HIO vs. ICMUX
HIO (Western Asset High Income Opportunity Fund Inc) and ICMUX (Intrepid Income Fund) are both mutual funds - HIO is a High Yield Bonds fund managed by Franklin Templeton, while ICMUX is a Multisector Bonds fund actively managed by Intrepid. Over the past 10 years, HIO returned 5.44%/yr vs 5.73%/yr for ICMUX. Their 0.27 correlation means their historical movements had little consistent relationship. HIO charges 0.01%/yr vs 1.01%/yr for ICMUX.
Performance
HIO vs. ICMUX - 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 ICMUX's 2.85% return. Over the past 10 years, HIO has underperformed ICMUX with an annualized return of 5.44%, while ICMUX has yielded a comparatively higher 5.73% annualized 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%
ICMUX
- 1D
- 0.11%
- 1M
- 0.34%
- 6M
- 2.35%
- YTD
- 2.85%
- 1Y
- 6.60%
- 3Y*
- 8.93%
- 5Y*
- 6.14%
- 10Y*
- 5.73%
- ALL TIME*
- 4.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.80M | $1.29M | $1.25M | |
ICMUX Intrepid Income Fund | $0.00 | $0.00 | $0.00 |
HIO vs. ICMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIO Western Asset High Income Opportunity Fund Inc | 1.83% | 5.33% | 13.58% | 8.07% | -17.09% | 12.80% | 6.07% | 24.23% | -7.60% | 8.97% |
ICMUX Intrepid Income Fund | 2.85% | 8.16% | 10.43% | 10.90% | -3.17% | 10.02% | 8.77% | 4.65% | 0.53% | 3.79% |
Correlation
The correlation between HIO and ICMUX is 0.36, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.36 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.28 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2010 | 0.27 |
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Return for Risk
HIO vs. ICMUX — Risk / Return Rank
HIO
ICMUX
HIO vs. ICMUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Income Opportunity Fund Inc (HIO) and Intrepid Income Fund (ICMUX). 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 | ICMUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.35 | ||
| Sortino ratioReturn per unit of downside risk | -5.39 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.79 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 4.83 | -4.84 |
| Martin ratioReturn relative to average drawdown | -0.03 | 16.75 | -16.78 |
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Drawdowns
HIO vs. ICMUX - Drawdown Comparison
The maximum HIO drawdown since its inception was -49.69%, which is greater than ICMUX's maximum drawdown of -8.77%. Use the drawdown chart below to compare losses from any high point for HIO and ICMUX.
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Drawdown Indicators
| HIO | ICMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.69% | -8.77% | -40.92% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -1.34% | -5.36% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -3.11% | -10.18% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -5.64% | -20.54% |
Max Drawdown (10Y)Largest decline over 10 years | -40.57% | -8.77% | -31.80% |
Current DrawdownCurrent decline from peak | -2.96% | -0.11% | -2.85% |
Average DrawdownAverage peak-to-trough decline | -6.44% | -0.73% | -5.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 0.39% | +2.78% |
Volatility
HIO vs. ICMUX - Volatility Comparison
Western Asset High Income Opportunity Fund Inc (HIO) has a higher volatility of 2.76% compared to Intrepid Income Fund (ICMUX) at 0.48%. This indicates that HIO's price experiences larger fluctuations and is considered to be riskier than ICMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIO | ICMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.76% | 0.48% | +2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 7.92% | 1.45% | +6.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.47% | 1.94% | +8.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 2.65% | +10.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.95% | 2.57% | +13.38% |
HIO vs. ICMUX - Expense Ratio Comparison
HIO has a 0.02% expense ratio, which is lower than ICMUX's 1.01% expense ratio.
Dividends
HIO vs. ICMUX - Dividend Comparison
HIO's dividend yield for the trailing twelve months is around 12.07%, more than ICMUX's 6.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ICMUX Intrepid Income Fund | 6.89% | 7.96% | 7.85% | 9.10% | 8.17% | 5.99% | 5.56% | 3.35% | 3.07% | 2.86% | 3.01% | 3.53% |
Frequently Asked Questions
HIO and ICMUX have a correlation of 0.36, 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 ICMUX (0.48%). In terms of maximum drawdown, HIO dropped -49.69% vs ICMUX's -8.77%.
ICMUX currently has the higher Sharpe Ratio (3.34 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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