HYI vs. RSF

Last updated Jun 3, 2026

HYI (Western Asset High Yield Opportunity Fund Inc) and RSF (RiverNorth Capital and Income Fund) are both High Yield Bonds funds. Over the past 5 years, HYI returned 1.68%/yr vs 6.82%/yr for RSF. At a 0.13 correlation, their price movements are largely independent. HYI charges 0.01%/yr vs 6.38%/yr for RSF.

Performance

HYI vs. RSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset High Yield Opportunity Fund Inc (HYI) and RiverNorth Capital and Income Fund (RSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYI achieves a -0.60% return, which is significantly lower than RSF's 6.57% return.

HYI

• 1D: 0.09%
• 1M: -1.24%
• YTD: -0.60%
• 6M: 0.93%
• 1Y: -0.35%
• 3Y*: 6.34%
• 5Y*: 1.68%
• 10Y*: 5.36%

RSF

• 1D: 0.05%
• 1M: 1.15%
• YTD: 6.57%
• 6M: 7.26%
• 1Y: 10.31%
• 3Y*: 10.13%
• 5Y*: 6.82%
• 10Y*: —

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

HYI vs. RSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYI Western Asset High Yield Opportunity Fund Inc	-0.60%	4.09%	7.58%	6.72%	-13.48%	10.04%	6.78%	27.90%	-6.36%	8.57%
RSF RiverNorth Capital and Income Fund	6.57%	4.62%	9.26%	9.03%	-1.62%	27.59%	3.10%	-12.10%	-1.41%	5.37%

Correlation

The correlation between HYI and RSF is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Sep 23, 2016	0.13

The correlation between HYI and RSF shifts across timeframes, from 0.04 (1 year) to 0.19 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HYI vs. RSF — Risk / Return Rank

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

HYI

HYI Risk / Return Rank: 2
HYI Sharpe Ratio Rank: 3
HYI Sortino Ratio Rank: 2
HYI Omega Ratio Rank: 2
HYI Calmar Ratio Rank: 2
HYI Martin Ratio Rank: 2

RSF

RSF Risk / Return Rank: 30
RSF Sharpe Ratio Rank: 19
RSF Sortino Ratio Rank: 22
RSF Omega Ratio Rank: 30
RSF Calmar Ratio Rank: 44
RSF Martin Ratio Rank: 35

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.

HYI vs. RSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset High Yield Opportunity Fund Inc (HYI) and RiverNorth Capital and Income Fund (RSF). 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.

	HYI	RSF	Difference
Sharpe ratio Return per unit of total volatility	-0.05	1.26	-1.32
Sortino ratio Return per unit of downside risk	-0.02	1.96	-1.98
Omega ratio Gain probability vs. loss probability	1.00	1.29	-0.29
Calmar ratio Return relative to maximum drawdown	-0.10	2.54	-2.64
Martin ratio Return relative to average drawdown	-0.21	7.90	-8.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYI vs. RSF - Sharpe Ratio Comparison

The current HYI Sharpe Ratio is -0.05, which is lower than the RSF Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of HYI and RSF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYI	RSF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	1.26	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.65	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.45	-0.09

Drawdowns

HYI vs. RSF - Drawdown Comparison

The maximum HYI drawdown since its inception was -36.06%, which is greater than RSF's maximum drawdown of -30.61%. Use the drawdown chart below to compare losses from any high point for HYI and RSF.

Drawdown Indicators

	HYI	RSF	Difference
Max Drawdown Largest peak-to-trough decline	-36.06%	-30.61%	-5.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.19%	-3.92%	-4.27%
Max Drawdown (3Y) Largest decline over 3 years	-8.19%	-6.15%	-2.04%
Max Drawdown (5Y) Largest decline over 5 years	-26.35%	-10.02%	-16.33%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	—	—
Current Drawdown Current decline from peak	-5.12%	-1.28%	-3.84%
Average Drawdown Average peak-to-trough decline	-5.80%	-4.59%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	1.26%	+2.81%

Volatility

HYI vs. RSF - Volatility Comparison

Western Asset High Yield Opportunity Fund Inc (HYI) has a higher volatility of 1.90% compared to RiverNorth Capital and Income Fund (RSF) at 1.22%. This indicates that HYI's price experiences larger fluctuations and is considered to be riskier than RSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYI	RSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	1.22%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	5.35%	7.26%	-1.91%
Volatility (1Y) Calculated over the trailing 1-year period	6.94%	8.20%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.27%	10.51%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	11.25%	+1.70%

HYI vs. RSF - Expense Ratio Comparison

HYI has a 0.02% expense ratio, which is lower than RSF's 6.38% expense ratio.

Dividends

HYI vs. RSF - Dividend Comparison

HYI's dividend yield for the trailing twelve months is around 10.73%, less than RSF's 11.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYI Western Asset High Yield Opportunity Fund Inc	10.73%	10.22%	9.64%	9.40%	9.09%	7.19%	7.35%	6.87%	8.10%	7.81%	8.73%	9.36%
RSF RiverNorth Capital and Income Fund	11.20%	11.30%	10.87%	10.85%	11.78%	9.52%	11.76%	6.92%	8.21%	9.22%	1.41%	0.00%

Frequently Asked Questions

Can I hold both HYI and RSF in my portfolio?

HYI and RSF have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYI or RSF?

HYI has higher volatility (1.90%) compared to RSF (1.22%). In terms of maximum drawdown, HYI dropped -36.06% vs RSF's -30.61%.

Which has better risk-adjusted returns?

RSF currently has the higher Sharpe Ratio (1.26 vs -0.05), 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.