RNHIX vs. THHYX

Last updated Jun 25, 2026

RNHIX (RiverNorth/Oaktree High Income Fund) and THHYX (Toews Tactical Income Fund) are both High Yield Bonds funds. Over the past 10 years, RNHIX returned 4.78%/yr vs 2.78%/yr for THHYX. A 0.54 correlation means they provide meaningful diversification when combined. RNHIX charges 1.81%/yr vs 1.46%/yr for THHYX.

Performance

RNHIX vs. THHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth/Oaktree High Income Fund (RNHIX) and Toews Tactical Income Fund (THHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RNHIX achieves a 1.07% return, which is significantly higher than THHYX's 0.38% return. Over the past 10 years, RNHIX has outperformed THHYX with an annualized return of 4.78%, while THHYX has yielded a comparatively lower 2.78% annualized return.

RNHIX

• 1D: -0.12%
• 1M: 0.49%
• YTD: 1.07%
• 6M: 1.34%
• 1Y: 4.85%
• 3Y*: 7.67%
• 5Y*: 4.31%
• 10Y*: 4.78%

THHYX

• 1D: -0.10%
• 1M: 0.26%
• YTD: 0.38%
• 6M: 0.38%
• 1Y: 2.95%
• 3Y*: 4.97%
• 5Y*: 1.42%
• 10Y*: 2.78%

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

RNHIX vs. THHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RNHIX RiverNorth/Oaktree High Income Fund	1.07%	6.93%	7.40%	12.31%	-6.60%	3.97%	2.90%	11.17%	-2.22%	5.48%
THHYX Toews Tactical Income Fund	0.38%	3.44%	5.48%	4.51%	-5.33%	0.28%	5.21%	7.37%	-0.80%	2.57%

Correlation

The correlation between RNHIX and THHYX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.54

The correlation between RNHIX and THHYX shifts across timeframes, from 0.54 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RNHIX vs. THHYX — Risk / Return Rank

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

RNHIX

RNHIX Risk / Return Rank: 54
RNHIX Sharpe Ratio Rank: 54
RNHIX Sortino Ratio Rank: 65
RNHIX Omega Ratio Rank: 64
RNHIX Calmar Ratio Rank: 37
RNHIX Martin Ratio Rank: 50

THHYX

THHYX Risk / Return Rank: 35
THHYX Sharpe Ratio Rank: 25
THHYX Sortino Ratio Rank: 27
THHYX Omega Ratio Rank: 27
THHYX Calmar Ratio Rank: 67
THHYX Martin Ratio Rank: 30

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.

RNHIX vs. THHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth/Oaktree High Income Fund (RNHIX) and Toews Tactical Income Fund (THHYX). 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.

	RNHIX	THHYX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.27	+0.59
Sortino ratio: Return per unit of downside risk	2.89	1.92	+0.97
Omega ratio: Gain probability vs. loss probability	1.38	1.24	+0.14
Calmar ratio: Return relative to maximum drawdown	2.05	2.91	-0.86
Martin ratio: Return relative to average drawdown	9.24	6.26	+2.98

RNHIX vs. THHYX - Sharpe Ratio Comparison

The current RNHIX Sharpe Ratio is 1.86, which is higher than the THHYX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of RNHIX and THHYX, 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

RNHIX vs. THHYX - Drawdown Comparison

The maximum RNHIX drawdown since its inception was -22.43%, which is greater than THHYX's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for RNHIX and THHYX.

Drawdown Indicators

	RNHIX	THHYX	Difference
Max Drawdown Largest peak-to-trough decline	-22.43%	-8.83%	-13.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-1.12%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-3.61%	-3.35%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	-10.62%	-8.83%	-1.79%
Max Drawdown (10Y) Largest decline over 10 years	-22.43%	-8.83%	-13.60%
Current Drawdown Current decline from peak	-0.35%	-0.60%	+0.25%
Average Drawdown Average peak-to-trough decline	-1.55%	-1.62%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.52%	+0.03%

Volatility

RNHIX vs. THHYX - Volatility Comparison

The current volatility for RiverNorth/Oaktree High Income Fund (RNHIX) is 0.80%, while Toews Tactical Income Fund (THHYX) has a volatility of 0.85%. This indicates that RNHIX experiences smaller price fluctuations and is considered to be less risky than THHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RNHIX	THHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	0.85%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	1.70%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	2.75%	2.58%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.70%	3.93%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.82%	3.63%	+1.19%

RNHIX vs. THHYX - Expense Ratio Comparison

RNHIX has a 1.81% expense ratio, which is higher than THHYX's 1.46% expense ratio.

Dividends

RNHIX vs. THHYX - Dividend Comparison

RNHIX's dividend yield for the trailing twelve months is around 7.40%, more than THHYX's 5.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RNHIX RiverNorth/Oaktree High Income Fund	7.40%	7.30%	6.92%	6.04%	6.49%	3.58%	3.81%	5.08%	4.79%	3.79%	4.93%	5.92%
THHYX Toews Tactical Income Fund	5.43%	4.91%	5.44%	4.33%	1.61%	2.79%	2.21%	3.84%	2.43%	6.56%	3.30%	1.59%

Frequently Asked Questions

Can I hold both RNHIX and THHYX in my portfolio?

RNHIX and THHYX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RNHIX or THHYX?

THHYX has higher volatility (0.85%) compared to RNHIX (0.80%). In terms of maximum drawdown, RNHIX dropped -22.43% vs THHYX's -8.83%.

Which has better risk-adjusted returns?

RNHIX currently has the higher Sharpe Ratio (1.86 vs 1.27), 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.