HGLB vs IMA: Correlation
Measured on weekly returns over the past three years, Highland Global Allocation Fund (HGLB) and ImageneBio, Inc. (IMA) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGLB and IMA?
On 3 years of weekly data the HGLB/IMA correlation comes out at 0.42, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.42). The 5-year figure is 0.17, and annualized covariance runs at 779.7 %².
IMA is close to the least connected end of HGLB's tracked universe, ranking #10 of 14. Their recent paths diverged sharply: over the last 12 months HGLB outperformed by 61.9 percentage points (+1.0% for HGLB against -60.9% for IMA). One caveat on sizing: IMA is 2.8 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.
HGLB vs IMA: side by side
| HGLB (Highland Global Allocation Fund) | IMA (ImageneBio, Inc.) | |
|---|---|---|
| 1-year return | +1.0% | -60.9% |
| 5-year return | +36.3% | -96.6% |
| Volatility (ann.) | 26.1% | 71.9% |
| Beta vs S&P 500 | 0.91 | 0.99 |
| Max drawdown (3Y) | -24.1% | -92.1% |
| 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 | IMA |
|---|---|---|
| 2022 | +14.5% | -78.8% |
| 2023 | -6.1% | -25.9% |
| 2024 | -1.5% | -16.8% |
| 2025 | +51.7% | -64.9% |
| 2026 | -10.2% | -22.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGLB and IMA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HGLB and IMA?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.17 over the last year and 0.17 over 5 years.
Is IMA a good diversifier for HGLB?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hglb-vs-ima.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hglb-vs-ima/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HGLB correlations · IMA correlations
