TOPT vs HFRO

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

TOPT vs HFRO - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

Winner

TOPT

$657M

HFRO

$654M

Expense Ratio

TOPT

0.20%

HFRO

N/A

Max Drawdown

Winner

TOPT

21.30%

HFRO

72.48%

Sharpe Ratio

TOPT

1.06

Winner

HFRO

2.10

5Y Beta

TOPT

1.10

Winner

HFRO

0.62

P/E Ratio

TOPT

32.68

HFRO

N/A

Forward P/E

TOPT

22.52

HFRO

N/A

PEG Ratio

TOPT

0.33

HFRO

N/A

5Y Dividends CAGR

TOPT

N/A

HFRO

-11.54%

5Y EPS CAGR

TOPT

37.09%

HFRO

N/A

Debt to Equity

TOPT

34.57%

HFRO

N/A

P/S Ratio

TOPT

7.07

HFRO

N/A

P/B Ratio

TOPT

8.24

HFRO

N/A

TOPT vs HFRO - Historical Returns

Returns include dividend reinvestment.

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

TOPT

+0.94%

Winner

HFRO

+1.20%

TOPT

+7.10%

Winner

HFRO

+24.58%

TOPT

+10.61%

Winner

HFRO

+22.92%

TOPT

+19.71%

Winner

HFRO

+55.18%

5Y(CAGR)

TOPT

N/A

HFRO

+1.56%

10Y(CAGR)

TOPT

N/A

HFRO

-0.28%

Max(CAGR)

Winner

TOPT

+18.99%

HFRO

-0.28%

TOPT vs HFRO - Annual Returns (2017 - 2026)

Returns include dividend reinvestment.

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

TOPT vs HFRO Drawdown Comparison

The maximum drawdown for TOPT was -21.21%, occurring on Apr 8, 2025. Recovery took 124 trading sessions.

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

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

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