HG vs HLP: Correlation
How closely do Hamilton Insurance Group, Ltd. Class B (HG) and Hongli Group Inc. - Class A (HLP) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HG and HLP?
Over the past 3 years, HG and HLP moved with a correlation of 0.24, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.24 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 894.9 %².
Within HG's tracked universe of 12 assets, HLP comes in at #7 by 3-year correlation. The last year tells two different stories: HLP led by 34.1 percentage points, +55.6% for HG against +89.7% for HLP. One caveat on sizing: HLP is 4.2 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.
HG vs HLP: side by side
| HG (Hamilton Insurance Group, Ltd. Class B) | HLP (Hongli Group Inc. - Class A) | |
|---|---|---|
| 1-year return | +55.6% | +89.7% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 30.1% | 127.2% |
| Beta vs S&P 500 | 0.12 | 0.02 |
| Max drawdown (3Y) | -21.1% | -91.9% |
| Market cap | $3.5B | $0.1B |
| P/E (trailing) | 6.2 | 43.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HG | HLP |
|---|---|---|
| 2024 | +27.3% | -22.0% |
| 2025 | +46.6% | -20.6% |
| 2026 | +35.3% | +24.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HG and HLP good diversifiers for each other?
Reasonably. At 0.24, HG and HLP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HG and HLP?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.09 over the last year and n/a over 5 years.
Is HLP a good diversifier for HG?
Reasonably. At 0.24, HG and HLP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hg-vs-hlp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hg-vs-hlp/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HG correlations · HLP correlations
