HMEZX vs. DEVDX
Compare and contrast key facts about NexPoint Merger Arbitrage Fund (HMEZX) and Driehaus Event Driven Fund (DEVDX).
HMEZX is managed by Highland Funds. It was launched on Aug 18, 2016. DEVDX is managed by Driehaus. It was launched on Aug 22, 2013.
Performance
HMEZX vs. DEVDX - Performance Comparison
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HMEZX vs. DEVDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 0.81% | 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% |
Returns By Period
In the year-to-date period, HMEZX achieves a 0.81% return, which is significantly higher than DEVDX's -1.35% return. Over the past 10 years, HMEZX has underperformed DEVDX with an annualized return of 5.89%, while DEVDX has yielded a comparatively higher 6.56% annualized return.
HMEZX
- 1D
- 0.15%
- 1M
- 0.46%
- YTD
- 0.81%
- 6M
- 2.14%
- 1Y
- 5.71%
- 3Y*
- 6.42%
- 5Y*
- 4.92%
- 10Y*
- 5.89%
DEVDX
- 1D
- -0.18%
- 1M
- 0.27%
- YTD
- -1.35%
- 6M
- 2.69%
- 1Y
- 9.17%
- 3Y*
- 5.17%
- 5Y*
- 2.08%
- 10Y*
- 6.56%
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HMEZX vs. DEVDX - Expense Ratio Comparison
HMEZX has a 1.50% expense ratio, which is lower than DEVDX's 1.66% expense ratio.
Return for Risk
HMEZX vs. DEVDX — Risk / Return Rank
HMEZX
DEVDX
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 ratioReturn per unit of total volatility | 3.60 | 1.32 | +2.28 |
Sortino ratioReturn per unit of downside risk | 5.64 | 2.04 | +3.60 |
Omega ratioGain probability vs. loss probability | 1.96 | 1.26 | +0.70 |
Calmar ratioReturn relative to maximum drawdown | 5.53 | 2.28 | +3.25 |
Martin ratioReturn relative to average drawdown | 35.87 | 5.21 | +30.66 |
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
| HMEZX | DEVDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.60 | 1.32 | +2.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.94 | 0.21 | +2.72 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.54 | 0.68 | +0.86 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.59 | 0.46 | +1.12 |
Correlation
The correlation between HMEZX and DEVDX is 0.28, 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
HMEZX vs. DEVDX - Dividend Comparison
HMEZX's dividend yield for the trailing twelve months is around 5.07%, less than DEVDX's 16.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 5.07% | 5.04% | 6.36% | 5.07% | 5.11% | 3.63% | 5.83% | 0.33% | 19.16% | 6.88% | 0.02% | 0.00% |
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% |
Drawdowns
HMEZX vs. DEVDX - Drawdown Comparison
The maximum HMEZX drawdown since its inception was -6.86%, smaller than the maximum DEVDX drawdown of -21.00%. Use the drawdown chart below to compare losses from any high point for HMEZX and DEVDX.
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Drawdown Indicators
| HMEZX | DEVDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.86% | -21.00% | +14.14% |
Max Drawdown (1Y)Largest decline over 1 year | -1.06% | -3.37% | +2.31% |
Max Drawdown (5Y)Largest decline over 5 years | -1.94% | -21.00% | +19.06% |
Max Drawdown (10Y)Largest decline over 10 years | -6.86% | -21.00% | +14.14% |
Current DrawdownCurrent decline from peak | 0.00% | -3.69% | +3.69% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -7.14% | +6.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.16% | 1.59% | -1.43% |
Volatility
HMEZX vs. DEVDX - Volatility Comparison
NexPoint Merger Arbitrage Fund (HMEZX) has a higher volatility of 0.46% compared to Driehaus Event Driven Fund (DEVDX) at 0.37%. This indicates that HMEZX's price experiences larger fluctuations and is considered to be riskier than DEVDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMEZX | DEVDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 0.37% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | 3.81% | -2.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.61% | 6.26% | -4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.68% | 9.93% | -8.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.84% | 9.67% | -5.83% |