HLI vs PWP: Correlation
How closely do Houlihan Lokey, Inc. (HLI) and Perella Weinberg Partners (PWP) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLI and PWP?
On 3 years of weekly data the HLI/PWP correlation comes out at 0.63, strong. The past 12 months show a weaker link (0.49) than the 3-year average (0.63). The 5-year figure is 0.60, and annualized covariance runs at 644.5 %².
Among the 15 assets we track against HLI, PWP ranks #6 by 3-year correlation. The trailing year gives PWP the advantage: -33.7% versus -23.3%, a 10.4-point spread. Note the risk asymmetry: PWP runs 1.6 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.
HLI vs PWP: side by side
| HLI (Houlihan Lokey, Inc.) | PWP (Perella Weinberg Partners) | |
|---|---|---|
| 1-year return | -33.7% | -23.3% |
| 5-year return | +58.6% | +35.6% |
| Volatility (ann.) | 25.5% | 40.0% |
| Beta vs S&P 500 | 0.95 | 1.36 |
| Max drawdown (3Y) | -40.3% | -43.1% |
| Market cap | $9.1B | $1.7B |
| P/E (trailing) | 21.8 | 62.8 |
| Dividend yield | 1.93% | 1.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLI | PWP |
|---|---|---|
| 2022 | -13.9% | -21.2% |
| 2023 | +40.7% | +28.4% |
| 2024 | +47.0% | +98.2% |
| 2025 | +1.6% | -26.5% |
| 2026 | -24.3% | -1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLI and PWP good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HLI and PWP?
As of 2026-08-27, the correlation of weekly returns between HLI and PWP is 0.63 over 3 years, 0.49 over 1 year and 0.60 over 5 years.
Is PWP a good diversifier for HLI?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
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/hli-vs-pwp.json
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HLI correlations · PWP correlations
