6.15%14.53%53.22%-17.98%-31.46%

Correlation

The correlation between HHCZX and HGLB is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.25

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

0.25

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

0.26

Correlation (All Time)
Calculated using the full available price history since Feb 19, 2019

0.26

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

Highland Global Allocation Fund

Often compared with HHCZX:
HHCZX vs. HFROHHCZX vs. SNOIXHHCZX vs. VMNFXHHCZX vs. HMEZXHHCZX vs. BACHHCZX vs. QAMNXHHCZX vs. BIVIX
Often compared with HGLB:
HGLB vs. LGIHGLB vs. WMRIXHGLB vs. GBMFXHGLB vs. RAPZXHGLB vs. GAAHGLB vs. GBFFXHGLB vs. IGA

Return for Risk

HHCZX vs. HGLB — 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
HGLB
HGLB Risk / Return Rank: 22
Overall Rank
HGLB Sharpe Ratio Rank: 22
Sharpe Ratio Rank
HGLB Sortino Ratio Rank: 22
Sortino Ratio Rank
HGLB Omega Ratio Rank: 22
Omega Ratio Rank
HGLB Calmar Ratio Rank: 22
Calmar Ratio Rank
HGLB 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. HGLB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NexPoint Event Driven Fund (HHCZX) and Highland Global Allocation Fund (HGLB). 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.

HHCZXHGLBDifference
Sharpe ratioReturn per unit of total volatility
0.04
-0.24

+0.27

Sortino ratioReturn per unit of downside risk
0.22
-0.20

+0.42

Omega ratioGain probability vs. loss probability

1.03

0.97

+0.05

Calmar ratioReturn relative to maximum drawdown

0.04

-0.21

+0.25

Martin ratioReturn relative to average drawdown

0.07

-0.41

+0.49

HHCZX vs. HGLB - Sharpe Ratio Comparison

The current HHCZX Sharpe Ratio is 0.04, which is higher than the HGLB Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of HHCZX and HGLB, 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. HGLB - Drawdown Comparison

The maximum HHCZX drawdown since its inception was -33.57%, smaller than the maximum HGLB drawdown of -70.40%. Use the drawdown chart below to compare losses from any high point for HHCZX and HGLB.

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Drawdown Indicators

HHCZXHGLBDifference

Max Drawdown

Largest peak-to-trough decline

-33.57%

-70.40%

+36.83%

Max Drawdown (1Y)

Largest decline over 1 year

-15.42%

-23.34%

+7.92%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-23.34%

+7.92%

Max Drawdown (5Y)

Largest decline over 5 years

-27.58%

-29.88%

+2.30%

Max Drawdown (10Y)

Largest decline over 10 years

-32.15%

—

—

Current Drawdown

Current decline from peak

-15.96%

-22.72%

+6.76%

Average Drawdown

Average peak-to-trough decline

-14.02%

-18.20%

+4.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.43%

11.99%

-3.56%

Volatility

HHCZX vs. HGLB - Volatility Comparison

The current volatility for NexPoint Event Driven Fund (HHCZX) is 2.72%, while Highland Global Allocation Fund (HGLB) has a volatility of 6.02%. This indicates that HHCZX experiences smaller price fluctuations and is considered to be less risky than HGLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HHCZXHGLBDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.72%

6.02%

-3.30%

Volatility (6M)

Calculated over the trailing 6-month period

7.60%

12.95%

-5.35%

Volatility (1Y)

Calculated over the trailing 1-year period

16.48%

21.16%

-4.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.62%

22.11%

-11.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.28%

27.62%

-11.34%

HHCZX vs. HGLB - Expense Ratio Comparison

HHCZX has a 1.69% expense ratio, which is higher than HGLB's 0.02% expense ratio.

Dividends

HHCZX vs. HGLB - Dividend Comparison

HHCZX has not paid dividends to shareholders, while HGLB's dividend yield for the trailing twelve months is around 13.91%.

PositionTTM20252024202320222021202020192018201720162015
HGLB
Highland Global Allocation Fund		13.91%11.57%14.27%12.82%10.32%9.39%15.44%11.35%0.00%0.00%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 HGLB have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HGLB has higher volatility (6.02%) compared to HHCZX (2.72%). In terms of maximum drawdown, HHCZX dropped -33.57% vs HGLB's -70.40%.

HHCZX currently has the higher Sharpe Ratio (0.04 vs -0.24), 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.

Portfolio Optimizer

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