HHCZX vs. PWLIX

Last updated Jun 4, 2026

HHCZX (NexPoint Event Driven Fund) and PWLIX (PIMCO RAE Worldwide Long/Short PLUS Fund) are both Long-Short funds. Over the past 10 years, HHCZX returned 3.67%/yr vs 4.60%/yr for PWLIX. At a 0.12 correlation, their price movements are largely independent. HHCZX charges 1.69%/yr vs 1.19%/yr for PWLIX.

Performance

HHCZX vs. PWLIX - Performance Comparison

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

Returns By Period

In the year-to-date period, HHCZX achieves a -4.23% return, which is significantly lower than PWLIX's -0.41% return. Over the past 10 years, HHCZX has underperformed PWLIX with an annualized return of 3.67%, while PWLIX has yielded a comparatively higher 4.60% annualized return.

HHCZX

• 1D: 0.00%
• 1M: 0.42%
• YTD: -4.23%
• 6M: -7.00%
• 1Y: 0.72%
• 3Y*: 4.92%
• 5Y*: -2.50%
• 10Y*: 3.67%

PWLIX

• 1D: 0.41%
• 1M: -2.79%
• YTD: -0.41%
• 6M: -1.48%
• 1Y: -0.18%
• 3Y*: 4.67%
• 5Y*: 4.35%
• 10Y*: 4.60%

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

HHCZX vs. PWLIX - 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%	8.76%
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund	-0.41%	4.64%	4.65%	4.04%	4.33%	15.15%	-12.66%	9.60%	0.49%	11.80%

Correlation

The correlation between HHCZX and PWLIX is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Dec 9, 2014	0.12

The correlation between HHCZX and PWLIX shifts across timeframes, from -0.05 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HHCZX vs. PWLIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

PWLIX

PWLIX Risk / Return Rank: 2
PWLIX Sharpe Ratio Rank: 3
PWLIX Sortino Ratio Rank: 2
PWLIX Omega Ratio Rank: 2
PWLIX Calmar Ratio Rank: 2
PWLIX Martin Ratio Rank: 2

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. PWLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NexPoint Event Driven Fund (HHCZX) and PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX). 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.

	HHCZX	PWLIX	Difference
Sharpe ratio: Return per unit of total volatility	0.07	-0.02	+0.09
Sortino ratio: Return per unit of downside risk	0.28	0.03	+0.25
Omega ratio: Gain probability vs. loss probability	1.04	1.00	+0.03
Calmar ratio: Return relative to maximum drawdown	0.07	-0.02	+0.09
Martin ratio: Return relative to average drawdown	0.14	-0.06	+0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HHCZX vs. PWLIX - Sharpe Ratio Comparison

The current HHCZX Sharpe Ratio is 0.07, which is higher than the PWLIX Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of HHCZX and PWLIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HHCZX	PWLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	-0.02	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	0.49	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.51	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.43	-0.15

Drawdowns

HHCZX vs. PWLIX - Drawdown Comparison

The maximum HHCZX drawdown since its inception was -33.57%, which is greater than PWLIX's maximum drawdown of -26.92%. Use the drawdown chart below to compare losses from any high point for HHCZX and PWLIX.

Drawdown Indicators

	HHCZX	PWLIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-26.92%	-6.65%
Max Drawdown (1Y) Largest decline over 1 year	-15.42%	-9.43%	-5.99%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-11.74%	-3.68%
Max Drawdown (5Y) Largest decline over 5 years	-30.02%	-11.74%	-18.28%
Max Drawdown (10Y) Largest decline over 10 years	-32.15%	-26.92%	-5.23%
Current Drawdown Current decline from peak	-15.96%	-9.06%	-6.90%
Average Drawdown Average peak-to-trough decline	-14.01%	-4.18%	-9.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.88%	3.22%	+4.66%

Volatility

HHCZX vs. PWLIX - Volatility Comparison

The current volatility for NexPoint Event Driven Fund (HHCZX) is 2.30%, while PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX) has a volatility of 2.58%. This indicates that HHCZX experiences smaller price fluctuations and is considered to be less risky than PWLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HHCZX	PWLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	2.58%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	6.55%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	16.29%	8.43%	+7.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.68%	8.96%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	9.00%	+7.27%

HHCZX vs. PWLIX - Expense Ratio Comparison

HHCZX has a 1.69% expense ratio, which is higher than PWLIX's 1.19% expense ratio.

Dividends

HHCZX vs. PWLIX - Dividend Comparison

HHCZX has not paid dividends to shareholders, while PWLIX's dividend yield for the trailing twelve months is around 6.67%.

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%
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund	6.67%	6.65%	4.75%	5.51%	14.75%	11.99%	7.31%	6.79%	0.39%	10.82%	4.16%	3.61%

Frequently Asked Questions

Can I hold both HHCZX and PWLIX in my portfolio?

HHCZX and PWLIX have a correlation of -0.05, 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 PWLIX?

PWLIX has higher volatility (2.58%) compared to HHCZX (2.30%). In terms of maximum drawdown, HHCZX dropped -33.57% vs PWLIX's -26.92%.

Which has better risk-adjusted returns?

HHCZX currently has the higher Sharpe Ratio (0.07 vs -0.02), 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.