HHCZX vs. NLSIX

Last updated Aug 4, 2026

HHCZX (NexPoint Event Driven Fund) and NLSIX (Neuberger Berman Long Short Fund) are both Long-Short funds. Over the past 10 years, HHCZX returned 3.82%/yr vs 6.77%/yr for NLSIX. Their 0.46 correlation means their historical movements had little consistent relationship. HHCZX charges 1.69%/yr vs 1.28%/yr for NLSIX.

Performance

HHCZX vs. NLSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NexPoint Event Driven Fund (HHCZX) and Neuberger Berman Long Short Fund (NLSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HHCZX achieves a -3.95% return, which is significantly lower than NLSIX's 1.49% return. Over the past 10 years, HHCZX has underperformed NLSIX with an annualized return of 3.82%, while NLSIX has yielded a comparatively higher 6.77% annualized return.

HHCZX

• 1D: -0.24%
• 1M: -1.35%
• 6M: -5.08%
• YTD: -3.95%
• 1Y: -0.88%
• 3Y*: 4.01%
• 5Y*: 0.85%
• 10Y*: 3.82%
• ALL TIME*: 4.21%

NLSIX

• 1D: 1.14%
• 1M: -0.10%
• 6M: 1.54%
• YTD: 1.49%
• 1Y: 3.61%
• 3Y*: 6.81%
• 5Y*: 4.69%
• 10Y*: 6.77%
• ALL TIME*: 6.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HHCZX NexPoint Event Driven Fund	$0.00	$0.00	$0.00
NLSIX Neuberger Berman Long Short Fund	$0.00	$0.00	$0.00

HHCZX vs. NLSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HHCZX NexPoint Event Driven Fund	-3.95%	6.52%	7.22%	5.44%	-5.49%	-17.31%	22.24%	11.36%	12.72%	8.76%
NLSIX Neuberger Berman Long Short Fund	1.49%	7.20%	7.47%	13.10%	-6.85%	9.01%	15.27%	17.11%	-6.92%	13.39%

Correlation

The correlation between HHCZX and NLSIX is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.47
Correlation (10Y) Provides a long-term view across more market conditions.	0.47
Correlation (All Time) Calculated using the full available price history since Dec 29, 2011	0.46

Return for Risk

HHCZX vs. NLSIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HHCZX

HHCZX Risk / Return Rank: 3
HHCZX Sharpe Ratio Rank: 3
HHCZX Sortino Ratio Rank: 3
HHCZX Omega Ratio Rank: 3
HHCZX Calmar Ratio Rank: 3
HHCZX Martin Ratio Rank: 3

NLSIX

NLSIX Risk / Return Rank: 14
NLSIX Sharpe Ratio Rank: 13
NLSIX Sortino Ratio Rank: 13
NLSIX Omega Ratio Rank: 13
NLSIX Calmar Ratio Rank: 14
NLSIX Martin Ratio Rank: 17

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HHCZX vs. NLSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NexPoint Event Driven Fund (HHCZX) and Neuberger Berman Long Short Fund (NLSIX). 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	NLSIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	0.59	-0.67
Sortino ratio: Return per unit of downside risk	-0.01	0.88	-0.89
Omega ratio: Gain probability vs. loss probability	1.00	1.11	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.10	0.76	-0.85
Martin ratio: Return relative to average drawdown	-0.16	2.52	-2.68

HHCZX vs. NLSIX - Sharpe Ratio Comparison

The current HHCZX Sharpe Ratio is -0.09, which is lower than the NLSIX Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of HHCZX and NLSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HHCZX vs. NLSIX - Drawdown Comparison

The maximum HHCZX drawdown since its inception was -33.57%, which is greater than NLSIX's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for HHCZX and NLSIX.

Drawdown Indicators

	HHCZX	NLSIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-14.75%	-18.82%
Max Drawdown (1Y) Largest decline over 1 year	-15.42%	-4.39%	-11.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-6.90%	-8.52%
Max Drawdown (5Y) Largest decline over 5 years	-19.51%	-10.79%	-8.72%
Max Drawdown (10Y) Largest decline over 10 years	-32.15%	-14.75%	-17.40%
Current Drawdown Current decline from peak	-15.71%	-1.40%	-14.31%
Average Drawdown Average peak-to-trough decline	-14.03%	-2.01%	-12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.37%	1.31%	+8.06%

Volatility

HHCZX vs. NLSIX - Volatility Comparison

NexPoint Event Driven Fund (HHCZX) has a higher volatility of 3.13% compared to Neuberger Berman Long Short Fund (NLSIX) at 2.21%. This indicates that HHCZX's price experiences larger fluctuations and is considered to be riskier than NLSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HHCZX	NLSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	2.21%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	4.80%	+3.15%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	5.67%	+11.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.14%	6.71%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.29%	7.36%	+8.93%

HHCZX vs. NLSIX - Expense Ratio Comparison

HHCZX has a 1.69% expense ratio, which is higher than NLSIX's 1.28% expense ratio.

Dividends

HHCZX vs. NLSIX - Dividend Comparison

HHCZX has not paid dividends to shareholders, while NLSIX's dividend yield for the trailing twelve months is around 0.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NLSIX Neuberger Berman Long Short Fund	0.05%	0.05%	0.02%	0.97%	7.01%	1.13%	2.15%	2.39%	5.91%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both HHCZX and NLSIX in my portfolio?

HHCZX and NLSIX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HHCZX or NLSIX?

HHCZX has higher volatility (3.13%) compared to NLSIX (2.21%). In terms of maximum drawdown, HHCZX dropped -33.57% vs NLSIX's -14.75%.

Which has better risk-adjusted returns?

NLSIX currently has the higher Sharpe Ratio (0.59 vs -0.09), 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.