HFRO vs TOPT

Comparison between Highland Opportunities and Income Fund (HFRO, ETF) and ISHARES TOP 20 U.S. STOCKS ETF (TOPT, ETF).

HFRO vs TOPT - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HFRO(ETF)	TOPT(ETF)
Net Assets	$654M	$657M
Expense Ratio	N/A	0.20%
Max Drawdown	72.48%	21.30%
Sharpe Ratio	2.10	1.06
5Y Beta	0.62	1.10
P/E Ratio	N/A	32.68
Forward P/E	N/A	22.52
PEG Ratio	N/A	0.33
5Y Dividends CAGR	-11.54%	N/A
5Y EPS CAGR	N/A	37.09%
Debt to Equity	N/A	34.57%
P/S Ratio	N/A	7.07
P/B Ratio	N/A	8.24

Net Assets

HFRO

$654M

Winner

TOPT

$657M

Expense Ratio

HFRO

N/A

TOPT

0.20%

Max Drawdown

HFRO

72.48%

Winner

TOPT

21.30%

Sharpe Ratio

Winner

HFRO

2.10

TOPT

1.06

5Y Beta

Winner

HFRO

0.62

TOPT

1.10

P/E Ratio

HFRO

N/A

TOPT

32.68

Forward P/E

HFRO

N/A

TOPT

22.52

PEG Ratio

HFRO

N/A

TOPT

0.33

5Y Dividends CAGR

HFRO

-11.54%

TOPT

N/A

5Y EPS CAGR

HFRO

N/A

TOPT

37.09%

Debt to Equity

HFRO

N/A

TOPT

34.57%

P/S Ratio

HFRO

N/A

TOPT

7.07

P/B Ratio

HFRO

N/A

TOPT

8.24

HFRO vs TOPT - Historical Returns

Returns include dividend reinvestment.

Period	HFRO	TOPT
1 month	+1.20%	+0.94%
3 months	+24.58%	+7.10%
6 months	+22.92%	+10.61%
1 year	+55.18%	+19.71%
5 years(CAGR)	+1.56%	N/A
10 years(CAGR)	-0.28%	N/A
Max(CAGR)	-0.28%	+18.99%

Winner

HFRO

+1.20%

TOPT

+0.94%

Winner

HFRO

+24.58%

TOPT

+7.10%

Winner

HFRO

+22.92%

TOPT

+10.61%

Winner

HFRO

+55.18%

TOPT

+19.71%

5Y(CAGR)

HFRO

+1.56%

TOPT

N/A

10Y(CAGR)

HFRO

-0.28%

TOPT

N/A

Max(CAGR)

HFRO

-0.28%

Winner

TOPT

+18.99%

HFRO vs TOPT - Annual Returns (2017 - 2026)

Returns include dividend reinvestment.

Year	HFRO	TOPT
2026	+28.24%	+7.52%
2025	+22.68%	+20.76%
2024	-29.13%	+5.03%
2023	-16.57%	N/A
2022	+0.78%	N/A
2021	+14.90%	N/A
2020	-8.01%	N/A
2019	+2.92%	N/A
2018	-12.60%	N/A
2017	+1.01%	N/A

HFRO vs TOPT 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 TOPT was -21.21%, occurring on Apr 8, 2025. Recovery took 124 trading sessions.

The current HFRO drawdown is -13.44%. The current TOPT drawdown is -2.98%.

Rank	HFRO	TOPT
#1	-52.76% Aug 17, 2022 - Apr 8, 2025	-21.21% Dec 24, 2024 - Jun 26, 2025
#2	-49.42% Jul 24, 2018 - Mar 29, 2022	-13.13% Oct 29, 2025 - Apr 27, 2026
#3	-9.70% May 6, 2022 - Aug 15, 2022	-7.40% May 14, 2026 - Jun 26, 2026
#4	-3.99% Nov 7, 2017 - Dec 22, 2017	-3.19% Oct 29, 2024 - Nov 6, 2024
#5	-2.92% Jan 31, 2018 - Feb 21, 2018	-3.16% Dec 16, 2024 - Dec 24, 2024
#6	-2.88% Feb 23, 2018 - Jul 11, 2018	-2.92% Oct 9, 2025 - Oct 24, 2025
#7	-2.01% Mar 31, 2022 - May 2, 2022	-2.80% Nov 8, 2024 - Dec 2, 2024
#8	-0.96% Dec 22, 2017 - Jan 4, 2018	-2.54% Aug 14, 2025 - Aug 28, 2025
#9	-0.96% Jan 9, 2018 - Jan 22, 2018	-1.97% Jul 28, 2025 - Aug 6, 2025
#10	-0.94% Jul 16, 2018 - Jul 24, 2018	-1.78% Aug 28, 2025 - Sep 4, 2025
#11	-0.76% Mar 29, 2022 - Mar 31, 2022	-1.51% Sep 22, 2025 - Oct 1, 2025
#12	-0.71% Jan 4, 2018 - Jan 9, 2018	-1.05% Jul 3, 2025 - Jul 10, 2025
#13	-0.67% May 4, 2022 - May 6, 2022	-0.88% Jun 30, 2025 - Jul 2, 2025
#14	-0.51% Jan 22, 2018 - Jan 29, 2018	-0.60% Dec 11, 2024 - Dec 13, 2024
#15	-0.31% Feb 21, 2018 - Feb 23, 2018	-0.55% Sep 4, 2025 - Sep 9, 2025