HFRO vs SEIX
Highland Opportunities and Income Fund vs Virtus Seix Senior Loan ETF
Which is better, HFRO or SEIX?
SEIX has been ahead.
SEIX has a lower expense ratio. SEIX led over 1Y, 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 | SEIX |
|---|---|---|
| Expense Ratio | 1.18% | 0.57%Best |
| AUM | $619M | $296M |
| Dividend Yield | 3.99% | 7.02% |
| Holdings | 69 | 226 |
| YTD Return | +10.16%Best | +4.04% |
| 1Y Return | +3.80% | +5.66%Best |
| 3Y Return (annualized) | +1.63% | +6.86%Best |
| 5Y Return (annualized) | -3.01% | +5.78%Best |
| Volatility (annualized) | 26.5% | 4.9%Best |
| Max Drawdown | -53.9% | -18.2%Best |
| $10,000 over 5 years | $8,583 | $13,244Best |
| Fund Family | NexPoint | Virtus Investment Partners |
| Category | Fixed Income | Fixed Income |
| Style | Bank Loan | Bank Loan |
| Inception | Jan 13, 2000 | Apr 23, 2019 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 25, 2019 to Oct 14, 2026 (7.5 years).
HFRO vs SEIX 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 7.5 years both funds cover.
HFRO vs SEIX Performance
Highland Opportunities and Income Fund (HFRO) is an ETF from NexPoint and Virtus Seix Senior Loan ETF (SEIX) is an ETF from Virtus Investment Partners. Over the past year HFRO returned +3.80% while SEIX returned +5.66%. Year to date, HFRO is up 10.16% versus a gain of 4.04% for SEIX.
Over three years, HFRO compounded at +1.63% per year against +6.86% for SEIX; over five years the annualized figures are -3.01% and +5.78% respectively. Across the full 8-year window we track, SEIX has the edge at +4.18% annualized vs -3.83%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HFRO has been the more volatile fund, with annualized monthly volatility of 26.5% compared with 4.9% for SEIX. 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 -53.9% for HFRO and -18.2% for SEIX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.42. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HFRO charges 1.18% per year while SEIX charges 0.57%. On a $10,000 position that is $118 vs $57 annually, a gap of $61 per year that compounds over a long holding period. On income, HFRO currently yields 3.99% against 7.02% for SEIX.
Holdings Overlap
We hold position weights for 15 holdings in HFRO and 9 in SEIX, totalling 24.0% and 2.5% 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 93 days apart, HFRO as of Jun 30, 2026 and SEIX as of Oct 1, 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 15 positions we hold weights for in HFRO and 9 in SEIX, against full books of 69 and 226.
You are not choosing between two funds in isolation.
Whichever of HFRO and SEIX 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 SEIX?
HFRO has an expense ratio of 1.18% while SEIX charges 0.57%. SEIX is the cheaper option, by $61 a year on a $10,000 investment.
Which performed better, HFRO or SEIX?
Over the past year HFRO returned +3.80% vs +5.66% for SEIX, so SEIX leads on 1-year performance. Over the longest common window we track (8 years), HFRO annualized -3.83% vs +4.18% for SEIX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HFRO or SEIX?
HFRO has been the more volatile fund at 26.5% annualized versus 4.9% for SEIX. Worst drawdown: HFRO -53.9% vs SEIX -18.2%.
Should I hold both HFRO and SEIX?
HFRO and SEIX have a monthly-return correlation of 0.42, 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 SEIX?
HFRO yields 3.99% while SEIX yields 7.02%, so SEIX currently pays the higher dividend yield.
Is SEIX better than HFRO?
SEIX has a lower expense ratio. SEIX led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.