HMEZX vs. HGLB
HMEZX (NexPoint Merger Arbitrage Fund) and HGLB (Highland Global Allocation Fund) are both mutual funds - HMEZX is a Event Driven fund managed by Highland Funds, while HGLB is a Global Allocation fund managed by Highland Funds. Over the past 5 years, HMEZX returned 4.90%/yr vs 7.90%/yr for HGLB. At a 0.15 correlation, their price movements are largely independent. HMEZX charges 1.50%/yr vs 0.02%/yr for HGLB.
Performance
HMEZX vs. HGLB - Performance Comparison
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Returns By Period
In the year-to-date period, HMEZX achieves a 1.78% return, which is significantly higher than HGLB's -13.14% return.
HMEZX
- 1D
- 0.15%
- 1M
- 0.11%
- YTD
- 1.78%
- 6M
- 1.83%
- 1Y
- 5.33%
- 3Y*
- 6.80%
- 5Y*
- 4.90%
- 10Y*
- 5.98%
HGLB
- 1D
- -1.65%
- 1M
- -6.17%
- YTD
- -13.14%
- 6M
- -14.10%
- 1Y
- -4.96%
- 3Y*
- 9.17%
- 5Y*
- 7.90%
- 10Y*
- —
HMEZX vs. HGLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 1.78% | 6.30% | 7.42% | 4.10% | 2.70% | 5.37% | 8.46% | 5.76% |
HGLB Highland Global Allocation Fund | -13.14% | 51.74% | -1.52% | -6.15% | 14.53% | 53.22% | -17.98% | -31.46% |
Correlation
The correlation between HMEZX and HGLB is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019 | 0.15 |
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Return for Risk
HMEZX vs. HGLB — Risk / Return Rank
HMEZX
HGLB
HMEZX vs. HGLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NexPoint Merger Arbitrage Fund (HMEZX) and Highland Global Allocation Fund (HGLB). 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.
| HMEZX | HGLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.52 | ||
| Sortino ratioReturn per unit of downside risk | +7.64 | ||
| Omega ratioGain probability vs. loss probability | 2.08 | 0.97 | +1.10 |
| Calmar ratioReturn relative to maximum drawdown | 9.95 | -0.21 | +10.16 |
| Martin ratioReturn relative to average drawdown | 53.69 | -0.41 | +54.10 |
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Drawdowns
HMEZX vs. HGLB - Drawdown Comparison
The maximum HMEZX drawdown since its inception was -6.86%, smaller than the maximum HGLB drawdown of -70.40%. Use the drawdown chart below to compare losses from any high point for HMEZX and HGLB.
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Drawdown Indicators
| HMEZX | HGLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.86% | -70.40% | +63.54% |
Max Drawdown (1Y)Largest decline over 1 year | -0.55% | -23.34% | +22.79% |
Max Drawdown (3Y)Largest decline over 3 years | -1.06% | -23.34% | +22.28% |
Max Drawdown (5Y)Largest decline over 5 years | -1.94% | -29.88% | +27.94% |
Max Drawdown (10Y)Largest decline over 10 years | -6.86% | — | — |
Current DrawdownCurrent decline from peak | -0.04% | -22.72% | +22.68% |
Average DrawdownAverage peak-to-trough decline | -0.37% | -18.20% | +17.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 11.99% | -11.89% |
Volatility
HMEZX vs. HGLB - Volatility Comparison
The current volatility for NexPoint Merger Arbitrage Fund (HMEZX) is 0.43%, while Highland Global Allocation Fund (HGLB) has a volatility of 6.02%. This indicates that HMEZX experiences smaller price fluctuations and is considered to be less risky than HGLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMEZX | HGLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 6.02% | -5.59% |
Volatility (6M)Calculated over the trailing 6-month period | 0.91% | 12.95% | -12.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.28% | 21.16% | -19.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.67% | 22.11% | -20.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.79% | 27.62% | -23.83% |
HMEZX vs. HGLB - Expense Ratio Comparison
HMEZX has a 1.50% expense ratio, which is higher than HGLB's 0.02% expense ratio.
Dividends
HMEZX vs. HGLB - Dividend Comparison
HMEZX's dividend yield for the trailing twelve months is around 5.08%, less than HGLB's 13.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HGLB Highland Global Allocation Fund | 13.91% | 11.57% | 14.27% | 12.82% | 10.32% | 9.39% | 15.44% | 11.35% | 0.00% | 0.00% | 0.00% |
HMEZX NexPoint Merger Arbitrage Fund | 5.08% | 5.04% | 6.36% | 5.07% | 5.11% | 3.63% | 5.83% | 0.33% | 19.16% | 6.88% | 0.02% |
Frequently Asked Questions
HMEZX and HGLB have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HGLB has higher volatility (6.02%) compared to HMEZX (0.43%). In terms of maximum drawdown, HMEZX dropped -6.86% vs HGLB's -70.40%.
HMEZX currently has the higher Sharpe Ratio (4.29 vs -0.24), 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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