HFRO vs IBMP

Comparison between Highland Opportunities and Income Fund (HFRO, ETF) and ISHARES IBONDS DEC 2027 TERM MUNI BOND ETF (IBMP, ETF).

5-Year PerformanceIBMP has outperformed HFRO, delivering a return of +0.6% compared to -3.0%

HFRO vs IBMP - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HFRO(ETF)	IBMP(ETF)
Net Assets	$632M	$632M
Expense Ratio	N/A	0.18%
Max Drawdown	72.48%	15.24%
Sharpe Ratio	1.58	-0.57
5Y Beta	0.64	0.01
5Y Dividends CAGR	-11.54%	17.99%

Net Assets

Winner

HFRO

$632M

IBMP

$632M

Expense Ratio

HFRO

N/A

IBMP

0.18%

Max Drawdown

HFRO

72.48%

Winner

IBMP

15.24%

Sharpe Ratio

Winner

HFRO

1.58

IBMP

-0.57

5Y Beta

HFRO

0.64

Winner

IBMP

0.01

5Y Dividends CAGR

HFRO

-11.54%

Winner

IBMP

17.99%

HFRO vs IBMP - Historical Returns

Returns include dividend reinvestment.

Period	HFRO	IBMP
1 month	+10.15%	+0.25%
3 months	+13.45%	+0.27%
6 months	+14.26%	+1.30%
1 year	+40.24%	+3.05%
5 years(CAGR)	-3.00%	+0.61%
10 years(CAGR)	-1.54%	N/A
Max(CAGR)	-1.54%	+1.90%

Winner

HFRO

+10.15%

IBMP

+0.25%

Winner

HFRO

+13.45%

IBMP

+0.27%

Winner

HFRO

+14.26%

IBMP

+1.30%

Winner

HFRO

+40.24%

IBMP

+3.05%

5Y(CAGR)

HFRO

-3.00%

Winner

IBMP

+0.61%

10Y(CAGR)

HFRO

-1.54%

IBMP

N/A

Max(CAGR)

HFRO

-1.54%

Winner

IBMP

+1.90%

HFRO vs IBMP - Annual Returns (2017 - 2026)

Returns include dividend reinvestment.

Year	HFRO	IBMP
2026	+15.04%	+0.91%
2025	+22.68%	+3.36%
2024	-29.13%	+1.36%
2023	-16.57%	+3.22%
2022	+0.78%	-5.93%
2021	+14.90%	-0.14%
2020	-8.01%	+6.10%
2019	+2.92%	+4.88%
2018	-12.60%	N/A
2017	+1.01%	N/A

HFRO vs IBMP Drawdown Comparison

The maximum drawdown for HFRO was -52.76%, occurring on Apr 8, 2025. This drawdown has not yet recovered.

The maximum drawdown for IBMP was -15.24%, occurring on Mar 20, 2020. Recovery took 88 trading sessions.

The current HFRO drawdown is -22.35%.

Rank	HFRO	IBMP
#1	-52.76% Aug 17, 2022 - Apr 8, 2025	-15.24% Mar 9, 2020 - Jul 14, 2020
#2	-49.42% Jul 24, 2018 - Mar 29, 2022	-10.10% Feb 11, 2021 - Aug 1, 2025
#3	-9.70% May 6, 2022 - Aug 15, 2022	-2.24% Aug 15, 2019 - Jan 10, 2020
#4	-3.99% Nov 7, 2017 - Dec 22, 2017	-1.27% Aug 7, 2020 - Nov 20, 2020
#5	-2.92% Jan 31, 2018 - Feb 21, 2018	-0.59% Sep 18, 2025 - Dec 19, 2025
#6	-2.88% Feb 23, 2018 - Jul 11, 2018	-0.55% Mar 2, 2026 - Jun 4, 2026
#7	-2.01% Mar 31, 2022 - May 2, 2022	-0.44% Jan 6, 2021 - Jan 27, 2021
#8	-0.96% Dec 22, 2017 - Jan 4, 2018	-0.42% Jan 31, 2020 - Feb 19, 2020
#9	-0.96% Jan 9, 2018 - Jan 22, 2018	-0.32% Apr 11, 2019 - Apr 24, 2019
#10	-0.94% Jul 16, 2018 - Jul 24, 2018	-0.25% Feb 27, 2020 - Mar 6, 2020
#11	-0.76% Mar 29, 2022 - Mar 31, 2022	-0.24% Jun 3, 2019 - Jun 19, 2019
#12	-0.71% Jan 4, 2018 - Jan 9, 2018	-0.21% Jul 2, 2019 - Jul 9, 2019
#13	-0.67% May 4, 2022 - May 6, 2022	-0.20% Aug 8, 2019 - Aug 13, 2019
#14	-0.51% Jan 22, 2018 - Jan 29, 2018	-0.20% Jan 9, 2026 - Jan 20, 2026
#15	-0.31% Feb 21, 2018 - Feb 23, 2018	-0.16% Jun 19, 2019 - Jun 27, 2019

Correlation

Correlation between HFRO and IBMP is -0.41 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.41

-101