Herzfeld Credit Income Fund (HERZ) Performance
HERZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −28.7% since Dec 31, 2025
- 1 year
- +22.2% total return
- 5 years
- −1.1% a year
- 10 years
- +3.6% a year
- Since first price
- +3.2% a year since 1994
HERZ trailing returns vs SPY, QQQ, AGG
| Period | HERZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.1% | −6.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −5.1% | −8.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −8.7% | −15.1% | +7.8% | +8.4% | −1.5% |
| YTD | −28.7% | −33.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +22.2% | +13.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +32.8%+9.9%/yr | −12.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −5.4%−1.1%/yr | −54.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +42.3%+3.6%/yr | −57.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +77.8%+3.9%/yr | −58.7% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +64.0%+2.5%/yr | −70.5% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| 30 years | +230.4%+4.1%/yr | −46.3% | +1,693.8%+10.1%/yr | — | — |
| Since inceptionMay 20, 1994 | +175.8%+3.2%/yr | −55.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HERZ vs SPY
From May 20, 1994: HERZ grew to $27,583, SPY to $295,655.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HERZ returns by calendar year
18 of 31 full years positive. Best 2006 (+114.5%), worst 2008 (−45.0%). 2026 is year to date.
HERZ annual returns table
| Year | HERZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −28.7% | −32.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +89.3% | −16.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +2.9% | −15.8% | +24.9% | +25.6% | +1.3% |
| 2023 | −13.6% | −44.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −20.4% | −27.6% | −18.2% | −32.6% | −13.0% |
| 2021 | +24.2% | −14.1% | +28.7% | +27.4% | −1.8% |
| 2020 | −4.5% | −57.7% | +18.3% | +48.6% | +7.5% |
| 2019 | +47.2% | −9.1% | +31.2% | +39.0% | +8.5% |
| 2018 | −27.7% | −32.8% | −4.6% | −0.1% | +0.1% |
| 2017 | +8.2% | −8.5% | +21.7% | +32.7% | +3.6% |
| 2016 | +3.6% | −27.2% | +12.0% | +7.1% | +2.4% |
| 2015 | −23.8% | −45.3% | +1.2% | +9.4% | +0.5% |
| 2014 | +17.0% | −33.3% | +13.5% | +19.2% | +6.0% |
| 2013 | +20.8% | −10.7% | +32.3% | +36.6% | −2.0% |
| 2012 | +22.2% | −12.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −9.6% | −28.4% | +1.9% | +3.4% | +7.7% |
| 2010 | +11.7% | −18.3% | +15.1% | +19.9% | +6.4% |
| 2009 | +52.9% | −42.2% | +26.4% | +54.7% | +3.0% |
| 2008 | −45.0% | −61.3% | −36.8% | −41.7% | +7.9% |
| 2007 | −42.1% | −48.0% | +5.1% | +19.0% | +6.6% |
| 2006 | +114.5% | −25.7% | +15.8% | +7.1% | +3.9% |
| 2005 | +35.3% | −15.1% | +4.8% | +1.6% | +2.3% |
| 2004 | +26.3% | −27.2% | +10.7% | +10.5% | +3.8% |
| 2003 | +43.5% | −9.6% | +28.2% | +49.7% | — |
| 2002 | +0.6% | −29.6% | −21.6% | −37.4% | — |
| 2001 | −7.4% | −40.0% | −11.8% | −33.3% | — |
| 2000 | −29.1% | −43.1% | −9.7% | −36.1% | — |
| 1999 | +22.9% | −31.4% | +20.4% | — | — |
| 1998 | −21.2% | −45.7% | +28.7% | — | — |
| 1997 | +6.2% | −18.8% | +33.5% | — | — |
| 1996 | −8.3% | −30.2% | +22.6% | — | — |
| 1995 | −11.5% | −32.8% | +38.0% | — | — |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HERZ largest drawdowns
Now 31.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 22, 2007 | −77.7% | Mar 6, 2009 | Dec 22, 2014 | 2.1 years | 7.9 years |
| Dec 23, 2014 | −73.4% | Mar 18, 2020 | not yet | 5.2 years | 11.8 years so far |
| Sep 15, 1995 | −63.9% | Sep 21, 2001 | Dec 2, 2005 | 6.0 years | 10.2 years |
| Sep 14, 1994 | −35.4% | Jun 2, 1995 | Sep 15, 1995 | 9 months | 1.0 years |
| Nov 17, 2006 | −25.7% | Nov 22, 2006 | Dec 5, 2006 | 5 days | 18 days |
| Dec 27, 2006 | −24.6% | Jan 10, 2007 | Jan 17, 2007 | 14 days | 21 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HERZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 1994 |
|---|---|---|---|---|
| Annualized return | +6.9% | −0.5% | +3.7% | +3.1% |
| Volatility (annualized) | 41.2% | 35.9% | 31.3% | 32.8% |
| Sharpe ratio | 0.24 | 0.05 | 0.19 | — |
| Sortino ratio | 0.44 | 0.08 | 0.31 | — |
| Best month | +49.5% | +49.5% | +49.5% | +51.5% |
| Worst month | −23.2% | −23.2% | −28.8% | −29.9% |
| Best 12 months | +89.3% | +89.3% | +96.7% | +114.5% |
| Worst 12 months | −21.1% | −32.1% | −32.1% | −54.5% |
| Positive months | 50% | 48% | 53% | 51% |
| Beta vs S&P 500 | -0.04 | 0.73 | 1.01 | — |
| Correlation with S&P 500 | -0.01 | 0.32 | 0.50 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HERZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 378 | −54.5% | +3.4% | +114.5% | 55% |
| 3-year (a year) | 354 | −21.5% | +1.9% | +54.2% | 55% |
| 5-year (a year) | 330 | −14.5% | +3.1% | +39.6% | 63% |
| 10-year (a year) | 270 | −4.1% | +4.5% | +14.7% | 83% |
Every holding period starting at a month-end since 1994. Returns for 3 years and longer are annualized.
HERZ performance overview
Herzfeld Credit Income Fund (HERZ) returned +22.2% over the past year and +3.6% a year over ten years, with distributions reinvested. Since its first recorded price in 1994 it has returned +3.2% a year, turning $10,000 into about $27,583. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −77.7%, from Jan 22, 2007 to Mar 6, 2009, and it took 5.8 years to get back to the old high. HERZ finished 18 of its 31 full calendar years with a gain; the best year was 2006 (+114.5%) and the worst 2008 (−45.0%). Volatility has been 32.8% a year.
Related: HERZ chart, HERZ dividends. See the HERZ overview for the latest quote and fund facts.
HERZ performance FAQ
What is the HERZ return over the past year?
HERZ returned +22.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.7%.
What is the average annual return of HERZ?
HERZ has returned −1.1% a year over 5 years, +3.6% a year over 10 years, +3.2% a year since May 20, 1994 (total return, distributions reinvested).
How much would $10,000 invested in HERZ be worth?
$10,000 invested in HERZ at its first recorded close on May 20, 1994 would be worth about $27,583 on October 23, 2026 with distributions reinvested.
What was the worst year for HERZ?
The worst calendar year was 2008, with a total return of −45.0%. The best was 2006 at +114.5%.
What is the biggest drawdown of HERZ?
The largest peak-to-trough decline was −77.7% between January 22, 2007 and March 6, 2009. It recovered to the old high on December 22, 2014, 5.8 years after the bottom.
How volatile is HERZ?
Over the past 3 years HERZ had an annualized volatility of 41.2% and a Sharpe ratio of 0.24 (excess return over 1–3 month T-bills per unit of risk).