HHH vs PDM: Correlation
Howard Hughes Holdings Inc. (HHH) and Piedmont Realty Trust, Inc. (PDM) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HHH and PDM?
Over the past 3 years, HHH and PDM moved with a correlation of 0.66, which is strong. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 683.4 %².
In HHH's tracked universe of 17 assets, PDM sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months PDM outperformed by 30.2 percentage points (-14.2% for HHH against +16.0% for PDM).
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.
HHH vs PDM: side by side
| HHH (Howard Hughes Holdings Inc.) | PDM (Piedmont Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | -14.2% | +16.0% |
| 5-year return | -25.2% | -29.9% |
| Volatility (ann.) | 29.3% | 35.3% |
| Beta vs S&P 500 | 0.96 | 0.95 |
| Max drawdown (3Y) | -31.4% | -46.4% |
| Market cap | $3.9B | $1.2B |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HHH | PDM |
|---|---|---|
| 2022 | -24.9% | -46.8% |
| 2023 | +11.9% | -14.8% |
| 2024 | -5.7% | +37.2% |
| 2025 | +3.7% | -7.3% |
| 2026 | -18.6% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HHH and PDM good diversifiers for each other?
Only partially. A correlation of 0.66 means HHH and PDM 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 HHH and PDM?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.56 over the last year and 0.62 over 5 years.
Is PDM a good diversifier for HHH?
Only partially. A correlation of 0.66 means HHH and PDM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
A reading of 0.66 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hhh-vs-pdm.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: HHH correlations · PDM correlations
