NKX vs HFRO

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

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

NKX vs HFRO - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

NKX

$655M

Winner

HFRO

$656M

Max Drawdown

Winner

NKX

48.99%

HFRO

72.48%

Sharpe Ratio

NKX

1.27

Winner

HFRO

1.93

5Y Beta

Winner

NKX

0.12

HFRO

0.62

5Y Dividends CAGR

Winner

NKX

6.78%

HFRO

-11.54%

NKX vs HFRO - Historical Returns

Returns include dividend reinvestment.

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

NKX

+0.91%

Winner

HFRO

+18.79%

NKX

-0.82%

Winner

HFRO

+28.65%

NKX

+2.48%

Winner

HFRO

+24.63%

NKX

+15.67%

Winner

HFRO

+51.45%

5Y(CAGR)

NKX

+0.37%

Winner

HFRO

+0.86%

10Y(CAGR)

Winner

NKX

+2.20%

HFRO

-0.52%

Max(CAGR)

Winner

NKX

+4.90%

HFRO

-0.52%

NKX vs HFRO - Annual Returns (2003 - 2026)

Returns include dividend reinvestment.

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

NKX vs HFRO Drawdown Comparison

The maximum drawdown for NKX was -43.86%, occurring on Oct 10, 2008. Recovery took 422 trading sessions.

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

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

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

Correlation

Correlation between NKX and HFRO 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)

NKX vs HFRO dividend yield comparison.

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