HGLB vs HRTX: Correlation
Measured on weekly returns over the past three years, Highland Global Allocation Fund (HGLB) and Heron Therapeutics, Inc. (HRTX) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGLB and HRTX?
On 3 years of weekly data the HGLB/HRTX correlation comes out at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.45). The 5-year figure is 0.36, and annualized covariance runs at 1150.8 %².
Within HGLB's tracked universe of 14 assets, HRTX comes in at #7 by 3-year correlation. The last year tells two different stories: HGLB led by 76.6 percentage points, +1.0% for HGLB against -75.6% for HRTX. Note the risk asymmetry: HRTX runs 3.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HGLB vs HRTX: side by side
| HGLB (Highland Global Allocation Fund) | HRTX (Heron Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +1.0% | -75.6% |
| 5-year return | +36.3% | -97.1% |
| Volatility (ann.) | 26.1% | 99.0% |
| Beta vs S&P 500 | 0.91 | 1.84 |
| Max drawdown (3Y) | -24.1% | -92.2% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HGLB | HRTX |
|---|---|---|
| 2022 | +14.5% | -72.6% |
| 2023 | -6.1% | -32.0% |
| 2024 | -1.5% | -10.0% |
| 2025 | +51.7% | -15.0% |
| 2026 | -10.2% | -74.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGLB and HRTX good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HGLB and HRTX?
The HGLB/HRTX correlation stands at 0.45 on a 3-year window (1 year: 0.30, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is HRTX a good diversifier for HGLB?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/hglb-vs-hrtx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hglb-vs-hrtx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HGLB correlations · HRTX correlations
