HIIFX vs. SHIIX

Last updated Jun 3, 2026

HIIFX (Catalyst/SMH High Income Fund) and SHIIX (Catalyst Buffered Shield Fund) are both mutual funds - HIIFX is a High Yield Bonds fund managed by Catalyst Mutual Funds, while SHIIX is a Options Trading fund managed by Catalyst Mutual Funds. Over the past 10 years, HIIFX returned 7.76%/yr vs 7.42%/yr for SHIIX. At a 0.44 correlation, their price movements are largely independent. HIIFX charges 1.49%/yr vs 1.23%/yr for SHIIX.

Performance

HIIFX vs. SHIIX - Performance Comparison

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

Returns By Period

In the year-to-date period, HIIFX achieves a 3.13% return, which is significantly lower than SHIIX's 4.69% return. Both investments have delivered pretty close results over the past 10 years, with HIIFX having a 7.76% annualized return and SHIIX not far behind at 7.42%.

HIIFX

• 1D: -0.24%
• 1M: 0.81%
• YTD: 3.13%
• 6M: 4.08%
• 1Y: 20.55%
• 3Y*: 13.15%
• 5Y*: 5.70%
• 10Y*: 7.76%

SHIIX

• 1D: 0.00%
• 1M: 1.42%
• YTD: 4.69%
• 6M: 5.44%
• 1Y: 14.38%
• 3Y*: 12.50%
• 5Y*: 5.54%
• 10Y*: 7.42%

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

HIIFX vs. SHIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIIFX Catalyst/SMH High Income Fund	3.13%	15.31%	8.33%	16.44%	-13.48%	8.03%	10.00%	8.36%	-1.46%	9.58%
SHIIX Catalyst Buffered Shield Fund	4.69%	10.88%	13.57%	14.03%	-18.44%	14.15%	7.18%	20.24%	-5.58%	14.17%

Correlation

The correlation between HIIFX and SHIIX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.44

The correlation between HIIFX and SHIIX shifts across timeframes, from 0.44 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HIIFX vs. SHIIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HIIFX

HIIFX Risk / Return Rank: 86
HIIFX Sharpe Ratio Rank: 91
HIIFX Sortino Ratio Rank: 91
HIIFX Omega Ratio Rank: 86
HIIFX Calmar Ratio Rank: 88
HIIFX Martin Ratio Rank: 76

SHIIX

SHIIX Risk / Return Rank: 87
SHIIX Sharpe Ratio Rank: 87
SHIIX Sortino Ratio Rank: 89
SHIIX Omega Ratio Rank: 88
SHIIX Calmar Ratio Rank: 77
SHIIX Martin Ratio Rank: 92

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.

HIIFX vs. SHIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/SMH High Income Fund (HIIFX) and Catalyst Buffered Shield Fund (SHIIX). 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.

	HIIFX	SHIIX	Difference
Sharpe ratio Return per unit of total volatility	3.05	2.83	+0.22
Sortino ratio Return per unit of downside risk	4.46	4.26	+0.20
Omega ratio Gain probability vs. loss probability	1.58	1.62	-0.03
Calmar ratio Return relative to maximum drawdown	4.34	3.47	+0.87
Martin ratio Return relative to average drawdown	14.38	19.57	-5.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIIFX vs. SHIIX - Sharpe Ratio Comparison

The current HIIFX Sharpe Ratio is 3.05, which is comparable to the SHIIX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of HIIFX and SHIIX, 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

	HIIFX	SHIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.05	2.83	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.65	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.30	0.87	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.85	-0.64

Drawdowns

HIIFX vs. SHIIX - Drawdown Comparison

The maximum HIIFX drawdown since its inception was -51.29%, which is greater than SHIIX's maximum drawdown of -20.20%. Use the drawdown chart below to compare losses from any high point for HIIFX and SHIIX.

Drawdown Indicators

	HIIFX	SHIIX	Difference
Max Drawdown Largest peak-to-trough decline	-51.29%	-20.20%	-31.09%
Max Drawdown (1Y) Largest decline over 1 year	-4.89%	-4.27%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-8.46%	-11.36%	+2.90%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-20.20%	+1.62%
Max Drawdown (10Y) Largest decline over 10 years	-18.58%	-20.20%	+1.62%
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-15.27%	-4.12%	-11.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	0.76%	+0.72%

Volatility

HIIFX vs. SHIIX - Volatility Comparison

Catalyst/SMH High Income Fund (HIIFX) has a higher volatility of 1.52% compared to Catalyst Buffered Shield Fund (SHIIX) at 0.95%. This indicates that HIIFX's price experiences larger fluctuations and is considered to be riskier than SHIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIIFX	SHIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	0.95%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	4.21%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	6.99%	5.27%	+1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.51%	8.57%	-2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.98%	8.56%	-2.58%

HIIFX vs. SHIIX - Expense Ratio Comparison

HIIFX has a 1.49% expense ratio, which is higher than SHIIX's 1.23% expense ratio.

Dividends

HIIFX vs. SHIIX - Dividend Comparison

HIIFX's dividend yield for the trailing twelve months is around 5.48%, more than SHIIX's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIIFX Catalyst/SMH High Income Fund	5.48%	4.65%	6.03%	6.55%	6.64%	4.03%	5.00%	5.37%	5.61%	5.50%	6.81%	12.14%
SHIIX Catalyst Buffered Shield Fund	2.88%	3.02%	2.94%	2.52%	0.68%	16.99%	2.01%	6.13%	10.13%	14.66%	0.79%	0.00%

Frequently Asked Questions

Can I hold both HIIFX and SHIIX in my portfolio?

HIIFX and SHIIX have a correlation of 0.60, 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 SHIIX?

HIIFX has higher volatility (1.52%) compared to SHIIX (0.95%). In terms of maximum drawdown, HIIFX dropped -51.29% vs SHIIX's -20.20%.

Which has better risk-adjusted returns?

HIIFX currently has the higher Sharpe Ratio (3.05 vs 2.83), 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.