HFRO vs NKX

Comparison between Highland Opportunities and Income Fund (HFRO, ETF) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX, ETF).

5-Year PerformanceHFRO has outperformed NKX, delivering a return of +0.9% compared to +0.4%

HFRO vs NKX - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HFRO(ETF)	NKX(ETF)
Net Assets	$656M	$655M
Max Drawdown	72.48%	48.99%
Sharpe Ratio	1.93	1.27
5Y Beta	0.62	0.12
5Y Dividends CAGR	-11.54%	6.78%

Net Assets

Winner

HFRO

$656M

NKX

$655M

Max Drawdown

HFRO

72.48%

Winner

NKX

48.99%

Sharpe Ratio

Winner

HFRO

1.93

NKX

1.27

5Y Beta

HFRO

0.62

Winner

NKX

0.12

5Y Dividends CAGR

HFRO

-11.54%

Winner

NKX

6.78%

HFRO vs NKX - Historical Returns

Returns include dividend reinvestment.

Period	HFRO	NKX
1 month	+18.79%	+0.91%
3 months	+28.65%	-0.82%
6 months	+24.63%	+2.48%
1 year	+51.45%	+15.67%
5 years(CAGR)	+0.86%	+0.37%
10 years(CAGR)	-0.52%	+2.20%
Max(CAGR)	-0.52%	+4.90%

Winner

HFRO

+18.79%

NKX

+0.91%

Winner

HFRO

+28.65%

NKX

-0.82%

Winner

HFRO

+24.63%

NKX

+2.48%

Winner

HFRO

+51.45%

NKX

+15.67%

5Y(CAGR)

Winner

HFRO

+0.86%

NKX

+0.37%

10Y(CAGR)

HFRO

-0.52%

Winner

NKX

+2.20%

Max(CAGR)

HFRO

-0.52%

Winner

NKX

+4.90%

HFRO vs NKX - Annual Returns (2003 - 2026)

Returns include dividend reinvestment.

Year	HFRO	NKX
2026	+25.68%	+2.81%
2025	+22.68%	+4.64%
2024	-29.13%	+16.57%
2023	-16.57%	-3.34%
2022	+0.78%	-18.48%
2021	+14.90%	+4.57%
2020	-8.01%	+7.61%
2019	+2.92%	+23.74%
2018	-12.60%	-13.29%
2017	+1.01%	+12.78%
2016	N/A	-1.75%
2015	N/A	+11.55%
2014	N/A	+28.02%
2013	N/A	-13.32%
2012	N/A	+6.03%
2011	N/A	+28.66%
2010	N/A	+2.31%
2009	N/A	+26.36%
2008	N/A	-24.06%
2007	N/A	+0.18%
2006	N/A	+14.75%
2005	N/A	+0.57%
2004	N/A	+9.14%
2003	N/A	+0.81%

HFRO vs NKX 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 NKX was -43.86%, occurring on Oct 10, 2008. Recovery took 422 trading sessions.

The current HFRO drawdown is -15.17%. The current NKX drawdown is -3.07%.

Rank	HFRO	NKX
#1	-52.76% Aug 17, 2022 - Apr 8, 2025	-43.86% Jan 14, 2008 - Sep 16, 2009
#2	-49.42% Jul 24, 2018 - Mar 29, 2022	-35.62% Nov 12, 2021 - Feb 11, 2026
#3	-9.70% May 6, 2022 - Aug 15, 2022	-27.52% Feb 7, 2020 - Aug 10, 2020
#4	-3.99% Nov 7, 2017 - Dec 22, 2017	-23.95% Nov 30, 2012 - Dec 10, 2014
#5	-2.92% Jan 31, 2018 - Feb 21, 2018	-19.95% Sep 8, 2016 - Jul 19, 2019
#6	-2.88% Feb 23, 2018 - Jul 11, 2018	-19.40% Aug 16, 2010 - Oct 27, 2011
#7	-2.01% Mar 31, 2022 - May 2, 2022	-15.06% Jun 13, 2003 - Sep 20, 2004
#8	-0.96% Dec 22, 2017 - Jan 4, 2018	-12.43% Apr 23, 2007 - Jan 14, 2008
#9	-0.96% Jan 9, 2018 - Jan 22, 2018	-9.74% Feb 11, 2026 - Mar 30, 2026
#10	-0.94% Jul 16, 2018 - Jul 24, 2018	-9.66% Oct 8, 2009 - Jun 18, 2010
#11	-0.76% Mar 29, 2022 - Mar 31, 2022	-9.63% Jun 2, 2006 - Oct 4, 2006
#12	-0.71% Jan 4, 2018 - Jan 9, 2018	-8.70% May 31, 2005 - Jan 23, 2006
#13	-0.67% May 4, 2022 - May 6, 2022	-7.75% Feb 15, 2012 - May 1, 2012
#14	-0.51% Jan 22, 2018 - Jan 29, 2018	-7.27% Jan 30, 2015 - Oct 8, 2015
#15	-0.31% Feb 21, 2018 - Feb 23, 2018	-6.76% Mar 14, 2005 - May 31, 2005

Correlation

Correlation between HFRO and NKX is -0.33 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.33

-101

Dividend Comparison (2003 - 2026)

HFRO vs NKX dividend yield comparison.

Year	HFRO	NKX
2026	2.63%	3.65%
2025	7.73%	7.33%
2024	8.90%	6.14%
2023	12.02%	4.38%
2022	8.97%	5.17%
2021	8.41%	4.21%
2020	8.99%	4.05%
2019	7.43%	4.06%
2018	7.22%	5.25%
2017	0.99%	5.06%
2016	0.00%	6.18%
2015	0.00%	5.66%
2014	0.00%	5.24%
2013	0.00%	7.03%
2012	0.00%	5.64%
2011	0.00%	5.62%
2010	0.00%	6.56%
2009	0.00%	5.91%
2008	0.00%	7.35%
2007	0.00%	4.93%
2006	0.00%	4.85%
2005	0.00%	5.87%
2004	0.00%	6.27%
2003	0.00%	5.83%