IAT vs HFRO

Comparison between ISHARES U.S. REGIONAL BANKS ETF (IAT, ETF) and Highland Opportunities and Income Fund (HFRO, ETF).

5-Year PerformanceIAT has outperformed HFRO, delivering a return of +5.7% compared to +1.6%

IAT vs HFRO - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	IAT(ETF)	HFRO(ETF)
Net Assets	$656M	$654M
Expense Ratio	0.38%	N/A
Max Drawdown	78.80%	72.48%
Sharpe Ratio	0.99	2.10
5Y Beta	0.99	0.62
P/E Ratio	13.75	N/A
Forward P/E	12.57	N/A
PEG Ratio	0.44	N/A
5Y Dividends CAGR	6.42%	-11.54%
5Y EPS CAGR	6.65%	N/A
Debt to Equity	53.97%	N/A
P/S Ratio	4.02	N/A
P/B Ratio	1.41	N/A

Net Assets

Winner

IAT

$656M

HFRO

$654M

Expense Ratio

IAT

0.38%

HFRO

N/A

Max Drawdown

IAT

78.80%

Winner

HFRO

72.48%

Sharpe Ratio

IAT

0.99

Winner

HFRO

2.10

5Y Beta

IAT

0.99

Winner

HFRO

0.62

P/E Ratio

IAT

13.75

HFRO

N/A

Forward P/E

IAT

12.57

HFRO

N/A

PEG Ratio

IAT

0.44

HFRO

N/A

5Y Dividends CAGR

Winner

IAT

6.42%

HFRO

-11.54%

5Y EPS CAGR

IAT

6.65%

HFRO

N/A

Debt to Equity

IAT

53.97%

HFRO

N/A

P/S Ratio

IAT

4.02

HFRO

N/A

P/B Ratio

IAT

1.41

HFRO

N/A

IAT vs HFRO - Historical Returns

Returns include dividend reinvestment.

Period	IAT	HFRO
1 month	+5.91%	+1.20%
3 months	+9.11%	+24.58%
6 months	+9.52%	+22.92%
1 year	+26.17%	+55.18%
5 years(CAGR)	+5.74%	+1.56%
10 years(CAGR)	+9.68%	-0.28%
Max(CAGR)	+3.77%	-0.28%

Winner

IAT

+5.91%

HFRO

+1.20%

IAT

+9.11%

Winner

HFRO

+24.58%

IAT

+9.52%

Winner

HFRO

+22.92%

IAT

+26.17%

Winner

HFRO

+55.18%

5Y(CAGR)

Winner

IAT

+5.74%

HFRO

+1.56%

10Y(CAGR)

Winner

IAT

+9.68%

HFRO

-0.28%

Max(CAGR)

Winner

IAT

+3.77%

HFRO

-0.28%

IAT vs HFRO - Annual Returns (2006 - 2026)

Returns include dividend reinvestment.

Year	IAT	HFRO
2026	+15.31%	+28.24%
2025	+13.83%	+22.68%
2024	+23.07%	-29.13%
2023	-8.57%	-16.57%
2022	-22.25%	+0.78%
2021	+39.74%	+14.90%
2020	-7.86%	-8.01%
2019	+29.03%	+2.92%
2018	-17.78%	-12.60%
2017	+10.25%	+1.01%
2016	+35.82%	N/A
2015	+2.41%	N/A
2014	+8.94%	N/A
2013	+33.18%	N/A
2012	+15.22%	N/A
2011	-13.91%	N/A
2010	+18.93%	N/A
2009	-11.04%	N/A
2008	-31.81%	N/A
2007	-25.73%	N/A
2006	+6.02%	N/A

IAT vs HFRO Drawdown Comparison

The maximum drawdown for IAT was -77.21%, occurring on Mar 6, 2009. Recovery took 2465 trading sessions.

The maximum drawdown for HFRO was -52.76%, occurring on Apr 8, 2025. This drawdown has not yet recovered.

The current IAT drawdown is -2.42%. The current HFRO drawdown is -13.44%.

Rank	IAT	HFRO
#1	-77.21% Feb 20, 2007 - Dec 1, 2016	-52.76% Aug 17, 2022 - Apr 8, 2025
#2	-55.53% Jan 14, 2022 - Feb 4, 2026	-49.42% Jul 24, 2018 - Mar 29, 2022
#3	-52.03% Mar 9, 2018 - Jan 12, 2021	-9.70% May 6, 2022 - Aug 15, 2022
#4	-17.49% Feb 6, 2026 - Jun 25, 2026	-3.99% Nov 7, 2017 - Dec 22, 2017
#5	-13.86% May 17, 2021 - Oct 5, 2021	-2.92% Jan 31, 2018 - Feb 21, 2018
#6	-13.59% Mar 1, 2017 - Nov 29, 2017	-2.88% Feb 23, 2018 - Jul 11, 2018
#7	-10.68% Oct 22, 2021 - Jan 6, 2022	-2.01% Mar 31, 2022 - May 2, 2022
#8	-9.71% Jan 14, 2021 - Feb 9, 2021	-0.96% Dec 22, 2017 - Jan 4, 2018
#9	-7.34% Feb 1, 2018 - Mar 7, 2018	-0.96% Jan 9, 2018 - Jan 22, 2018
#10	-7.19% Mar 12, 2021 - Apr 27, 2021	-0.94% Jul 16, 2018 - Jul 24, 2018
#11	-5.42% Feb 24, 2021 - Mar 8, 2021	-0.76% Mar 29, 2022 - Mar 31, 2022
#12	-5.30% May 8, 2006 - Sep 20, 2006	-0.71% Jan 4, 2018 - Jan 9, 2018
#13	-4.22% Jan 4, 2017 - Jan 25, 2017	-0.67% May 4, 2022 - May 6, 2022
#14	-3.93% May 7, 2021 - May 14, 2021	-0.51% Jan 22, 2018 - Jan 29, 2018
#15	-2.99% Dec 27, 2006 - Feb 7, 2007	-0.31% Feb 21, 2018 - Feb 23, 2018

Correlation

Correlation between IAT and HFRO is 0.15 which considered as a very weak or no correlation - the stocks move independently of each other.

0.15

-101

Dividend Comparison (2006 - 2026)

IAT vs HFRO dividend yield comparison.

Year	IAT	HFRO
2026	1.00%	3.11%
2025	2.94%	7.73%
2024	2.95%	8.90%
2023	3.56%	12.02%
2022	3.12%	8.97%
2021	1.88%	8.41%
2020	2.87%	8.99%
2019	2.49%	7.43%
2018	2.48%	7.22%
2017	1.55%	0.99%
2016	1.52%	0.00%
2015	1.78%	0.00%
2014	1.68%	0.00%
2013	1.56%	0.00%
2012	1.96%	0.00%
2011	1.95%	0.00%
2010	1.11%	0.00%
2009	2.03%	0.00%
2008	5.21%	0.00%
2007	3.41%	0.00%
2006	2.30%	0.00%