HFRO vs ISCF

Comparison between Highland Opportunities and Income Fund (HFRO, ETF) and ISHARES INTERNATIONAL SMALL-CAP EQUITY FACTOR ETF (ISCF, ETF).

5-Year PerformanceISCF has outperformed HFRO, delivering a return of +6.9% compared to -3.0%

HFRO vs ISCF - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HFRO(ETF)	ISCF(ETF)
Net Assets	$632M	$633M
Expense Ratio	N/A	0.24%
Max Drawdown	72.48%	43.64%
Sharpe Ratio	1.58	1.04
5Y Beta	0.64	0.71
5Y Dividends CAGR	-11.54%	14.05%

Net Assets

HFRO

$632M

Winner

ISCF

$633M

Expense Ratio

HFRO

N/A

ISCF

0.24%

Max Drawdown

HFRO

72.48%

Winner

ISCF

43.64%

Sharpe Ratio

Winner

HFRO

1.58

ISCF

1.04

5Y Beta

Winner

HFRO

0.64

ISCF

0.71

5Y Dividends CAGR

HFRO

-11.54%

Winner

ISCF

14.05%

HFRO vs ISCF - Historical Returns

Returns include dividend reinvestment.

Period	HFRO	ISCF
1 month	+10.15%	-1.25%
3 months	+13.45%	+0.69%
6 months	+14.26%	+7.72%
1 year	+40.24%	+19.24%
5 years(CAGR)	-3.00%	+6.92%
10 years(CAGR)	-1.54%	+9.02%
Max(CAGR)	-1.54%	+8.33%

Winner

HFRO

+10.15%

ISCF

-1.25%

Winner

HFRO

+13.45%

ISCF

+0.69%

Winner

HFRO

+14.26%

ISCF

+7.72%

Winner

HFRO

+40.24%

ISCF

+19.24%

5Y(CAGR)

HFRO

-3.00%

Winner

ISCF

+6.92%

10Y(CAGR)

HFRO

-1.54%

Winner

ISCF

+9.02%

Max(CAGR)

HFRO

-1.54%

Winner

ISCF

+8.33%

HFRO vs ISCF - Annual Returns (2015 - 2026)

Returns include dividend reinvestment.

Year	HFRO	ISCF
2026	+15.04%	+4.62%
2025	+22.68%	+34.44%
2024	-29.13%	+6.29%
2023	-16.57%	+11.76%
2022	+0.78%	-15.12%
2021	+14.90%	+12.61%
2020	-8.01%	+6.63%
2019	+2.92%	+26.29%
2018	-12.60%	-19.49%
2017	+1.01%	+37.47%
2016	N/A	-1.26%
2015	N/A	+1.67%

HFRO vs ISCF 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 ISCF was -40.80%, occurring on Mar 23, 2020. Recovery took 720 trading sessions.

The current HFRO drawdown is -22.35%. The current ISCF drawdown is -4.28%.

Rank	HFRO	ISCF
#1	-52.76% Aug 17, 2022 - Apr 8, 2025	-40.80% Jan 26, 2018 - Dec 4, 2020
#2	-49.42% Jul 24, 2018 - Mar 29, 2022	-30.65% Sep 3, 2021 - Sep 19, 2024
#3	-9.70% May 6, 2022 - Aug 15, 2022	-17.18% Jul 9, 2015 - Sep 26, 2016
#4	-3.99% Nov 7, 2017 - Dec 22, 2017	-13.25% Mar 19, 2025 - Apr 24, 2025
#5	-2.92% Jan 31, 2018 - Feb 21, 2018	-11.34% Feb 26, 2026 - Mar 27, 2026
#6	-2.88% Feb 23, 2018 - Jul 11, 2018	-9.19% Sep 26, 2024 - Mar 17, 2025
#7	-2.01% Mar 31, 2022 - May 2, 2022	-7.97% Sep 28, 2016 - Feb 3, 2017
#8	-0.96% Dec 22, 2017 - Jan 4, 2018	-6.33% Oct 6, 2025 - Dec 11, 2025
#9	-0.96% Jan 9, 2018 - Jan 22, 2018	-6.17% May 22, 2015 - Jul 9, 2015
#10	-0.94% Jul 16, 2018 - Jul 24, 2018	-4.82% Feb 16, 2021 - Mar 17, 2021
#11	-0.76% Mar 29, 2022 - Mar 31, 2022	-4.11% Jun 14, 2021 - Jul 26, 2021
#12	-0.71% Jan 4, 2018 - Jan 9, 2018	-3.92% May 7, 2021 - May 28, 2021
#13	-0.67% May 4, 2022 - May 6, 2022	-3.53% Jul 23, 2025 - Aug 12, 2025
#14	-0.51% Jan 22, 2018 - Jan 29, 2018	-3.10% Jan 21, 2021 - Feb 5, 2021
#15	-0.31% Feb 21, 2018 - Feb 23, 2018	-3.09% Aug 3, 2021 - Aug 30, 2021

Correlation

Correlation between HFRO and ISCF is -0.31 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.31

-101

Dividend Comparison (2015 - 2026)

HFRO vs ISCF dividend yield comparison.

Year	HFRO	ISCF
2026	2.87%	0.00%
2025	7.73%	3.76%
2024	8.90%	4.29%
2023	12.02%	3.94%
2022	8.97%	2.73%
2021	8.41%	3.93%
2020	8.99%	2.30%
2019	7.43%	2.87%
2018	7.22%	2.14%
2017	0.99%	1.97%
2016	0.00%	2.89%
2015	0.00%	1.46%