HLI vs PIPR: Correlation
Houlihan Lokey, Inc. (HLI) and Piper Sandler Companies (PIPR) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLI and PIPR?
On 3 years of weekly data the HLI/PIPR correlation comes out at 0.77, strong. Lately the two have drifted apart, with the 1-year correlation at 0.66 versus 0.77 over 3 years. The 5-year figure is 0.74, and annualized covariance runs at 658.0 %².
In HLI's tracked universe of 15 assets, PIPR sits right near the top at #3. Correlation aside, the last 12 months split them widely, with PIPR ahead by 24.5 points (-33.7% versus -9.2%).
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.
HLI vs PIPR: side by side
| HLI (Houlihan Lokey, Inc.) | PIPR (Piper Sandler Companies) | |
|---|---|---|
| 1-year return | -33.7% | -9.2% |
| 5-year return | +58.6% | +143.0% |
| Volatility (ann.) | 25.5% | 33.6% |
| Beta vs S&P 500 | 0.95 | 1.35 |
| Max drawdown (3Y) | -40.3% | -38.8% |
| Market cap | $9.1B | $5.3B |
| P/E (trailing) | 21.8 | 17.3 |
| Dividend yield | 1.93% | 0.97% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLI | PIPR |
|---|---|---|
| 2022 | -13.9% | -23.4% |
| 2023 | +40.7% | +37.8% |
| 2024 | +47.0% | +74.2% |
| 2025 | +1.6% | +15.5% |
| 2026 | -24.3% | -10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLI and PIPR good diversifiers for each other?
Only partially. A correlation of 0.77 means HLI and PIPR 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 HLI and PIPR?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.66 over the last year and 0.74 over 5 years.
Is PIPR a good diversifier for HLI?
Only partially. A correlation of 0.77 means HLI and PIPR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
A reading of 0.77 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/hli-vs-pipr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hli-vs-pipr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HLI correlations · PIPR correlations
