BXP vs HIW: Correlation
Measured on weekly returns over the past three years, BXP, Inc. (BXP) and Highwoods Properties, Inc. (HIW) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXP and HIW?
Across a 3-year window, the weekly returns of BXP and HIW correlate at 0.82, very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.70) than the 3-year average (0.82). Stretching to 5 years gives 0.84, with an annualized covariance of 806.6 %².
Few assets follow BXP as closely as HIW, which ranks #3 of 45 tracked partners. The trailing year gives HIW the advantage: +2.9% versus +9.8%, a 6.9-point spread.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BXP vs HIW: side by side
| BXP (BXP, Inc.) | HIW (Highwoods Properties, Inc.) | |
|---|---|---|
| 1-year return | +2.9% | +9.8% |
| 5-year return | -18.9% | -1.6% |
| Volatility (ann.) | 33.1% | 29.8% |
| Beta vs S&P 500 | 1.02 | 0.83 |
| Max drawdown (3Y) | -39.0% | -37.1% |
| Market cap | $12.7B | $3.5B |
| P/E (trailing) | 37.8 | 20.9 |
| Dividend yield | 3.98% | 6.35% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | BXP | HIW |
|---|---|---|
| 2022 | -38.6% | -33.6% |
| 2023 | +11.0% | -10.1% |
| 2024 | +12.3% | +43.1% |
| 2025 | -4.7% | -9.6% |
| 2026 | +6.2% | +28.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXP and HIW good diversifiers for each other?
No. With a correlation of 0.82, BXP and HIW move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between BXP and HIW?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.70 over the last year and 0.84 over 5 years.
Is HIW a good diversifier for BXP?
No. With a correlation of 0.82, BXP and HIW move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bxp-vs-hiw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bxp-vs-hiw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BXP correlations · HIW correlations
