FLC vs HGLB: Correlation
How closely do Flaherty & Crumrine Total Return Fund Inc (FLC) and Highland Global Allocation Fund (HGLB) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLC and HGLB?
Over the past 3 years, FLC and HGLB moved with a correlation of 0.63, which is strong. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 184.9 %².
Within FLC's tracked universe of 22 assets, HGLB comes in at #11 by 3-year correlation. Their 12-month results are close: +3.8% for FLC against +1.0% for HGLB. One caveat on sizing: HGLB is 2.3 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.
FLC vs HGLB: side by side
| FLC (Flaherty & Crumrine Total Return Fund Inc) | HGLB (Highland Global Allocation Fund) | |
|---|---|---|
| 1-year return | +3.8% | +1.0% |
| 5-year return | -0.2% | +36.3% |
| Volatility (ann.) | 11.3% | 26.1% |
| Beta vs S&P 500 | 0.48 | 0.91 |
| Max drawdown (3Y) | -10.5% | -24.1% |
| Market cap | $0.2B | $0.2B |
| P/E (trailing) | 9.3 | 18.9 |
| Dividend yield | 7.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLC | HGLB |
|---|---|---|
| 2022 | -25.1% | +14.5% |
| 2023 | -0.8% | -6.1% |
| 2024 | +23.1% | -1.5% |
| 2025 | +12.4% | +51.7% |
| 2026 | -0.4% | -10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLC and HGLB good diversifiers for each other?
To a limited degree. At 0.63 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 FLC and HGLB?
The FLC/HGLB correlation stands at 0.63 on a 3-year window (1 year: 0.54, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is HGLB a good diversifier for FLC?
To a limited degree. At 0.63 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 0.63 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/flc-vs-hglb.json
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[](https://www.pairbook.io/pair/flc-vs-hglb/)
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Related comparisons
Hubs: FLC correlations · HGLB correlations
