HLI vs. AIRR

Last updated Jun 4, 2026

HLI (Houlihan Lokey, Inc.) is a stock, while AIRR (First Trust RBA American Industrial Renaissance ETF) is Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance (TR). Over the past 10 years, HLI returned 21.70%/yr vs 21.89%/yr for AIRR. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

HLI vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Houlihan Lokey, Inc. (HLI) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLI achieves a -19.84% return, which is significantly lower than AIRR's 31.77% return. Both investments have delivered pretty close results over the past 10 years, with HLI having a 21.70% annualized return and AIRR not far ahead at 21.89%.

HLI

• 1D: -0.72%
• 1M: -7.53%
• YTD: -19.84%
• 6M: -20.99%
• 1Y: -19.87%
• 3Y*: 17.08%
• 5Y*: 15.00%
• 10Y*: 21.70%

AIRR

• 1D: 0.54%
• 1M: 3.36%
• YTD: 31.77%
• 6M: 31.32%
• 1Y: 65.82%
• 3Y*: 37.10%
• 5Y*: 25.40%
• 10Y*: 21.89%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HLI vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLI Houlihan Lokey, Inc.	-19.84%	1.64%	47.04%	40.67%	-13.88%	57.04%	40.61%	36.33%	-17.20%	49.30%
AIRR First Trust RBA American Industrial Renaissance ETF	31.77%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between HLI and AIRR is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Aug 14, 2015	0.52

The correlation between HLI and AIRR shifts across timeframes, from 0.41 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HLI vs. AIRR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HLI

HLI Risk / Return Rank: 14
HLI Sharpe Ratio Rank: 9
HLI Sortino Ratio Rank: 12
HLI Omega Ratio Rank: 12
HLI Calmar Ratio Rank: 19
HLI Martin Ratio Rank: 16

AIRR

AIRR Risk / Return Rank: 78
AIRR Sharpe Ratio Rank: 79
AIRR Sortino Ratio Rank: 73
AIRR Omega Ratio Rank: 67
AIRR Calmar Ratio Rank: 87
AIRR Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HLI vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Houlihan Lokey, Inc. (HLI) and First Trust RBA American Industrial Renaissance ETF (AIRR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HLI	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	2.61	-3.39
Sortino ratio: Return per unit of downside risk	-0.94	3.37	-4.31
Omega ratio: Gain probability vs. loss probability	0.88	1.41	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.60	5.05	-5.66
Martin ratio: Return relative to average drawdown	-1.16	18.68	-19.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLI vs. AIRR - Sharpe Ratio Comparison

The current HLI Sharpe Ratio is -0.78, which is lower than the AIRR Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of HLI and AIRR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HLI	AIRR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.78	2.61	-3.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	1.01	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.84	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.67	+0.10

Drawdowns

HLI vs. AIRR - Drawdown Comparison

The maximum HLI drawdown since its inception was -36.57%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for HLI and AIRR.

Drawdown Indicators

	HLI	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-36.57%	-42.37%	+5.80%
Max Drawdown (1Y) Largest decline over 1 year	-33.13%	-13.09%	-20.04%
Max Drawdown (3Y) Largest decline over 3 years	-33.13%	-27.95%	-5.18%
Max Drawdown (5Y) Largest decline over 5 years	-36.57%	-27.95%	-8.62%
Max Drawdown (10Y) Largest decline over 10 years	-36.57%	-42.37%	+5.80%
Current Drawdown Current decline from peak	-33.02%	-1.86%	-31.16%
Average Drawdown Average peak-to-trough decline	-9.53%	-7.43%	-2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.21%	3.53%	+13.68%

Volatility

HLI vs. AIRR - Volatility Comparison

Houlihan Lokey, Inc. (HLI) and First Trust RBA American Industrial Renaissance ETF (AIRR) have volatilities of 8.07% and 7.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLI	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.07%	7.87%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	18.78%	19.82%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	25.57%	25.40%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.90%	25.29%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.85%	26.29%	+0.56%

Dividends

HLI vs. AIRR - Dividend Comparison

HLI's dividend yield for the trailing twelve months is around 1.81%, more than AIRR's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.13%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
HLI Houlihan Lokey, Inc.	1.81%	1.36%	1.30%	1.82%	2.32%	1.56%	1.90%	2.46%	2.74%	1.76%	2.12%	0.57%

Frequently Asked Questions

Can I hold both HLI and AIRR in my portfolio?

HLI and AIRR have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLI or AIRR?

HLI has higher volatility (8.07%) compared to AIRR (7.87%). In terms of maximum drawdown, HLI dropped -36.57% vs AIRR's -42.37%.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.61 vs -0.78), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.