HLI vs VXX: Correlation
Measured on weekly returns over the past three years, Houlihan Lokey, Inc. (HLI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLI and VXX?
Over the past 3 years, HLI and VXX moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -787.0 %².
Out of 15 assets tracked against HLI, VXX lands near the bottom at #14. The last year tells two different stories: HLI led by 16.0 percentage points, -33.7% for HLI against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.4 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 VXX: side by side
| HLI (Houlihan Lokey, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.7% | -49.7% |
| 5-year return | +58.6% | -95.6% |
| Volatility (ann.) | 25.5% | 60.9% |
| Beta vs S&P 500 | 0.95 | -3.31 |
| Max drawdown (3Y) | -40.3% | -83.3% |
| Market cap | $9.1B | – |
| P/E (trailing) | 21.8 | – |
| Dividend yield | 1.93% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLI | VXX |
|---|---|---|
| 2022 | -13.9% | -23.8% |
| 2023 | +40.7% | -72.5% |
| 2024 | +47.0% | -26.2% |
| 2025 | +1.6% | -42.2% |
| 2026 | -24.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLI and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
FAQ
What is the correlation between HLI and VXX?
The HLI/VXX correlation stands at -0.51 on a 3-year window (1 year: -0.42, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for HLI?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
What does a correlation of -0.51 mean?
On the −1 to +1 scale, -0.51 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/hli-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hli-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HLI correlations · VXX correlations
