HFRO vs IVV
Highland Opportunities and Income Fund vs iShares Core S&P 500 ETF
Which is better, HFRO or IVV?
Bank Loan against Large Cap Blend.
IVV has a lower expense ratio. HFRO led over 1Y, IVV over 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HFRO | IVV |
|---|---|---|
| Expense Ratio | 1.18% | 0.03%Best |
| AUM | $644M | $886.7B |
| Dividend Yield | 3.92% | 1.10% |
| Holdings | 63 | 508 |
| YTD Return | +29.29%Best | +13.39% |
| 1Y Return | +29.06%Best | +20.08% |
| 3Y Return (annualized) | +4.68% | +21.29%Best |
| 5Y Return (annualized) | +1.00% | +12.88%Best |
| Volatility (annualized) | 24.9% | 16.3%Best |
| Max Drawdown | -60.5% | -33.9%Best |
| $10,000 over 5 years | $10,510 | $18,327Best |
| Fund Family | NexPoint | iShares by BlackRock (US) |
| Category | Fixed Income | Equity |
| Style | Bank Loan | Large Cap Blend |
| Inception | Jan 13, 2000 | May 15, 2000 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 6, 2017 to Sep 4, 2026 (8.8 years).
HFRO vs IVV growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 8.8 years both funds cover.
HFRO vs IVV Performance
Highland Opportunities and Income Fund (HFRO) is an ETF from NexPoint and iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US). Over the past year HFRO returned +29.06% while IVV returned +20.08%. Year to date, HFRO is up 29.29% versus a gain of 13.39% for IVV.
Over three years, HFRO compounded at +4.68% per year against +21.29% for IVV; over five years the annualized figures are +1.00% and +12.88% respectively. Across the full 9-year window we track, IVV has the edge at +14.11% annualized vs -2.98%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HFRO has been the more volatile fund, with annualized monthly volatility of 24.9% compared with 16.3% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -60.5% for HFRO and -33.9% for IVV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.52. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HFRO charges 1.18% per year while IVV charges 0.03%. On a $10,000 position that is $118 vs $3 annually, a gap of $115 per year that compounds over a long holding period. On income, HFRO currently yields 3.92% against 1.10% for IVV.
Holdings Overlap
We hold position weights for 13 holdings in HFRO and 505 in IVV, totalling 18.8% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 127 days apart, HFRO as of Mar 31, 2026 and IVV as of Aug 5, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 13 positions we hold weights for in HFRO and 505 in IVV, against full books of 63 and 508.
You are not choosing between two funds in isolation.
Whichever of HFRO and IVV you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HFRO or IVV?
HFRO has an expense ratio of 1.18% while IVV charges 0.03%. IVV is the cheaper option, by $115 a year on a $10,000 investment.
Which performed better, HFRO or IVV?
Over the past year HFRO returned +29.06% vs +20.08% for IVV, so HFRO leads on 1-year performance. Over the longest common window we track (9 years), HFRO annualized -2.98% vs +14.11% for IVV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HFRO or IVV?
HFRO has been the more volatile fund at 24.9% annualized versus 16.3% for IVV. Worst drawdown: HFRO -60.5% vs IVV -33.9%.
Should I hold both HFRO and IVV?
HFRO and IVV have a monthly-return correlation of 0.52, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, HFRO or IVV?
HFRO yields 3.92% while IVV yields 1.10%, so HFRO currently pays the higher dividend yield.
Is IVV better than HFRO?
IVV has a lower expense ratio. HFRO led over 1Y, IVV over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.