HYI vs. ICMUX
HYI (Western Asset High Yield Opportunity Fund Inc) and ICMUX (Intrepid Income Fund) are both mutual funds - HYI is a High Yield Bonds fund managed by Franklin Templeton, while ICMUX is a Multisector Bonds fund actively managed by Intrepid. Over the past 10 years, HYI returned 5.05%/yr vs 5.68%/yr for ICMUX. Their 0.25 correlation means their historical movements had little consistent relationship. HYI charges 0.01%/yr vs 1.01%/yr for ICMUX.
Performance
HYI vs. ICMUX - Performance Comparison
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Returns By Period
In the year-to-date period, HYI achieves a -0.41% return, which is significantly lower than ICMUX's 2.16% return. Over the past 10 years, HYI has underperformed ICMUX with an annualized return of 5.05%, while ICMUX has yielded a comparatively higher 5.68% annualized return.
HYI
- 1D
- 0.58%
- 1M
- -0.61%
- 6M
- -1.25%
- YTD
- -0.41%
- 1Y
- -2.40%
- 3Y*
- 6.02%
- 5Y*
- 1.16%
- 10Y*
- 5.05%
- ALL TIME*
- 4.60%
ICMUX
- 1D
- -0.67%
- 1M
- -0.34%
- 6M
- 1.66%
- YTD
- 2.16%
- 1Y
- 5.89%
- 3Y*
- 8.73%
- 5Y*
- 5.99%
- 10Y*
- 5.68%
- ALL TIME*
- 4.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $731.85K | $714.02K | $684.36K | |
ICMUX Intrepid Income Fund | $0.00 | $0.00 | $0.00 |
HYI vs. ICMUX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYI Western Asset High Yield Opportunity Fund Inc | -0.41% | 4.09% | 7.58% | 6.72% | -13.48% | 10.04% | 6.78% | 27.90% | -6.36% | 8.57% |
ICMUX Intrepid Income Fund | 2.16% | 8.16% | 10.43% | 10.90% | -3.17% | 10.02% | 8.77% | 4.65% | 0.53% | 3.79% |
Correlation
The correlation between HYI and ICMUX is 0.42, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.42 |
Correlation (3Y) Balances recent behavior with more history. | 0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.30 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2010 | 0.25 |
The correlation between HYI and ICMUX shifts across timeframes, from 0.25 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HYI vs. ICMUX — Risk / Return Rank
HYI
ICMUX
HYI vs. ICMUX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Yield Opportunity Fund Inc (HYI) and Intrepid Income Fund (ICMUX). 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.
| HYI | ICMUX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.15 | ||
| Sortino ratioReturn per unit of downside risk | -4.64 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.65 | -0.70 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 4.32 | -4.61 |
| Martin ratioReturn relative to average drawdown | -0.53 | 14.86 | -15.39 |
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Drawdowns
HYI vs. ICMUX - Drawdown Comparison
The maximum HYI drawdown since its inception was -36.06%, which is greater than ICMUX's maximum drawdown of -8.77%. Use the drawdown chart below to compare losses from any high point for HYI and ICMUX.
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Drawdown Indicators
| HYI | ICMUX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.06% | -8.77% | -27.29% |
Max Drawdown (1Y)Largest decline over 1 year | -8.19% | -1.34% | -6.85% |
Max Drawdown (3Y)Largest decline over 3 years | -8.19% | -3.11% | -5.08% |
Max Drawdown (5Y)Largest decline over 5 years | -26.35% | -5.64% | -20.71% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | -8.77% | -27.29% |
Current DrawdownCurrent decline from peak | -4.94% | -0.78% | -4.16% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -0.73% | -5.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.55% | 0.39% | +4.16% |
Volatility
HYI vs. ICMUX - Volatility Comparison
Western Asset High Yield Opportunity Fund Inc (HYI) has a higher volatility of 1.84% compared to Intrepid Income Fund (ICMUX) at 0.83%. This indicates that HYI's price experiences larger fluctuations and is considered to be riskier than ICMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYI | ICMUX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 0.83% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 5.55% | 1.60% | +3.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.14% | 2.06% | +5.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 2.67% | +8.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.90% | 2.58% | +10.32% |
HYI vs. ICMUX - Expense Ratio Comparison
HYI has a 0.02% expense ratio, which is lower than ICMUX's 1.01% expense ratio.
Dividends
HYI vs. ICMUX - Dividend Comparison
HYI's dividend yield for the trailing twelve months is around 10.91%, more than ICMUX's 6.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYI Western Asset High Yield Opportunity Fund Inc | 10.91% | 10.22% | 9.64% | 9.40% | 9.09% | 7.19% | 7.35% | 6.87% | 8.10% | 7.81% | 8.73% | 9.36% |
ICMUX Intrepid Income Fund | 6.93% | 7.96% | 7.85% | 9.10% | 8.17% | 5.99% | 5.56% | 3.35% | 3.07% | 2.86% | 3.01% | 3.53% |
Frequently Asked Questions
HYI and ICMUX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYI has higher volatility (1.84%) compared to ICMUX (0.83%). In terms of maximum drawdown, HYI dropped -36.06% vs ICMUX's -8.77%.
ICMUX currently has the higher Sharpe Ratio (2.81 vs -0.34), 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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