HMEZX vs. SPY
Compare and contrast key facts about NexPoint Merger Arbitrage Fund (HMEZX) and State Street SPDR S&P 500 ETF (SPY).
HMEZX is managed by Highland Funds. It was launched on Aug 18, 2016. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
HMEZX vs. SPY - Performance Comparison
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HMEZX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 0.66% | 6.30% | 7.42% | 4.10% | 2.70% | 5.37% | 8.46% | 8.10% | 5.92% | 5.48% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, HMEZX achieves a 0.66% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, HMEZX has underperformed SPY with an annualized return of 5.88%, while SPY has yielded a comparatively higher 13.98% annualized return.
HMEZX
- 1D
- 0.00%
- 1M
- 0.41%
- YTD
- 0.66%
- 6M
- 2.09%
- 1Y
- 5.60%
- 3Y*
- 6.36%
- 5Y*
- 4.92%
- 10Y*
- 5.88%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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HMEZX vs. SPY - Expense Ratio Comparison
HMEZX has a 1.50% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
HMEZX vs. SPY — Risk / Return Rank
HMEZX
SPY
HMEZX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NexPoint Merger Arbitrage Fund (HMEZX) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.57 | 0.93 | +2.64 |
Sortino ratioReturn per unit of downside risk | 5.59 | 1.45 | +4.14 |
Omega ratioGain probability vs. loss probability | 1.95 | 1.22 | +0.73 |
Calmar ratioReturn relative to maximum drawdown | 5.23 | 1.53 | +3.70 |
Martin ratioReturn relative to average drawdown | 33.91 | 7.30 | +26.61 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.57 | 0.93 | +2.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.93 | 0.69 | +2.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.53 | 0.78 | +0.75 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.58 | 0.56 | +1.02 |
Correlation
The correlation between HMEZX and SPY 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. SPY - Dividend Comparison
HMEZX's dividend yield for the trailing twelve months is around 5.07%, more than SPY's 1.14% 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% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
HMEZX vs. SPY - Drawdown Comparison
The maximum HMEZX drawdown since its inception was -6.86%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HMEZX and SPY.
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Drawdown Indicators
| HMEZX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.86% | -55.19% | +48.33% |
Max Drawdown (1Y)Largest decline over 1 year | -1.06% | -12.05% | +10.99% |
Max Drawdown (5Y)Largest decline over 5 years | -1.94% | -24.50% | +22.56% |
Max Drawdown (10Y)Largest decline over 10 years | -6.86% | -33.72% | +26.86% |
Current DrawdownCurrent decline from peak | 0.00% | -6.24% | +6.24% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -9.09% | +8.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.16% | 2.52% | -2.36% |
Volatility
HMEZX vs. SPY - Volatility Comparison
The current volatility for NexPoint Merger Arbitrage Fund (HMEZX) is 0.44%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that HMEZX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMEZX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 5.31% | -4.87% |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | 9.47% | -8.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.61% | 19.05% | -17.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.68% | 17.06% | -15.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 17.92% | -14.07% |