HRNOX vs. ZTR

Last updated Jun 24, 2026

HRNOX (Hood River New Opportunities Fund Institutional Class) and ZTR (Virtus Total Return Fund) are both Diversified Portfolio funds. Over the past year, HRNOX returned 77.09% vs 21.84% for ZTR. At a 0.34 correlation, their price movements are largely independent. HRNOX charges 0.95%/yr vs 3.77%/yr for ZTR.

Performance

HRNOX vs. ZTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hood River New Opportunities Fund Institutional Class (HRNOX) and Virtus Total Return Fund (ZTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HRNOX achieves a 31.43% return, which is significantly higher than ZTR's 11.79% return.

HRNOX

• 1D: -0.42%
• 1M: 3.84%
• YTD: 31.43%
• 6M: 28.91%
• 1Y: 77.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTR

• 1D: 0.15%
• 1M: 0.81%
• YTD: 11.79%
• 6M: 12.14%
• 1Y: 21.84%
• 3Y*: 15.13%
• 5Y*: 3.91%
• 10Y*: 6.88%

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

HRNOX vs. ZTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HRNOX Hood River New Opportunities Fund Institutional Class	31.43%	35.76%	31.31%
ZTR Virtus Total Return Fund	11.79%	18.63%	6.65%

Correlation

The correlation between HRNOX and ZTR is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Aug 7, 2024	0.34

The correlation between HRNOX and ZTR shifts across timeframes, from 0.24 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HRNOX vs. ZTR — Risk / Return Rank

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

HRNOX

HRNOX Risk / Return Rank: 87
HRNOX Sharpe Ratio Rank: 91
HRNOX Sortino Ratio Rank: 78
HRNOX Omega Ratio Rank: 71
HRNOX Calmar Ratio Rank: 96
HRNOX Martin Ratio Rank: 97

ZTR

ZTR Risk / Return Rank: 50
ZTR Sharpe Ratio Rank: 48
ZTR Sortino Ratio Rank: 47
ZTR Omega Ratio Rank: 44
ZTR Calmar Ratio Rank: 71
ZTR Martin Ratio Rank: 40

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.

HRNOX vs. ZTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hood River New Opportunities Fund Institutional Class (HRNOX) and Virtus Total Return Fund (ZTR). 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	ZTR	Difference
Sharpe ratio: Return per unit of total volatility	2.79	1.89	+0.90
Sortino ratio: Return per unit of downside risk	3.40	2.67	+0.73
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.10
Calmar ratio: Return relative to maximum drawdown	5.89	3.10	+2.79
Martin ratio: Return relative to average drawdown	24.22	8.17	+16.06

HRNOX vs. ZTR - Sharpe Ratio Comparison

The current HRNOX Sharpe Ratio is 2.79, which is higher than the ZTR Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of HRNOX and ZTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HRNOX vs. ZTR - Drawdown Comparison

The maximum HRNOX drawdown since its inception was -31.44%, smaller than the maximum ZTR drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for HRNOX and ZTR.

Drawdown Indicators

	HRNOX	ZTR	Difference
Max Drawdown Largest peak-to-trough decline	-31.44%	-57.25%	+25.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.39%	-7.07%	-6.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-42.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.25%	—
Current Drawdown Current decline from peak	-0.51%	-2.32%	+1.81%
Average Drawdown Average peak-to-trough decline	-4.97%	-9.34%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	2.68%	+0.57%

Volatility

HRNOX vs. ZTR - Volatility Comparison

Hood River New Opportunities Fund Institutional Class (HRNOX) has a higher volatility of 10.19% compared to Virtus Total Return Fund (ZTR) at 3.31%. This indicates that HRNOX's price experiences larger fluctuations and is considered to be riskier than ZTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRNOX	ZTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.19%	3.31%	+6.88%
Volatility (6M) Calculated over the trailing 6-month period	22.55%	9.05%	+13.50%
Volatility (1Y) Calculated over the trailing 1-year period	28.29%	11.61%	+16.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.28%	16.70%	+12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.28%	21.61%	+7.67%

HRNOX vs. ZTR - Expense Ratio Comparison

HRNOX has a 0.95% expense ratio, which is lower than ZTR's 3.77% expense ratio.

Dividends

HRNOX vs. ZTR - Dividend Comparison

HRNOX has not paid dividends to shareholders, while ZTR's dividend yield for the trailing twelve months is around 8.99%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRNOX Hood River New Opportunities Fund Institutional Class	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZTR Virtus Total Return Fund	8.99%	9.52%	10.24%	15.25%	15.88%	10.96%	13.72%	11.89%	15.18%	13.85%	10.58%	9.11%

Frequently Asked Questions

Can I hold both HRNOX and ZTR in my portfolio?

HRNOX and ZTR have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRNOX or ZTR?

HRNOX has higher volatility (10.19%) compared to ZTR (3.31%). In terms of maximum drawdown, HRNOX dropped -31.44% vs ZTR's -57.25%.

Which has better risk-adjusted returns?

HRNOX currently has the higher Sharpe Ratio (2.79 vs 1.89), 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.