HGLB vs VLT: Correlation
Highland Global Allocation Fund (HGLB) and Invesco High Income Trust II (VLT) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGLB and VLT?
Across a 3-year window, the weekly returns of HGLB and VLT correlate at 0.62, strong. Recent behaviour matches the longer record: 0.53 over 1 year against 0.62 over 3. Stretching to 5 years gives 0.54, with an annualized covariance of 161.6 %².
Among the 14 assets we track against HGLB, VLT ranks #5 by 3-year correlation. Twelve-month performance is nearly a tie, at +1.0% for HGLB and -1.3% for VLT. Note the risk asymmetry: HGLB runs 2.6 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 VLT: side by side
| HGLB (Highland Global Allocation Fund) | VLT (Invesco High Income Trust II) | |
|---|---|---|
| 1-year return | +1.0% | -1.3% |
| 5-year return | +36.3% | +12.4% |
| Volatility (ann.) | 26.1% | 10.0% |
| Beta vs S&P 500 | 0.91 | 0.47 |
| Max drawdown (3Y) | -24.1% | -13.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 18.9 | 13.9 |
| Dividend yield | 0.00% | 11.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HGLB | VLT |
|---|---|---|
| 2022 | +14.5% | -20.9% |
| 2023 | -6.1% | +13.1% |
| 2024 | -1.5% | +17.3% |
| 2025 | +51.7% | +13.2% |
| 2026 | -10.2% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGLB and VLT good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HGLB and VLT?
The HGLB/VLT correlation stands at 0.62 on a 3-year window (1 year: 0.53, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is VLT a good diversifier for HGLB?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 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-vlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hglb-vs-vlt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HGLB correlations · VLT correlations
