HFRO vs TWN

Comparison between Highland Opportunities and Income Fund (HFRO, ETF) and Taiwan Fund Inc (TWN, ETF).

5-Year PerformanceTWN has outperformed HFRO, delivering a return of +28.5% compared to +1.6%

HFRO vs TWN - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HFRO(ETF)	TWN(ETF)
Net Assets	$654M	$652M
Max Drawdown	72.48%	71.62%
Sharpe Ratio	2.10	2.56
5Y Beta	0.62	0.92
5Y Dividends CAGR	-11.54%	13.36%

Net Assets

Winner

HFRO

$654M

TWN

$652M

Max Drawdown

HFRO

72.48%

Winner

TWN

71.62%

Sharpe Ratio

HFRO

2.10

Winner

TWN

2.56

5Y Beta

Winner

HFRO

0.62

TWN

0.92

5Y Dividends CAGR

HFRO

-11.54%

Winner

TWN

13.36%

HFRO vs TWN - Historical Returns

Returns include dividend reinvestment.

Period	HFRO	TWN
1 month	+1.20%	-13.33%
3 months	+24.58%	+5.48%
6 months	+22.92%	+59.76%
1 year	+55.18%	+111.75%
5 years(CAGR)	+1.56%	+28.48%
10 years(CAGR)	-0.28%	+27.26%
Max(CAGR)	-0.28%	+10.73%

Winner

HFRO

+1.20%

TWN

-13.33%

Winner

HFRO

+24.58%

TWN

+5.48%

HFRO

+22.92%

Winner

TWN

+59.76%

HFRO

+55.18%

Winner

TWN

+111.75%

5Y(CAGR)

HFRO

+1.56%

Winner

TWN

+28.48%

10Y(CAGR)

HFRO

-0.28%

Winner

TWN

+27.26%

Max(CAGR)

HFRO

-0.28%

Winner

TWN

+10.73%

HFRO vs TWN - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	HFRO	TWN
2026	+28.24%	+60.49%
2025	+22.68%	+54.22%
2024	-29.13%	+35.45%
2023	-16.57%	+51.64%
2022	+0.78%	-40.37%
2021	+14.90%	+55.56%
2020	-8.01%	+36.34%
2019	+2.92%	+48.10%
2018	-12.60%	-19.52%
2017	+1.01%	+32.76%
2016	N/A	+11.50%
2015	N/A	-8.90%
2014	N/A	-0.30%
2013	N/A	+16.46%
2012	N/A	+12.23%
2011	N/A	-23.34%
2010	N/A	+31.46%
2009	N/A	+52.57%
2008	N/A	-45.73%
2007	N/A	+12.03%
2006	N/A	+19.43%
2005	N/A	+14.40%
2004	N/A	+7.28%
2003	N/A	+30.77%
2002	N/A	-26.97%
2001	N/A	+10.64%
2000	N/A	-49.79%
1999	N/A	+13.98%

HFRO vs TWN 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 TWN was -71.07%, occurring on Sep 20, 2001. Recovery took 2057 trading sessions.

The current HFRO drawdown is -13.44%. The current TWN drawdown is -13.77%.

Rank	HFRO	TWN
#1	-52.76% Aug 17, 2022 - Apr 8, 2025	-71.07% Feb 8, 2000 - Apr 16, 2008
#2	-49.42% Jul 24, 2018 - Mar 29, 2022	-64.47% Apr 16, 2008 - May 8, 2014
#3	-9.70% May 6, 2022 - Aug 15, 2022	-51.72% Jan 3, 2022 - Feb 12, 2024
#4	-3.99% Nov 7, 2017 - Dec 22, 2017	-36.26% Jan 17, 2020 - Jul 2, 2020
#5	-2.92% Jan 31, 2018 - Feb 21, 2018	-29.83% Jan 6, 2025 - Jun 9, 2025
#6	-2.88% Feb 23, 2018 - Jul 11, 2018	-27.91% Jan 25, 2018 - Oct 17, 2019
#7	-2.01% Mar 31, 2022 - May 2, 2022	-27.43% May 11, 2015 - Mar 29, 2017
#8	-0.96% Dec 22, 2017 - Jan 4, 2018	-17.72% Jul 10, 2024 - Oct 22, 2024
#9	-0.96% Jan 9, 2018 - Jan 22, 2018	-17.67% Jun 1, 2026 - Jul 20, 2026
#10	-0.94% Jul 16, 2018 - Jul 24, 2018	-15.08% Jul 3, 2014 - May 11, 2015
#11	-0.76% Mar 29, 2022 - Mar 31, 2022	-13.79% May 7, 2021 - Jun 1, 2021
#12	-0.71% Jan 4, 2018 - Jan 9, 2018	-12.57% Jul 14, 2021 - Nov 9, 2021
#13	-0.67% May 4, 2022 - May 6, 2022	-9.61% Mar 7, 2024 - Jun 12, 2024
#14	-0.51% Jan 22, 2018 - Jan 29, 2018	-9.09% Oct 29, 2025 - Dec 9, 2025
#15	-0.31% Feb 21, 2018 - Feb 23, 2018	-9.07% May 6, 2026 - May 26, 2026

Correlation

Correlation between HFRO and TWN is -0.29 which considered as a very weak or no correlation - the stocks move independently of each other.

-0.29

-101

Dividend Comparison (2000 - 2026)

HFRO vs TWN dividend yield comparison.

Year	HFRO	TWN
2026	3.11%	0.00%
2025	7.73%	11.62%
2024	8.90%	19.14%
2023	12.02%	1.26%
2022	8.97%	0.00%
2021	8.41%	7.78%
2020	8.99%	12.91%
2019	7.43%	8.26%
2018	7.22%	11.27%
2017	0.99%	3.16%
2014	0.00%	16.11%
2011	0.00%	3.87%
2010	0.00%	0.42%
2009	0.00%	0.49%
2008	0.00%	1.86%
2007	0.00%	18.04%
2005	0.00%	0.35%
2004	0.00%	0.23%
2000	0.00%	1.96%