HIIFX vs. RPHIX

Last updated Aug 1, 2026

HIIFX (Catalyst/SMH High Income Fund) and RPHIX (RiverPark Short Term High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, HIIFX returned 7.06%/yr vs 3.48%/yr for RPHIX. Their 0.23 correlation means their historical movements had little consistent relationship. HIIFX charges 1.49%/yr vs 0.89%/yr for RPHIX.

Performance

HIIFX vs. RPHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Catalyst/SMH High Income Fund (HIIFX) and RiverPark Short Term High Yield Fund (RPHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIIFX achieves a 2.92% return, which is significantly higher than RPHIX's 2.04% return. Over the past 10 years, HIIFX has outperformed RPHIX with an annualized return of 7.06%, while RPHIX has yielded a comparatively lower 3.48% annualized return.

HIIFX

• 1D: 0.40%
• 1M: -1.31%
• 6M: 2.00%
• YTD: 2.92%
• 1Y: 13.42%
• 3Y*: 11.30%
• 5Y*: 5.37%
• 10Y*: 7.06%
• ALL TIME*: 1.53%

RPHIX

• 1D: 0.00%
• 1M: 0.21%
• 6M: 1.82%
• YTD: 2.04%
• 1Y: 4.09%
• 3Y*: 5.47%
• 5Y*: 4.60%
• 10Y*: 3.48%
• ALL TIME*: 3.39%

*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)
HIIFX Catalyst/SMH High Income Fund	$0.00	$0.00	$0.00
RPHIX RiverPark Short Term High Yield Fund	$0.00	$0.00	$0.00

HIIFX vs. RPHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIIFX Catalyst/SMH High Income Fund	2.92%	15.31%	8.33%	16.44%	-13.48%	8.03%	10.00%	8.36%	-1.46%	9.58%
RPHIX RiverPark Short Term High Yield Fund	2.04%	4.76%	6.71%	5.87%	2.97%	2.05%	1.95%	2.77%	2.44%	2.50%

Correlation

The correlation between HIIFX and RPHIX is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (3Y) Balances recent behavior with more history.	0.21
Correlation (5Y) Shows whether the relationship held over a longer period.	0.24
Correlation (10Y) Provides a long-term view across more market conditions.	0.22
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.23

The correlation between HIIFX and RPHIX shifts across timeframes, from 0.13 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HIIFX vs. RPHIX — Risk / Return Rank

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

HIIFX

HIIFX Risk / Return Rank: 74
HIIFX Sharpe Ratio Rank: 77
HIIFX Sortino Ratio Rank: 77
HIIFX Omega Ratio Rank: 76
HIIFX Calmar Ratio Rank: 76
HIIFX Martin Ratio Rank: 64

RPHIX

RPHIX Risk / Return Rank: 100
RPHIX Sharpe Ratio Rank: 100
RPHIX Sortino Ratio Rank: 100
RPHIX Omega Ratio Rank: 99
RPHIX Calmar Ratio Rank: 100
RPHIX Martin Ratio Rank: 100

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.

HIIFX vs. RPHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/SMH High Income Fund (HIIFX) and RiverPark Short Term High Yield Fund (RPHIX). 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.

	HIIFX	RPHIX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	4.94	-3.14
Sortino ratio: Return per unit of downside risk	2.63	10.72	-8.08
Omega ratio: Gain probability vs. loss probability	1.34	3.80	-2.47
Calmar ratio: Return relative to maximum drawdown	2.45	39.76	-37.30
Martin ratio: Return relative to average drawdown	8.10	104.77	-96.67

HIIFX vs. RPHIX - Sharpe Ratio Comparison

The current HIIFX Sharpe Ratio is 1.80, which is lower than the RPHIX Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of HIIFX and RPHIX, 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

HIIFX vs. RPHIX - Drawdown Comparison

The maximum HIIFX drawdown since its inception was -51.29%, which is greater than RPHIX's maximum drawdown of -3.16%. Use the drawdown chart below to compare losses from any high point for HIIFX and RPHIX.

Drawdown Indicators

	HIIFX	RPHIX	Difference
Max Drawdown Largest peak-to-trough decline	-51.29%	-3.16%	-48.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.89%	-0.10%	-4.79%
Max Drawdown (3Y) Largest decline over 3 years	-8.46%	-0.72%	-7.74%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-0.92%	-17.66%
Max Drawdown (10Y) Largest decline over 10 years	-18.58%	-3.16%	-15.42%
Current Drawdown Current decline from peak	-1.55%	0.00%	-1.55%
Average Drawdown Average peak-to-trough decline	-15.14%	-0.09%	-15.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	0.04%	+1.44%

Volatility

HIIFX vs. RPHIX - Volatility Comparison

Catalyst/SMH High Income Fund (HIIFX) has a higher volatility of 1.64% compared to RiverPark Short Term High Yield Fund (RPHIX) at 0.14%. This indicates that HIIFX's price experiences larger fluctuations and is considered to be riskier than RPHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIIFX	RPHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	0.14%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	4.54%	0.60%	+3.94%
Volatility (1Y) Calculated over the trailing 1-year period	6.65%	0.83%	+5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.53%	1.26%	+5.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.93%	1.20%	+4.73%

HIIFX vs. RPHIX - Expense Ratio Comparison

HIIFX has a 1.49% expense ratio, which is higher than RPHIX's 0.89% expense ratio.

Dividends

HIIFX vs. RPHIX - Dividend Comparison

HIIFX's dividend yield for the trailing twelve months is around 5.93%, more than RPHIX's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIIFX Catalyst/SMH High Income Fund	5.93%	4.65%	6.03%	6.55%	6.64%	4.03%	5.00%	5.37%	5.61%	5.50%	6.81%	12.14%
RPHIX RiverPark Short Term High Yield Fund	3.49%	4.76%	6.40%	5.08%	3.46%	2.03%	2.44%	2.85%	2.83%	2.68%	2.63%	3.19%

Frequently Asked Questions

Can I hold both HIIFX and RPHIX in my portfolio?

HIIFX and RPHIX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIIFX or RPHIX?

HIIFX has higher volatility (1.64%) compared to RPHIX (0.14%). In terms of maximum drawdown, HIIFX dropped -51.29% vs RPHIX's -3.16%.

Which has better risk-adjusted returns?

RPHIX currently has the higher Sharpe Ratio (4.94 vs 1.80), 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.