CDP vs HIW: Correlation
How closely do COPT Defense Properties (CDP) and Highwoods Properties, Inc. (HIW) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDP and HIW?
Across a 3-year window, the weekly returns of CDP and HIW correlate at 0.65, strong. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Stretching to 5 years gives 0.71, with an annualized covariance of 391.5 %².
Few assets follow CDP as closely as HIW, which ranks #2 of 11 tracked partners. Their recent paths diverged sharply: over the last 12 months CDP outperformed by 24.6 percentage points (+34.4% for CDP against +9.8% for HIW).
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.
CDP vs HIW: side by side
| CDP (COPT Defense Properties) | HIW (Highwoods Properties, Inc.) | |
|---|---|---|
| 1-year return | +34.4% | +9.8% |
| 5-year return | +64.2% | -1.6% |
| Volatility (ann.) | 20.1% | 29.8% |
| Beta vs S&P 500 | 0.32 | 0.83 |
| Max drawdown (3Y) | -23.7% | -37.1% |
| Market cap | $4.3B | $3.5B |
| P/E (trailing) | 25.9 | 20.9 |
| Dividend yield | 3.35% | 6.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDP | HIW |
|---|---|---|
| 2022 | -3.3% | -33.6% |
| 2023 | +3.7% | -10.1% |
| 2024 | +26.2% | +43.1% |
| 2025 | -6.2% | -9.6% |
| 2026 | +36.7% | +28.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDP and HIW good diversifiers for each other?
Only partially. A correlation of 0.65 means CDP and HIW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CDP and HIW?
The CDP/HIW correlation stands at 0.65 on a 3-year window (1 year: 0.59, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is HIW a good diversifier for CDP?
Only partially. A correlation of 0.65 means CDP and HIW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdp-vs-hiw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cdp-vs-hiw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CDP correlations · HIW correlations
