HIO vs. XILSX

Last updated Aug 1, 2026

HIO (Western Asset High Income Opportunity Fund Inc) and XILSX (Pioneer ILS Interval Fund) are both High Yield Bonds funds. Over the past 5 years, HIO returned 2.20%/yr vs 12.59%/yr for XILSX. Their 0.01 correlation means their historical movements had little consistent relationship. HIO charges 0.01%/yr vs 1.88%/yr for XILSX.

Performance

HIO vs. XILSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset High Income Opportunity Fund Inc (HIO) and Pioneer ILS Interval Fund (XILSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIO achieves a 1.83% return, which is significantly lower than XILSX's 10.04% 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%

XILSX

• 1D: 0.00%
• 1M: 0.95%
• 6M: 8.36%
• YTD: 10.04%
• 1Y: 23.43%
• 3Y*: 19.09%
• 5Y*: 12.59%
• 10Y*: —
• ALL TIME*: 6.48%

*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)
HIO Western Asset High Income Opportunity Fund Inc	$1.80M	$1.29M	$1.25M
XILSX Pioneer ILS Interval Fund	$0.00	$0.00	$0.00

HIO vs. XILSX - 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%	5.36%
XILSX Pioneer ILS Interval Fund	10.04%	18.70%	18.93%	18.65%	1.23%	-1.10%	7.37%	2.60%	-2.11%	-8.83%

Correlation

The correlation between HIO and XILSX is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (3Y) Balances recent behavior with more history.	0.04
Correlation (5Y) Shows whether the relationship held over a longer period.	0.03
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.01

The correlation between HIO and XILSX shifts across timeframes, from -0.06 (1 year) to 0.04 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HIO vs. XILSX — Risk / Return Rank

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

HIO

HIO Risk / Return Rank: 4
HIO Sharpe Ratio Rank: 4
HIO Sortino Ratio Rank: 4
HIO Omega Ratio Rank: 4
HIO Calmar Ratio Rank: 4
HIO Martin Ratio Rank: 4

XILSX

XILSX Risk / Return Rank: 100
XILSX Sharpe Ratio Rank: 100
XILSX Sortino Ratio Rank: 100
XILSX Omega Ratio Rank: 100
XILSX Calmar Ratio Rank: 100
XILSX 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.

HIO vs. XILSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset High Income Opportunity Fund Inc (HIO) and Pioneer ILS Interval Fund (XILSX). 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	XILSX	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	7.88	-7.89
Sortino ratio: Return per unit of downside risk	0.06	77.96	-77.90
Omega ratio: Gain probability vs. loss probability	1.01	41.51	-40.50
Calmar ratio: Return relative to maximum drawdown	-0.01	112.69	-112.70
Martin ratio: Return relative to average drawdown	-0.03	769.28	-769.31

HIO vs. XILSX - Sharpe Ratio Comparison

The current HIO Sharpe Ratio is -0.01, which is lower than the XILSX Sharpe Ratio of 7.88. The chart below compares the historical Sharpe Ratios of HIO and XILSX, 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

HIO vs. XILSX - Drawdown Comparison

The maximum HIO drawdown since its inception was -49.69%, which is greater than XILSX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for HIO and XILSX.

Drawdown Indicators

	HIO	XILSX	Difference
Max Drawdown Largest peak-to-trough decline	-49.69%	-14.53%	-35.16%
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	-0.10%	-6.60%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-2.36%	-10.93%
Max Drawdown (5Y) Largest decline over 5 years	-26.18%	-6.27%	-19.91%
Max Drawdown (10Y) Largest decline over 10 years	-40.57%	—	—
Current Drawdown Current decline from peak	-2.96%	0.00%	-2.96%
Average Drawdown Average peak-to-trough decline	-6.44%	-4.83%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	0.03%	+3.14%

Volatility

HIO vs. XILSX - Volatility Comparison

Western Asset High Income Opportunity Fund Inc (HIO) has a higher volatility of 2.76% compared to Pioneer ILS Interval Fund (XILSX) at 0.52%. This indicates that HIO's price experiences larger fluctuations and is considered to be riskier than XILSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIO	XILSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	0.52%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	7.92%	1.57%	+6.35%
Volatility (1Y) Calculated over the trailing 1-year period	10.47%	3.02%	+7.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.81%	3.78%	+9.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	3.90%	+12.05%

HIO vs. XILSX - Expense Ratio Comparison

HIO has a 0.02% expense ratio, which is lower than XILSX's 1.88% expense ratio.

Dividends

HIO vs. XILSX - Dividend Comparison

HIO's dividend yield for the trailing twelve months is around 12.07%, more than XILSX's 8.64% 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%
XILSX Pioneer ILS Interval Fund	8.64%	9.51%	13.06%	12.82%	2.68%	2.04%	5.20%	6.63%	6.40%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HIO and XILSX in my portfolio?

HIO and XILSX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIO or XILSX?

HIO has higher volatility (2.76%) compared to XILSX (0.52%). In terms of maximum drawdown, HIO dropped -49.69% vs XILSX's -14.53%.

Which has better risk-adjusted returns?

XILSX currently has the higher Sharpe Ratio (7.88 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.