HLI vs. CSQ

Last updated Jun 13, 2026

HLI (Houlihan Lokey, Inc.) is a stock, while CSQ (Calamos Strategic Total Return Fund) is Diversified Portfolio fund actively managed by Calamos. Over the past 10 years, HLI returned 21.76%/yr vs 16.38%/yr for CSQ. At a 0.45 correlation, their price movements are largely independent.

Performance

HLI vs. CSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Houlihan Lokey, Inc. (HLI) and Calamos Strategic Total Return Fund (CSQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLI achieves a -20.15% return, which is significantly lower than CSQ's 8.10% return. Over the past 10 years, HLI has outperformed CSQ with an annualized return of 21.76%, while CSQ has yielded a comparatively lower 16.38% annualized return.

HLI

• 1D: 1.67%
• 1M: -8.19%
• YTD: -20.15%
• 6M: -22.50%
• 1Y: -18.32%
• 3Y*: 16.18%
• 5Y*: 13.63%
• 10Y*: 21.76%

CSQ

• 1D: 1.27%
• 1M: -1.20%
• YTD: 8.10%
• 6M: 9.75%
• 1Y: 24.17%
• 3Y*: 20.54%
• 5Y*: 10.41%
• 10Y*: 16.38%

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

HLI vs. CSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLI Houlihan Lokey, Inc.	-20.15%	1.64%	47.04%	40.67%	-13.88%	57.04%	40.61%	36.33%	-17.20%	49.30%
CSQ Calamos Strategic Total Return Fund	8.10%	16.25%	28.11%	20.80%	-24.26%	30.77%	26.22%	38.62%	-4.89%	27.98%

Correlation

The correlation between HLI and CSQ 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	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Aug 13, 2015	0.45

The correlation between HLI and CSQ has been stable across timeframes, ranging from 0.41 to 0.50 - a consistent structural relationship.

Return for Risk

HLI vs. CSQ — Risk / Return Rank

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

HLI

HLI Risk / Return Rank: 15
HLI Sharpe Ratio Rank: 11
HLI Sortino Ratio Rank: 13
HLI Omega Ratio Rank: 13
HLI Calmar Ratio Rank: 21
HLI Martin Ratio Rank: 18

CSQ

CSQ Risk / Return Rank: 36
CSQ Sharpe Ratio Rank: 42
CSQ Sortino Ratio Rank: 38
CSQ Omega Ratio Rank: 41
CSQ Calmar Ratio Rank: 25
CSQ Martin Ratio Rank: 34

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. CSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Houlihan Lokey, Inc. (HLI) and Calamos Strategic Total Return Fund (CSQ). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HLI	CSQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	1.51	-2.29
Sortino ratio: Return per unit of downside risk	-0.94	2.06	-3.00
Omega ratio: Gain probability vs. loss probability	0.88	1.27	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.59	1.49	-2.08
Martin ratio: Return relative to average drawdown	-1.12	6.36	-7.48

HLI vs. CSQ - Sharpe Ratio Comparison

The current HLI Sharpe Ratio is -0.78, which is lower than the CSQ Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of HLI and CSQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HLI vs. CSQ - Drawdown Comparison

The maximum HLI drawdown since its inception was -36.57%, smaller than the maximum CSQ drawdown of -67.17%. Use the drawdown chart below to compare losses from any high point for HLI and CSQ.

Drawdown Indicators

	HLI	CSQ	Difference
Max Drawdown Largest peak-to-trough decline	-36.57%	-67.17%	+30.60%
Max Drawdown (1Y) Largest decline over 1 year	-34.38%	-15.25%	-19.13%
Max Drawdown (3Y) Largest decline over 3 years	-34.38%	-24.18%	-10.20%
Max Drawdown (5Y) Largest decline over 5 years	-36.57%	-33.09%	-3.48%
Max Drawdown (10Y) Largest decline over 10 years	-36.57%	-48.21%	+11.64%
Current Drawdown Current decline from peak	-33.28%	-2.35%	-30.93%
Average Drawdown Average peak-to-trough decline	-9.59%	-9.33%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.07%	3.58%	+14.49%

Volatility

HLI vs. CSQ - Volatility Comparison

Houlihan Lokey, Inc. (HLI) has a higher volatility of 8.26% compared to Calamos Strategic Total Return Fund (CSQ) at 5.74%. This indicates that HLI's price experiences larger fluctuations and is considered to be riskier than CSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLI	CSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.26%	5.74%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	19.38%	12.45%	+6.93%
Volatility (1Y) Calculated over the trailing 1-year period	26.11%	15.06%	+11.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.97%	20.06%	+7.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.89%	23.02%	+3.87%

Dividends

HLI vs. CSQ - Dividend Comparison

HLI's dividend yield for the trailing twelve months is around 1.81%, less than CSQ's 6.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSQ Calamos Strategic Total Return Fund	6.72%	6.51%	6.95%	8.27%	9.17%	6.38%	7.03%	7.14%	9.35%	8.20%	9.64%	10.00%
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 CSQ in my portfolio?

HLI and CSQ 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 CSQ?

HLI has higher volatility (8.26%) compared to CSQ (5.74%). In terms of maximum drawdown, HLI dropped -36.57% vs CSQ's -67.17%.

Which has better risk-adjusted returns?

CSQ currently has the higher Sharpe Ratio (1.51 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.