HIO vs. HYI
Compare and contrast key facts about Western Asset High Income Opportunity Fund Inc (HIO) and Western Asset High Yield Opportunity Fund Inc (HYI).
HIO is managed by Franklin Templeton. It was launched on Jan 1, 2009. HYI is managed by Franklin Templeton. It was launched on Jul 20, 2010.
Performance
HIO vs. HYI - Performance Comparison
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HIO vs. HYI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIO Western Asset High Income Opportunity Fund Inc | 0.68% | 5.33% | 13.58% | 8.07% | -17.09% | 12.80% | 6.07% | 24.23% | -7.60% | 8.97% |
HYI Western Asset High Yield Opportunity Fund Inc | -1.80% | 4.09% | 7.58% | 6.72% | -13.48% | 10.04% | 6.78% | 27.90% | -6.36% | 8.57% |
Returns By Period
In the year-to-date period, HIO achieves a 0.68% return, which is significantly higher than HYI's -1.80% return. Both investments have delivered pretty close results over the past 10 years, with HIO having a 6.25% annualized return and HYI not far behind at 5.98%.
HIO
- 1D
- 0.00%
- 1M
- -2.50%
- YTD
- 0.68%
- 6M
- -0.98%
- 1Y
- 1.45%
- 3Y*
- 9.66%
- 5Y*
- 3.20%
- 10Y*
- 6.25%
HYI
- 1D
- 2.10%
- 1M
- -2.93%
- YTD
- -1.80%
- 6M
- -3.82%
- 1Y
- -0.17%
- 3Y*
- 6.11%
- 5Y*
- 1.93%
- 10Y*
- 5.98%
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HIO vs. HYI - Expense Ratio Comparison
Both HIO and HYI have an expense ratio of 0.02%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
HIO vs. HYI — Risk / Return Rank
HIO
HYI
HIO vs. HYI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Income Opportunity Fund Inc (HIO) and Western Asset High Yield Opportunity Fund Inc (HYI). 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.
| HIO | HYI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.11 | -0.04 | +0.15 |
Sortino ratioReturn per unit of downside risk | 0.23 | 0.00 | +0.23 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.00 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.17 | -0.05 | +0.23 |
Martin ratioReturn relative to average drawdown | 0.57 | -0.12 | +0.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HIO | HYI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.11 | -0.04 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.17 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.46 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.36 | -0.01 |
Correlation
The correlation between HIO and HYI is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
HIO vs. HYI - Dividend Comparison
HIO's dividend yield for the trailing twelve months is around 11.74%, more than HYI's 10.67% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIO Western Asset High Income Opportunity Fund Inc | 11.74% | 11.48% | 10.84% | 9.90% | 9.11% | 7.02% | 7.86% | 6.91% | 7.31% | 7.04% | 8.44% | 9.08% |
HYI Western Asset High Yield Opportunity Fund Inc | 10.67% | 10.22% | 9.64% | 9.40% | 9.09% | 7.19% | 7.35% | 6.87% | 8.10% | 7.81% | 8.73% | 9.36% |
Drawdowns
HIO vs. HYI - Drawdown Comparison
The maximum HIO drawdown since its inception was -49.69%, which is greater than HYI's maximum drawdown of -36.06%. Use the drawdown chart below to compare losses from any high point for HIO and HYI.
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Drawdown Indicators
| HIO | HYI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.69% | -36.06% | -13.63% |
Max Drawdown (1Y)Largest decline over 1 year | -10.13% | -8.19% | -1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -26.35% | +0.17% |
Max Drawdown (10Y)Largest decline over 10 years | -40.57% | -36.06% | -4.51% |
Current DrawdownCurrent decline from peak | -4.05% | -6.26% | +2.21% |
Average DrawdownAverage peak-to-trough decline | -6.48% | -5.81% | -0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 3.59% | -0.14% |
Volatility
HIO vs. HYI - Volatility Comparison
Western Asset High Income Opportunity Fund Inc (HIO) has a higher volatility of 4.97% compared to Western Asset High Yield Opportunity Fund Inc (HYI) at 3.77%. This indicates that HIO's price experiences larger fluctuations and is considered to be riskier than HYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIO | HYI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.97% | 3.77% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 7.70% | 5.28% | +2.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.75% | 8.37% | +5.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.75% | 11.26% | +1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.97% | 12.97% | +3.00% |