HRNOX vs. HRIIX
HRNOX (Hood River New Opportunities Fund Institutional Class) and HRIIX (Hood River International Opportunity Fund Investor Class) are both mutual funds - HRNOX is a Diversified Portfolio fund managed by Hood River, while HRIIX is a Foreign Small & Mid Cap Equities fund actively managed by Hood River. Over the past year, HRNOX returned 48.33% vs 48.85% for HRIIX. Their correlation of 0.81 means they have usually moved in the same direction. HRNOX charges 0.95%/yr vs 1.51%/yr for HRIIX.
Performance
HRNOX vs. HRIIX - Performance Comparison
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Returns By Period
In the year-to-date period, HRNOX achieves a 16.39% return, which is significantly lower than HRIIX's 19.11% return.
HRNOX
- 1D
- -1.33%
- 1M
- -8.20%
- 6M
- 8.90%
- YTD
- 16.39%
- 1Y
- 48.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 44.59%
HRIIX
- 1D
- 0.11%
- 1M
- -12.79%
- 6M
- 3.58%
- YTD
- 19.11%
- 1Y
- 48.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 38.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HRNOX vs. HRIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HRNOX Hood River New Opportunities Fund Institutional Class | 16.39% | 35.76% | 31.31% |
HRIIX Hood River International Opportunity Fund Investor Class | 19.11% | 42.94% | 12.23% |
Correlation
The correlation between HRNOX and HRIIX is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2024 | 0.81 |
The correlation between HRNOX and HRIIX has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.
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Return for Risk
HRNOX vs. HRIIX — Risk / Return Rank
HRNOX
HRIIX
HRNOX vs. HRIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hood River New Opportunities Fund Institutional Class (HRNOX) and Hood River International Opportunity Fund Investor Class (HRIIX). 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.
| HRNOX | HRIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.29 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 2.03 | +1.09 |
| Martin ratioReturn relative to average drawdown | 11.23 | 8.34 | +2.88 |
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Drawdowns
HRNOX vs. HRIIX - Drawdown Comparison
The maximum HRNOX drawdown since its inception was -31.44%, which is greater than HRIIX's maximum drawdown of -24.78%. Use the drawdown chart below to compare losses from any high point for HRNOX and HRIIX.
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Drawdown Indicators
| HRNOX | HRIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.44% | -24.78% | -6.66% |
Max Drawdown (1Y)Largest decline over 1 year | -14.65% | -23.96% | +9.31% |
Current DrawdownCurrent decline from peak | -11.90% | -20.32% | +8.42% |
Average DrawdownAverage peak-to-trough decline | -5.05% | -3.84% | -1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 5.81% | -1.75% |
Volatility
HRNOX vs. HRIIX - Volatility Comparison
The current volatility for Hood River New Opportunities Fund Institutional Class (HRNOX) is 9.28%, while Hood River International Opportunity Fund Investor Class (HRIIX) has a volatility of 11.42%. This indicates that HRNOX experiences smaller price fluctuations and is considered to be less risky than HRIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HRNOX | HRIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.28% | 11.42% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 23.78% | 24.66% | -0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.45% | 28.66% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.37% | 23.73% | +5.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.37% | 23.73% | +5.64% |
HRNOX vs. HRIIX - Expense Ratio Comparison
HRNOX has a 0.95% expense ratio, which is lower than HRIIX's 1.51% expense ratio.
Dividends
HRNOX vs. HRIIX - Dividend Comparison
HRNOX has not paid dividends to shareholders, while HRIIX's dividend yield for the trailing twelve months is around 4.83%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HRIIX Hood River International Opportunity Fund Investor Class | 4.83% | 5.76% | 0.03% | 1.41% |
HRNOX Hood River New Opportunities Fund Institutional Class | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HRNOX and HRIIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HRIIX has higher volatility (11.42%) compared to HRNOX (9.28%). In terms of maximum drawdown, HRNOX dropped -31.44% vs HRIIX's -24.78%.
HRIIX currently has the higher Sharpe Ratio (1.70 vs 1.55), 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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