HGLB vs PFL: Correlation
Highland Global Allocation Fund (HGLB) and PIMCO Income Strategy Fund Shares of Beneficial Interest (PFL) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGLB and PFL?
Over the past 3 years, HGLB and PFL moved with a correlation of 0.64, which is strong. The link has loosened recently: the 1-year correlation (0.44) runs below the 3-year figure (0.64). Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 199.8 %².
PFL is one of the assets that tracks HGLB most closely: it ranks #1 out of the 14 assets we track against HGLB. Their 12-month results are close: +1.0% for HGLB against +1.1% for PFL. Note the risk asymmetry: HGLB runs 2.2 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 PFL: side by side
| HGLB (Highland Global Allocation Fund) | PFL (PIMCO Income Strategy Fund Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | +1.0% | +1.1% |
| 5-year return | +36.3% | +1.9% |
| Volatility (ann.) | 26.1% | 12.0% |
| Beta vs S&P 500 | 0.91 | 0.39 |
| Max drawdown (3Y) | -24.1% | -11.1% |
| Market cap | $0.2B | – |
| P/E (trailing) | 18.9 | 9.6 |
| Dividend yield | 0.00% | 12.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HGLB | PFL |
|---|---|---|
| 2022 | +14.5% | -18.0% |
| 2023 | -6.1% | +17.2% |
| 2024 | -1.5% | +11.4% |
| 2025 | +51.7% | +13.0% |
| 2026 | -10.2% | -2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGLB and PFL good diversifiers for each other?
Only partially. A correlation of 0.64 means HGLB and PFL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HGLB and PFL?
The HGLB/PFL correlation stands at 0.64 on a 3-year window (1 year: 0.44, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is PFL a good diversifier for HGLB?
Only partially. A correlation of 0.64 means HGLB and PFL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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-pfl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hglb-vs-pfl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HGLB correlations · PFL correlations
