HFRO vs TAXF

Comparison between Highland Opportunities and Income Fund (HFRO, ETF) and AMERICAN CENTURY DIVERSIFIED MUNICIPAL BOND ETF (TAXF, ETF).

5-Year PerformanceTAXF has outperformed HFRO, delivering a return of +1.1% compared to -3.0%

HFRO vs TAXF - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HFRO(ETF)	TAXF(ETF)
Net Assets	$632M	$627M
Expense Ratio	N/A	0.27%
Max Drawdown	72.48%	15.69%
Sharpe Ratio	1.58	1.36
5Y Beta	0.64	0.03
5Y Dividends CAGR	-11.54%	11.45%

Net Assets

Winner

HFRO

$632M

TAXF

$627M

Expense Ratio

HFRO

N/A

TAXF

0.27%

Max Drawdown

HFRO

72.48%

Winner

TAXF

15.69%

Sharpe Ratio

Winner

HFRO

1.58

TAXF

1.36

5Y Beta

HFRO

0.64

Winner

TAXF

0.03

5Y Dividends CAGR

HFRO

-11.54%

Winner

TAXF

11.45%

HFRO vs TAXF - Historical Returns

Returns include dividend reinvestment.

Period	HFRO	TAXF
1 month	+10.15%	+0.74%
3 months	+13.45%	+0.42%
6 months	+14.26%	+2.25%
1 year	+40.24%	+7.91%
5 years(CAGR)	-3.00%	+1.07%
10 years(CAGR)	-1.54%	N/A
Max(CAGR)	-1.54%	+2.88%

Winner

HFRO

+10.15%

TAXF

+0.74%

Winner

HFRO

+13.45%

TAXF

+0.42%

Winner

HFRO

+14.26%

TAXF

+2.25%

Winner

HFRO

+40.24%

TAXF

+7.91%

5Y(CAGR)

HFRO

-3.00%

Winner

TAXF

+1.07%

10Y(CAGR)

HFRO

-1.54%

TAXF

N/A

Max(CAGR)

HFRO

-1.54%

Winner

TAXF

+2.88%

HFRO vs TAXF - Annual Returns (2017 - 2026)

Returns include dividend reinvestment.

Year	HFRO	TAXF
2026	+15.04%	+1.68%
2025	+22.68%	+3.92%
2024	-29.13%	+2.02%
2023	-16.57%	+6.98%
2022	+0.78%	-9.59%
2021	+14.90%	+2.77%
2020	-8.01%	+5.37%
2019	+2.92%	+8.75%
2018	-12.60%	+0.64%
2017	+1.01%	N/A

HFRO vs TAXF 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 TAXF was -13.94%, occurring on Oct 26, 2022. Recovery took 1041 trading sessions.

The current HFRO drawdown is -22.35%. The current TAXF drawdown is -0.48%.

Rank	HFRO	TAXF
#1	-52.76% Aug 17, 2022 - Apr 8, 2025	-13.94% Jul 19, 2021 - Sep 10, 2025
#2	-49.42% Jul 24, 2018 - Mar 29, 2022	-13.39% Mar 9, 2020 - Nov 23, 2020
#3	-9.70% May 6, 2022 - Aug 15, 2022	-2.93% Feb 27, 2026 - Mar 24, 2026
#4	-3.99% Nov 7, 2017 - Dec 22, 2017	-2.03% Feb 12, 2021 - May 25, 2021
#5	-2.92% Jan 31, 2018 - Feb 21, 2018	-1.58% Sep 4, 2019 - Dec 27, 2019
#6	-2.88% Feb 23, 2018 - Jul 11, 2018	-0.97% Sep 12, 2018 - Dec 4, 2018
#7	-2.01% Mar 31, 2022 - May 2, 2022	-0.55% Jun 10, 2021 - Jul 7, 2021
#8	-0.96% Dec 22, 2017 - Jan 4, 2018	-0.47% Jan 15, 2026 - Jan 30, 2026
#9	-0.96% Jan 9, 2018 - Jan 22, 2018	-0.43% Nov 11, 2025 - Nov 26, 2025
#10	-0.94% Jul 16, 2018 - Jul 24, 2018	-0.41% Nov 26, 2025 - Dec 23, 2025
#11	-0.76% Mar 29, 2022 - Mar 31, 2022	-0.32% Aug 15, 2019 - Aug 28, 2019
#12	-0.71% Jan 4, 2018 - Jan 9, 2018	-0.32% Sep 18, 2025 - Oct 1, 2025
#13	-0.67% May 4, 2022 - May 6, 2022	-0.30% Oct 24, 2025 - Nov 11, 2025
#14	-0.51% Jan 22, 2018 - Jan 29, 2018	-0.28% Jan 7, 2019 - Jan 14, 2019
#15	-0.31% Feb 21, 2018 - Feb 23, 2018	-0.27% Jan 31, 2020 - Feb 14, 2020

Correlation

Correlation between HFRO and TAXF is -0.38 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.38

-101