HIO vs. FTHY
HIO (Western Asset High Income Opportunity Fund Inc) and FTHY (First Trust High Yield Opportunities 2027 Term Fund) are both High Yield Bonds funds. Over the past 5 years, HIO returned 2.20%/yr vs 2.63%/yr for FTHY. Their 0.39 correlation means their historical movements had little consistent relationship. HIO charges 0.01%/yr vs 0.02%/yr for FTHY.
Performance
HIO vs. FTHY - Performance Comparison
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Returns By Period
In the year-to-date period, HIO achieves a 1.83% return, which is significantly lower than FTHY's 3.22% return.
HIO
- 1D
- 0.57%
- 1M
- -2.58%
- 6M
- -0.73%
- YTD
- 1.83%
- 1Y
- 0.16%
- 3Y*
- 8.36%
- 5Y*
- 2.20%
- 10Y*
- 5.44%
- ALL TIME*
- 6.14%
FTHY
- 1D
- 0.22%
- 1M
- 0.29%
- 6M
- 1.51%
- YTD
- 3.22%
- 1Y
- 3.64%
- 3Y*
- 10.78%
- 5Y*
- 2.63%
- 10Y*
- —
- ALL TIME*
- 3.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.02M | $1.13M | $1.23M | |
| $1.80M | $1.29M | $1.25M |
HIO vs. FTHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HIO Western Asset High Income Opportunity Fund Inc | 1.83% | 5.33% | 13.58% | 8.07% | -17.09% | 12.80% | 10.72% |
FTHY First Trust High Yield Opportunities 2027 Term Fund | 3.22% | 7.80% | 15.71% | 14.65% | -26.09% | 7.63% | 4.66% |
Correlation
The correlation between HIO and FTHY is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2020 | 0.39 |
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Return for Risk
HIO vs. FTHY — Risk / Return Rank
HIO
FTHY
HIO vs. FTHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Income Opportunity Fund Inc (HIO) and First Trust High Yield Opportunities 2027 Term Fund (FTHY). 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.
| HIO | FTHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.10 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 0.69 | -0.71 |
| Martin ratioReturn relative to average drawdown | -0.03 | 1.86 | -1.89 |
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Drawdowns
HIO vs. FTHY - Drawdown Comparison
The maximum HIO drawdown since its inception was -49.69%, which is greater than FTHY's maximum drawdown of -31.17%. Use the drawdown chart below to compare losses from any high point for HIO and FTHY.
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Drawdown Indicators
| HIO | FTHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.69% | -31.17% | -18.52% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -5.44% | -1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -8.70% | -4.59% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -31.17% | +4.99% |
Max Drawdown (10Y)Largest decline over 10 years | -40.57% | — | — |
Current DrawdownCurrent decline from peak | -2.96% | -0.22% | -2.74% |
Average DrawdownAverage peak-to-trough decline | -6.44% | -9.95% | +3.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 2.02% | +1.15% |
Volatility
HIO vs. FTHY - Volatility Comparison
Western Asset High Income Opportunity Fund Inc (HIO) has a higher volatility of 2.76% compared to First Trust High Yield Opportunities 2027 Term Fund (FTHY) at 1.83%. This indicates that HIO's price experiences larger fluctuations and is considered to be riskier than FTHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIO | FTHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.76% | 1.83% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 7.92% | 5.81% | +2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.47% | 7.14% | +3.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 12.80% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.95% | 13.14% | +2.81% |
HIO vs. FTHY - Expense Ratio Comparison
HIO has a 0.02% expense ratio, which is lower than FTHY's 0.02% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HIO vs. FTHY - Dividend Comparison
HIO's dividend yield for the trailing twelve months is around 12.07%, more than FTHY's 11.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTHY First Trust High Yield Opportunities 2027 Term Fund | 10.09% | 10.66% | 10.70% | 10.22% | 11.85% | 7.83% | 2.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HIO Western Asset High Income Opportunity Fund Inc | 12.07% | 11.48% | 10.84% | 9.90% | 9.11% | 7.02% | 7.86% | 6.91% | 7.31% | 7.04% | 8.44% | 9.08% |
Frequently Asked Questions
HIO and FTHY have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIO has higher volatility (2.76%) compared to FTHY (1.83%). In terms of maximum drawdown, HIO dropped -49.69% vs FTHY's -31.17%.
FTHY currently has the higher Sharpe Ratio (0.53 vs -0.01), 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.
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