GJT vs HGBL: Correlation
Measured on weekly returns over the past three years, Synthetic Fixed-Income Securities, Inc. Floating Rate (GJT) and Heritage Global Inc. (HGBL) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GJT and HGBL?
Over the past 3 years, GJT and HGBL moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -61.0 %².
Out of 20 assets tracked against GJT, HGBL lands near the bottom at #16. The last year tells two different stories: GJT led by 42.3 percentage points, +8.6% for GJT against -33.7% for HGBL. Risk is not evenly split, since HGBL carries 4.7 times the volatility of the other side.
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.
GJT vs HGBL: side by side
| GJT (Synthetic Fixed-Income Securities, Inc. Floating Rate) | HGBL (Heritage Global Inc.) | |
|---|---|---|
| 1-year return | +8.6% | -33.7% |
| 5-year return | +44.3% | -41.3% |
| Volatility (ann.) | 7.3% | 34.6% |
| Beta vs S&P 500 | -0.02 | 0.08 |
| Max drawdown (3Y) | -5.3% | -70.7% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GJT | HGBL |
|---|---|---|
| 2022 | +4.5% | +25.7% |
| 2023 | +13.6% | +18.3% |
| 2024 | +10.6% | -33.5% |
| 2025 | +6.2% | -33.0% |
| 2026 | +3.5% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GJT and HGBL good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GJT and HGBL?
As of 2026-08-27, the correlation of weekly returns between GJT and HGBL is -0.24 over 3 years, -0.19 over 1 year and -0.10 over 5 years.
Is HGBL a good diversifier for GJT?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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
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Related comparisons
Hubs: GJT correlations · HGBL correlations
