HLI vs SPY

Comparison between Houlihan Lokey Inc - Class A (HLI, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceHLI has outperformed SPY, delivering a return of +18.0% compared to +14.1%

HLI vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HLI(COMPANY)	SPY(ETF)
Market Cap / Net Assets	$10B	$735B
Expense Ratio	N/A	0.09%
Max Drawdown	37.23%	56.47%
Sharpe Ratio	-0.62	1.87
5Y Beta	0.97	1.00
Industry	Capital Markets	N/A
P/E Ratio	23.75	28.55
Forward P/E	17.89	21.99
PEG Ratio	0.83	N/A
Dividend Yield	1.57%	N/A
5Y Dividends CAGR	13.03%	5.43%
5Y EPS CAGR	20.27%	25.29%
Debt to Equity	0.00%	22.22%
Free Cash Flow Yield	7.37%	N/A
P/S Ratio	N/A	3.63
P/B Ratio	N/A	5.45

Market Cap / Net Assets

HLI

$10B

Winner

SPY

$735B

Expense Ratio

HLI

N/A

SPY

0.09%

Max Drawdown

Winner

HLI

37.23%

SPY

56.47%

Sharpe Ratio

HLI

-0.62

Winner

SPY

1.87

5Y Beta

Winner

HLI

0.97

SPY

1.00

Industry

HLI

Capital Markets

SPY

N/A

P/E Ratio

Winner

HLI

23.75

SPY

28.55

Forward P/E

Winner

HLI

17.89

SPY

21.99

PEG Ratio

HLI

0.83

SPY

N/A

Dividend Yield

HLI

1.57%

SPY

N/A

5Y Dividends CAGR

Winner

HLI

13.03%

SPY

5.43%

5Y EPS CAGR

HLI

20.27%

Winner

SPY

25.29%

Debt to Equity

Winner

HLI

0.00%

SPY

22.22%

Free Cash Flow Yield

HLI

7.37%

SPY

N/A

P/S Ratio

HLI

N/A

SPY

3.63

P/B Ratio

HLI

N/A

SPY

5.45

HLI vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	HLI	SPY
1 month	-3.51%	+8.19%
3 months	-8.88%	+9.18%
6 months	-15.91%	+11.09%
1 year	-14.49%	+27.94%
5 years(CAGR)	+17.96%	+14.15%
10 years(CAGR)	+23.05%	+15.63%
Max(CAGR)	+21.87%	+8.52%

HLI

-3.51%

Winner

SPY

+8.19%

HLI

-8.88%

Winner

SPY

+9.18%

HLI

-15.91%

Winner

SPY

+11.09%

HLI

-14.49%

Winner

SPY

+27.94%

5Y(CAGR)

Winner

HLI

+17.96%

SPY

+14.15%

10Y(CAGR)

Winner

HLI

+23.05%

SPY

+15.63%

Max(CAGR)

Winner

HLI

+21.87%

SPY

+8.52%

HLI vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	HLI	SPY
2026	-14.30%	+8.96%
2025	+2.88%	+18.00%
2024	+48.07%	+25.59%
2023	+39.48%	+26.72%
2022	-14.68%	-18.64%
2021	+57.82%	+30.52%
2020	+39.03%	+17.28%
2019	+34.99%	+31.09%
2018	-17.84%	-5.24%
2017	+46.86%	+20.78%
2016	+26.08%	+13.59%
2015	+17.72%	+1.31%
2014	N/A	+14.56%
2013	N/A	+29.00%
2012	N/A	+14.17%
2011	N/A	+0.85%
2010	N/A	+13.14%
2009	N/A	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

HLI vs SPY Drawdown Comparison

The maximum drawdown for HLI was -36.56%, occurring on Jul 14, 2022. Recovery took 475 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current HLI drawdown is -27.51%.

Rank	HLI	SPY
#1	-36.56% Jan 12, 2022 - Dec 4, 2023	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-33.48% Jul 23, 2018 - Jan 16, 2020	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-33.13% Sep 23, 2025 - Mar 18, 2026	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-25.19% Nov 25, 2024 - Jul 9, 2025	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-20.34% Feb 19, 2020 - Apr 3, 2020	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-17.84% Dec 31, 2015 - Aug 15, 2016	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-16.62% May 18, 2020 - Oct 12, 2020	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-16.05% Nov 11, 2021 - Jan 12, 2022	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-15.11% Jan 24, 2018 - Jun 18, 2018	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-12.02% Jan 13, 2021 - May 13, 2021	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-9.69% Jul 26, 2017 - Sep 27, 2017	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-9.34% Feb 3, 2017 - Mar 10, 2017	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-8.92% Aug 15, 2016 - Nov 16, 2016	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-8.12% Oct 7, 2015 - Nov 24, 2015	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-8.00% Aug 14, 2015 - Oct 7, 2015	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between HLI and SPY is 0.97 which considered as a very strong positive correlation - the stocks move almost identically together.

0.97

-101

Dividend Comparison (1999 - 2026)

HLI vs SPY dividend yield comparison.

Year	HLI	SPY
2026	0.40%	0.24%
2025	1.36%	1.07%
2024	1.30%	1.21%
2023	1.82%	1.40%
2022	2.32%	1.65%
2021	1.56%	1.20%
2020	1.90%	1.52%
2019	2.46%	1.75%
2018	2.74%	2.04%
2017	1.76%	1.80%
2016	2.12%	2.03%
2015	0.57%	2.06%
2014	0.00%	1.87%
2013	0.00%	1.81%
2012	0.00%	2.18%
2011	0.00%	2.05%
2010	0.00%	1.80%
2009	0.00%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%