HFRO vs IBMQ

Comparison between Highland Opportunities and Income Fund (HFRO, ETF) and ISHARES IBONDS DEC 2028 TERM MUNI BOND ETF (IBMQ, ETF).

5-Year PerformanceHFRO has outperformed IBMQ, delivering a return of +1.6% compared to +0.4%

HFRO vs IBMQ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HFRO(ETF)	IBMQ(ETF)
Net Assets	$654M	$653M
Expense Ratio	N/A	0.18%
Max Drawdown	72.48%	15.85%
Sharpe Ratio	2.10	-0.89
5Y Beta	0.62	0.03
5Y Dividends CAGR	-11.54%	15.19%

Net Assets

Winner

HFRO

$654M

IBMQ

$653M

Expense Ratio

HFRO

N/A

IBMQ

0.18%

Max Drawdown

HFRO

72.48%

Winner

IBMQ

15.85%

Sharpe Ratio

Winner

HFRO

2.10

IBMQ

-0.89

5Y Beta

HFRO

0.62

Winner

IBMQ

0.03

5Y Dividends CAGR

HFRO

-11.54%

Winner

IBMQ

15.19%

HFRO vs IBMQ - Historical Returns

Returns include dividend reinvestment.

Period	HFRO	IBMQ
1 month	+1.20%	+0.09%
3 months	+24.58%	+0.50%
6 months	+22.92%	+0.72%
1 year	+55.18%	+2.71%
5 years(CAGR)	+1.56%	+0.39%
10 years(CAGR)	-0.28%	N/A
Max(CAGR)	-0.28%	+2.00%

Winner

HFRO

+1.20%

IBMQ

+0.09%

Winner

HFRO

+24.58%

IBMQ

+0.50%

Winner

HFRO

+22.92%

IBMQ

+0.72%

Winner

HFRO

+55.18%

IBMQ

+2.71%

5Y(CAGR)

Winner

HFRO

+1.56%

IBMQ

+0.39%

10Y(CAGR)

HFRO

-0.28%

IBMQ

N/A

Max(CAGR)

HFRO

-0.28%

Winner

IBMQ

+2.00%

HFRO vs IBMQ - Annual Returns (2017 - 2026)

Returns include dividend reinvestment.

Year	HFRO	IBMQ
2026	+28.24%	+1.00%
2025	+22.68%	+3.96%
2024	-29.13%	+0.83%
2023	-16.57%	+3.77%
2022	+0.78%	-6.60%
2021	+14.90%	-0.23%
2020	-8.01%	+6.79%
2019	+2.92%	+5.39%
2018	-12.60%	N/A
2017	+1.01%	N/A

HFRO vs IBMQ 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 IBMQ was -15.85%, occurring on Mar 23, 2020. Recovery took 88 trading sessions.

The current HFRO drawdown is -13.44%. The current IBMQ drawdown is -0.14%.

Rank	HFRO	IBMQ
#1	-52.76% Aug 17, 2022 - Apr 8, 2025	-15.85% Mar 9, 2020 - Jul 14, 2020
#2	-49.42% Jul 24, 2018 - Mar 29, 2022	-11.60% Feb 11, 2021 - Sep 4, 2025
#3	-9.70% May 6, 2022 - Aug 15, 2022	-2.44% Aug 28, 2019 - Jan 14, 2020
#4	-3.99% Nov 7, 2017 - Dec 22, 2017	-1.87% Aug 7, 2020 - Dec 10, 2020
#5	-2.92% Jan 31, 2018 - Feb 21, 2018	-1.13% Feb 27, 2026 - Jun 25, 2026
#6	-2.88% Feb 23, 2018 - Jul 11, 2018	-0.87% Sep 18, 2025 - Jan 5, 2026
#7	-2.01% Mar 31, 2022 - May 2, 2022	-0.56% Jan 31, 2020 - Feb 20, 2020
#8	-0.96% Dec 22, 2017 - Jan 4, 2018	-0.40% Jan 6, 2021 - Jan 27, 2021
#9	-0.96% Jan 9, 2018 - Jan 22, 2018	-0.38% Aug 15, 2019 - Aug 28, 2019
#10	-0.94% Jul 16, 2018 - Jul 24, 2018	-0.26% Jun 3, 2019 - Jun 18, 2019
#11	-0.76% Mar 29, 2022 - Mar 31, 2022	-0.26% Feb 27, 2020 - Mar 6, 2020
#12	-0.71% Jan 4, 2018 - Jan 9, 2018	-0.23% Aug 12, 2019 - Aug 14, 2019
#13	-0.67% May 4, 2022 - May 6, 2022	-0.22% May 17, 2019 - May 23, 2019
#14	-0.51% Jan 22, 2018 - Jan 29, 2018	-0.20% May 7, 2019 - May 9, 2019
#15	-0.31% Feb 21, 2018 - Feb 23, 2018	-0.19% Jul 3, 2019 - Jul 9, 2019

Correlation

Correlation between HFRO and IBMQ is -0.36 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.36

-101