BOE vs HGLB: Correlation
Blackrock Enhanced Global Dividend Trust (BOE) and Highland Global Allocation Fund (HGLB) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOE and HGLB?
Across a 3-year window, the weekly returns of BOE and HGLB correlate at 0.62, strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. Stretching to 5 years gives 0.57, with an annualized covariance of 223.4 %².
Among the 27 assets we track against BOE, HGLB ranks #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BOE outperformed by 16.7 percentage points (+17.7% for BOE against +1.0% for HGLB). One caveat on sizing: HGLB is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BOE vs HGLB: side by side
| BOE (Blackrock Enhanced Global Dividend Trust) | HGLB (Highland Global Allocation Fund) | |
|---|---|---|
| 1-year return | +17.7% | +1.0% |
| 5-year return | +46.4% | +36.3% |
| Volatility (ann.) | 13.8% | 26.1% |
| Beta vs S&P 500 | 0.79 | 0.91 |
| Max drawdown (3Y) | -14.5% | -24.1% |
| Market cap | – | $0.2B |
| P/E (trailing) | 6.8 | 18.9 |
| Dividend yield | 7.95% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOE | HGLB |
|---|---|---|
| 2022 | -15.5% | +14.5% |
| 2023 | +12.0% | -6.1% |
| 2024 | +16.8% | -1.5% |
| 2025 | +18.8% | +51.7% |
| 2026 | +12.2% | -10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOE and HGLB good diversifiers for each other?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BOE and HGLB?
As of 2026-08-27, the correlation of weekly returns between BOE and HGLB is 0.62 over 3 years, 0.69 over 1 year and 0.57 over 5 years.
Is HGLB a good diversifier for BOE?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: BOE correlations · HGLB correlations
