what does HML mean
DEFINITION of 'High Minus Low-HML'. One of three factors in the Fama and French asset pricing model. HML accounts for the spread in returns between value and growth stocks.HML argues that companies with high book-to-market ratios (value stocks) outperform those with low ones (growth stocks).EFINITION of 'High Minus Low-HML'. One of three factors in the Fama and French asset pricing model. HML accounts for the spread in returns between value and growth stocks. HML argues that companies with high book-to-market ratios (value stocks) outperform those with low ones (growth stocks).