THHYX vs. HIO

Last updated Jun 4, 2026

THHYX (Toews Tactical Income Fund) and HIO (Western Asset High Income Opportunity Fund Inc) are both High Yield Bonds funds. Over the past 10 years, THHYX returned 2.76%/yr vs 5.82%/yr for HIO. At a 0.27 correlation, their price movements are largely independent. THHYX charges 1.46%/yr vs 0.01%/yr for HIO.

Performance

THHYX vs. HIO - Performance Comparison

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

Returns By Period

In the year-to-date period, THHYX achieves a 0.48% return, which is significantly lower than HIO's 1.53% return. Over the past 10 years, THHYX has underperformed HIO with an annualized return of 2.76%, while HIO has yielded a comparatively higher 5.82% annualized return.

THHYX

• 1D: 0.10%
• 1M: 0.06%
• YTD: 0.48%
• 6M: 0.71%
• 1Y: 4.19%
• 3Y*: 4.83%
• 5Y*: 1.59%
• 10Y*: 2.76%

HIO

• 1D: -1.37%
• 1M: -0.67%
• YTD: 1.53%
• 6M: -0.19%
• 1Y: 3.51%
• 3Y*: 9.58%
• 5Y*: 2.49%
• 10Y*: 5.82%

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

THHYX vs. HIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THHYX Toews Tactical Income Fund	0.48%	3.44%	5.48%	4.51%	-5.33%	0.28%	5.21%	7.37%	-0.80%	2.57%
HIO Western Asset High Income Opportunity Fund Inc	1.53%	5.33%	13.58%	8.07%	-17.09%	12.80%	6.07%	24.23%	-7.60%	8.97%

Correlation

The correlation between THHYX and HIO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.27

The correlation between THHYX and HIO shifts across timeframes, from 0.27 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

THHYX vs. HIO — Risk / Return Rank

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

THHYX

THHYX Risk / Return Rank: 49
THHYX Sharpe Ratio Rank: 37
THHYX Sortino Ratio Rank: 42
THHYX Omega Ratio Rank: 41
THHYX Calmar Ratio Rank: 84
THHYX Martin Ratio Rank: 42

HIO

HIO Risk / Return Rank: 5
HIO Sharpe Ratio Rank: 5
HIO Sortino Ratio Rank: 4
HIO Omega Ratio Rank: 5
HIO Calmar Ratio Rank: 6
HIO Martin Ratio Rank: 5

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.

THHYX vs. HIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Toews Tactical Income Fund (THHYX) and Western Asset High Income Opportunity Fund Inc (HIO). 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.

	THHYX	HIO	Difference
Sharpe ratio: Return per unit of total volatility	1.75	0.34	+1.41
Sortino ratio: Return per unit of downside risk	2.70	0.53	+2.17
Omega ratio: Gain probability vs. loss probability	1.34	1.07	+0.27
Calmar ratio: Return relative to maximum drawdown	3.94	0.53	+3.42
Martin ratio: Return relative to average drawdown	8.91	1.15	+7.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THHYX vs. HIO - Sharpe Ratio Comparison

The current THHYX Sharpe Ratio is 1.75, which is higher than the HIO Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of THHYX and HIO, 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

	THHYX	HIO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	0.34	+1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.20	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.37	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.34	+0.79

Drawdowns

THHYX vs. HIO - Drawdown Comparison

The maximum THHYX drawdown since its inception was -8.83%, smaller than the maximum HIO drawdown of -49.69%. Use the drawdown chart below to compare losses from any high point for THHYX and HIO.

Drawdown Indicators

	THHYX	HIO	Difference
Max Drawdown Largest peak-to-trough decline	-8.83%	-49.69%	+40.86%
Max Drawdown (1Y) Largest decline over 1 year	-1.12%	-6.70%	+5.58%
Max Drawdown (3Y) Largest decline over 3 years	-3.35%	-13.29%	+9.94%
Max Drawdown (5Y) Largest decline over 5 years	-8.83%	-26.18%	+17.35%
Max Drawdown (10Y) Largest decline over 10 years	-8.83%	-40.57%	+31.74%
Current Drawdown Current decline from peak	-0.50%	-3.24%	+2.74%
Average Drawdown Average peak-to-trough decline	-1.62%	-6.46%	+4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	3.05%	-2.55%

Volatility

THHYX vs. HIO - Volatility Comparison

The current volatility for Toews Tactical Income Fund (THHYX) is 0.77%, while Western Asset High Income Opportunity Fund Inc (HIO) has a volatility of 3.65%. This indicates that THHYX experiences smaller price fluctuations and is considered to be less risky than HIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THHYX	HIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	3.65%	-2.88%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	7.83%	-6.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.52%	10.26%	-7.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.92%	12.84%	-8.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.67%	15.97%	-12.30%

THHYX vs. HIO - Expense Ratio Comparison

THHYX has a 1.46% expense ratio, which is higher than HIO's 0.02% expense ratio.

Dividends

THHYX vs. HIO - Dividend Comparison

THHYX's dividend yield for the trailing twelve months is around 5.43%, less than HIO's 11.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIO Western Asset High Income Opportunity Fund Inc	11.87%	11.48%	10.84%	9.90%	9.11%	7.02%	7.86%	6.91%	7.31%	7.04%	8.44%	9.08%
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 THHYX and HIO in my portfolio?

THHYX and HIO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THHYX or HIO?

HIO has higher volatility (3.65%) compared to THHYX (0.77%). In terms of maximum drawdown, THHYX dropped -8.83% vs HIO's -49.69%.

Which has better risk-adjusted returns?

THHYX currently has the higher Sharpe Ratio (1.75 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.