HLI vs VXZ: Correlation
Houlihan Lokey, Inc. (HLI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLI and VXZ?
On 3 years of weekly data the HLI/VXZ correlation comes out at -0.55, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.53 lands near the 3-year figure. The 5-year figure is -0.52, and annualized covariance runs at -360.1 %².
Among the 15 assets we track against HLI, VXZ sits near the bottom by co-movement, at rank #15. The last year tells two different stories: VXZ led by 17.6 percentage points, -33.7% for HLI against -16.1% for VXZ.
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 VXZ: side by side
| HLI (Houlihan Lokey, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.7% | -16.1% |
| 5-year return | +58.6% | -53.1% |
| Volatility (ann.) | 25.5% | 25.6% |
| Beta vs S&P 500 | 0.95 | -1.31 |
| Max drawdown (3Y) | -40.3% | -36.4% |
| Market cap | $9.1B | – |
| P/E (trailing) | 21.8 | – |
| Dividend yield | 1.93% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLI | VXZ |
|---|---|---|
| 2022 | -13.9% | +0.5% |
| 2023 | +40.7% | -44.0% |
| 2024 | +47.0% | -12.7% |
| 2025 | +1.6% | +5.7% |
| 2026 | -24.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.55, HLI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HLI and VXZ?
The HLI/VXZ correlation stands at -0.55 on a 3-year window (1 year: -0.53, 5 years: -0.52), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HLI?
Yes. With a correlation of -0.55, HLI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.55 mean?
On the −1 to +1 scale, -0.55 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hli-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HLI correlations · VXZ correlations
