HGLB vs VGI: Correlation
Highland Global Allocation Fund (HGLB) and Virtus Global Multi-Sector Income Fund (VGI) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGLB and VGI?
On 3 years of weekly data the HGLB/VGI correlation comes out at 0.63, strong. Lately the two have drifted apart, with the 1-year correlation at 0.51 versus 0.63 over 3 years. The 5-year figure is 0.55, and annualized covariance runs at 168.8 %².
Few assets follow HGLB as closely as VGI, which ranks #3 of 14 tracked partners. Neither side won the trailing year by much: +1.0% against +3.8%. Risk is not evenly split, since HGLB carries 2.5 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.
HGLB vs VGI: side by side
| HGLB (Highland Global Allocation Fund) | VGI (Virtus Global Multi-Sector Income Fund) | |
|---|---|---|
| 1-year return | +1.0% | +3.8% |
| 5-year return | +36.3% | +11.9% |
| Volatility (ann.) | 26.1% | 10.3% |
| Beta vs S&P 500 | 0.91 | 0.38 |
| Max drawdown (3Y) | -24.1% | -11.3% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 18.9 | 7.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HGLB | VGI |
|---|---|---|
| 2022 | +14.5% | -22.3% |
| 2023 | -6.1% | +13.4% |
| 2024 | -1.5% | +10.4% |
| 2025 | +51.7% | +16.1% |
| 2026 | -10.2% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGLB and VGI good diversifiers for each other?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HGLB and VGI?
As of 2026-08-27, the correlation of weekly returns between HGLB and VGI is 0.63 over 3 years, 0.51 over 1 year and 0.55 over 5 years.
Is VGI a good diversifier for HGLB?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.63 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
$ curl https://www.pairbook.io/api/v1/pairs/hglb-vs-vgi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hglb-vs-vgi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HGLB correlations · VGI correlations
