MOAT vs. HLI

Last updated Jun 14, 2026

MOAT (VanEck Morningstar Wide Moat ETF) is Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index, while HLI (Houlihan Lokey, Inc.) is a stock. Over the past 10 years, MOAT returned 13.47%/yr vs 21.76%/yr for HLI. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

MOAT vs. HLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Morningstar Wide Moat ETF (MOAT) and Houlihan Lokey, Inc. (HLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MOAT achieves a -0.66% return, which is significantly higher than HLI's -20.15% return. Over the past 10 years, MOAT has underperformed HLI with an annualized return of 13.47%, while HLI has yielded a comparatively higher 21.76% annualized return.

MOAT

• 1D: 0.41%
• 1M: 3.19%
• YTD: -0.66%
• 6M: -1.22%
• 1Y: 14.57%
• 3Y*: 10.55%
• 5Y*: 7.78%
• 10Y*: 13.47%

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%

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

MOAT vs. HLI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MOAT VanEck Morningstar Wide Moat ETF	-0.66%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	34.79%	-1.28%	23.18%
HLI Houlihan Lokey, Inc.	-20.15%	1.64%	47.04%	40.67%	-13.88%	57.04%	40.61%	36.33%	-17.20%	49.30%

Correlation

The correlation between MOAT and HLI is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
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	0.55
Correlation (All Time) Calculated using the full available price history since Aug 13, 2015	0.53

The correlation between MOAT and HLI has been stable across timeframes, ranging from 0.53 to 0.58 - a consistent structural relationship.

Return for Risk

MOAT vs. HLI — Risk / Return Rank

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

MOAT

MOAT Risk / Return Rank: 26
MOAT Sharpe Ratio Rank: 28
MOAT Sortino Ratio Rank: 28
MOAT Omega Ratio Rank: 26
MOAT Calmar Ratio Rank: 24
MOAT Martin Ratio Rank: 26

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

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.

MOAT vs. HLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar Wide Moat ETF (MOAT) and Houlihan Lokey, Inc. (HLI). 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.

	MOAT	HLI	Difference
Sharpe ratio: Return per unit of total volatility	0.91	-0.78	+1.68
Sortino ratio: Return per unit of downside risk	1.39	-0.94	+2.32
Omega ratio: Gain probability vs. loss probability	1.16	0.88	+0.28
Calmar ratio: Return relative to maximum drawdown	1.02	-0.59	+1.61
Martin ratio: Return relative to average drawdown	3.11	-1.12	+4.23

MOAT vs. HLI - Sharpe Ratio Comparison

The current MOAT Sharpe Ratio is 0.91, which is higher than the HLI Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of MOAT and HLI, 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

MOAT vs. HLI - Drawdown Comparison

The maximum MOAT drawdown since its inception was -33.31%, smaller than the maximum HLI drawdown of -36.57%. Use the drawdown chart below to compare losses from any high point for MOAT and HLI.

Drawdown Indicators

	MOAT	HLI	Difference
Max Drawdown Largest peak-to-trough decline	-33.31%	-36.57%	+3.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-34.38%	+21.95%
Max Drawdown (3Y) Largest decline over 3 years	-21.44%	-34.38%	+12.94%
Max Drawdown (5Y) Largest decline over 5 years	-23.96%	-36.57%	+12.61%
Max Drawdown (10Y) Largest decline over 10 years	-33.31%	-36.57%	+3.26%
Current Drawdown Current decline from peak	-4.45%	-33.28%	+28.83%
Average Drawdown Average peak-to-trough decline	-3.83%	-9.59%	+5.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	18.07%	-14.01%

Volatility

MOAT vs. HLI - Volatility Comparison

The current volatility for VanEck Morningstar Wide Moat ETF (MOAT) is 4.13%, while Houlihan Lokey, Inc. (HLI) has a volatility of 8.26%. This indicates that MOAT experiences smaller price fluctuations and is considered to be less risky than HLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MOAT	HLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	8.26%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	19.38%	-9.48%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	26.11%	-12.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	27.97%	-9.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	26.89%	-8.21%

Dividends

MOAT vs. HLI - Dividend Comparison

MOAT's dividend yield for the trailing twelve months is around 1.36%, less than HLI's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MOAT VanEck Morningstar Wide Moat ETF	1.36%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%

Frequently Asked Questions

Can I hold both MOAT and HLI in my portfolio?

MOAT and HLI have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MOAT or HLI?

HLI has higher volatility (8.26%) compared to MOAT (4.13%). In terms of maximum drawdown, MOAT dropped -33.31% vs HLI's -36.57%.

Which has better risk-adjusted returns?

MOAT currently has the higher Sharpe Ratio (0.91 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.