HMEZX vs. DEVDX

Last updated Jun 4, 2026

HMEZX (NexPoint Merger Arbitrage Fund) and DEVDX (Driehaus Event Driven Fund) are both Event Driven funds. At a 0.28 correlation, their price movements are largely independent. HMEZX charges 1.50%/yr vs 1.66%/yr for DEVDX.

Performance

HMEZX vs. DEVDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NexPoint Merger Arbitrage Fund (HMEZX) and Driehaus Event Driven Fund (DEVDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HMEZX

• 1D: -0.05%
• 1M: 0.25%
• YTD: 1.72%
• 6M: 1.89%
• 1Y: 5.55%
• 3Y*: 6.92%
• 5Y*: 4.89%
• 10Y*: 5.89%

DEVDX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HMEZX vs. DEVDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMEZX NexPoint Merger Arbitrage Fund	1.72%	6.30%	7.42%	4.10%	2.70%	5.37%	8.46%	8.10%	5.92%	5.48%
DEVDX Driehaus Event Driven Fund	-1.35%	5.99%	3.06%	9.59%	-9.99%	7.24%	24.78%	20.49%	-4.06%	4.35%

Correlation

The correlation between HMEZX and DEVDX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.28

The correlation between HMEZX and DEVDX shifts across timeframes, from 0.20 (1 year) to 0.31 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HMEZX vs. DEVDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HMEZX

HMEZX Risk / Return Rank: 99
HMEZX Sharpe Ratio Rank: 99
HMEZX Sortino Ratio Rank: 99
HMEZX Omega Ratio Rank: 98
HMEZX Calmar Ratio Rank: 99
HMEZX Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HMEZX vs. DEVDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NexPoint Merger Arbitrage Fund (HMEZX) and Driehaus Event Driven Fund (DEVDX). 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.

	HMEZX	DEVDX	Difference
Sharpe ratio: Return per unit of total volatility	4.56	—	—
Sortino ratio: Return per unit of downside risk	8.08	—	—
Omega ratio: Gain probability vs. loss probability	2.19	—	—
Calmar ratio: Return relative to maximum drawdown	10.25	—	—
Martin ratio: Return relative to average drawdown	58.26	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HMEZX	DEVDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.56	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.92	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	—	—

Drawdowns

Drawdown Indicators

	HMEZX	DEVDX	Difference
Max Drawdown Largest peak-to-trough decline	-6.86%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.55%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-6.86%	—	—
Current Drawdown Current decline from peak	-0.05%	—	—
Average Drawdown Average peak-to-trough decline	-0.37%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	—	—

Volatility

Volatility by Period

	HMEZX	DEVDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.23%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.68%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	—	—

HMEZX vs. DEVDX - Expense Ratio Comparison

HMEZX has a 1.50% expense ratio, which is lower than DEVDX's 1.66% expense ratio.

Dividends

HMEZX vs. DEVDX - Dividend Comparison

HMEZX's dividend yield for the trailing twelve months is around 5.02%, less than DEVDX's 16.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEVDX Driehaus Event Driven Fund	16.48%	14.24%	1.35%	4.48%	1.49%	12.11%	3.48%	4.09%	3.57%	0.00%	1.20%	0.66%
HMEZX NexPoint Merger Arbitrage Fund	5.02%	5.04%	6.36%	5.07%	5.11%	3.63%	5.83%	0.33%	19.16%	6.88%	0.02%	0.00%

Frequently Asked Questions

Can I hold both HMEZX and DEVDX in my portfolio?

HMEZX and DEVDX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.