HIX vs. CPMPX
Compare and contrast key facts about Western Asset High Income Fund II (HIX) and Changing Parameters Fund (CPMPX).
HIX is a passively managed fund by Franklin Templeton that tracks the performance of the . It was launched on May 28, 1998. CPMPX is managed by Changing Parameters. It was launched on Oct 2, 2006.
Performance
HIX vs. CPMPX - Performance Comparison
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HIX vs. CPMPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIX Western Asset High Income Fund II | -0.88% | 13.56% | -1.32% | 15.72% | -24.60% | 13.02% | 12.36% | 27.26% | -9.99% | 7.13% |
CPMPX Changing Parameters Fund | 0.09% | 6.65% | -3.47% | 8.13% | -0.22% | 3.86% | 13.43% | 6.82% | -1.19% | 5.29% |
Returns By Period
In the year-to-date period, HIX achieves a -0.88% return, which is significantly lower than CPMPX's 0.09% return. Over the past 10 years, HIX has outperformed CPMPX with an annualized return of 5.73%, while CPMPX has yielded a comparatively lower 4.32% annualized return.
HIX
- 1D
- 5.57%
- 1M
- -3.36%
- YTD
- -0.88%
- 6M
- -1.81%
- 1Y
- 9.56%
- 3Y*
- 7.57%
- 5Y*
- 1.20%
- 10Y*
- 5.73%
CPMPX
- 1D
- 0.00%
- 1M
- -1.12%
- YTD
- 0.09%
- 6M
- 1.24%
- 1Y
- 6.34%
- 3Y*
- 3.14%
- 5Y*
- 2.65%
- 10Y*
- 4.32%
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HIX vs. CPMPX - Expense Ratio Comparison
HIX has a 3.70% expense ratio, which is higher than CPMPX's 2.90% expense ratio.
Return for Risk
HIX vs. CPMPX — Risk / Return Rank
HIX
CPMPX
HIX vs. CPMPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Income Fund II (HIX) and Changing Parameters Fund (CPMPX). 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.
| HIX | CPMPX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.64 | 3.43 | -2.79 |
Sortino ratioReturn per unit of downside risk | 0.95 | 5.56 | -4.61 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.91 | -0.76 |
Calmar ratioReturn relative to maximum drawdown | 0.82 | 4.84 | -4.03 |
Martin ratioReturn relative to average drawdown | 3.10 | 19.28 | -16.18 |
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
| HIX | CPMPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.64 | 3.43 | -2.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.07 | 0.70 | -0.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 1.38 | -1.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 1.10 | -0.77 |
Correlation
The correlation between HIX and CPMPX is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
HIX vs. CPMPX - Dividend Comparison
HIX's dividend yield for the trailing twelve months is around 14.77%, more than CPMPX's 3.82% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIX Western Asset High Income Fund II | 14.77% | 14.13% | 13.95% | 11.85% | 12.15% | 8.21% | 8.53% | 8.28% | 9.50% | 8.73% | 10.53% | 13.12% |
CPMPX Changing Parameters Fund | 3.82% | 3.83% | 0.00% | 4.26% | 5.03% | 4.24% | 6.94% | 2.85% | 1.71% | 3.32% | 2.25% | 1.51% |
Drawdowns
HIX vs. CPMPX - Drawdown Comparison
The maximum HIX drawdown since its inception was -61.03%, which is greater than CPMPX's maximum drawdown of -8.87%. Use the drawdown chart below to compare losses from any high point for HIX and CPMPX.
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Drawdown Indicators
| HIX | CPMPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.03% | -8.87% | -52.16% |
Max Drawdown (1Y)Largest decline over 1 year | -11.07% | -1.31% | -9.76% |
Max Drawdown (5Y)Largest decline over 5 years | -38.75% | -8.13% | -30.62% |
Max Drawdown (10Y)Largest decline over 10 years | -44.77% | -8.13% | -36.64% |
Current DrawdownCurrent decline from peak | -7.38% | -1.83% | -5.55% |
Average DrawdownAverage peak-to-trough decline | -8.94% | -1.87% | -7.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 0.33% | +2.58% |
Volatility
HIX vs. CPMPX - Volatility Comparison
Western Asset High Income Fund II (HIX) has a higher volatility of 7.56% compared to Changing Parameters Fund (CPMPX) at 0.78%. This indicates that HIX's price experiences larger fluctuations and is considered to be riskier than CPMPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIX | CPMPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.56% | 0.78% | +6.78% |
Volatility (6M)Calculated over the trailing 6-month period | 10.78% | 1.38% | +9.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.12% | 1.90% | +13.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 3.83% | +13.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.10% | 3.13% | +14.97% |