HIW vs HPP: Correlation
How closely do Highwoods Properties, Inc. (HIW) and Hudson Pacific Properties, Inc. (HPP) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and HPP?
Across a 3-year window, the weekly returns of HIW and HPP correlate at 0.62, strong. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Stretching to 5 years gives 0.68, with an annualized covariance of 1194.4 %².
By 3-year correlation, HPP places #10 of the 18 assets tracked against HIW. Correlation aside, the last 12 months split them widely, with HIW ahead by 42.0 points (+9.8% versus -32.2%). Note the risk asymmetry: HPP runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HIW vs HPP: side by side
| HIW (Highwoods Properties, Inc.) | HPP (Hudson Pacific Properties, Inc.) | |
|---|---|---|
| 1-year return | +9.8% | -32.2% |
| 5-year return | -1.6% | -91.3% |
| Volatility (ann.) | 29.8% | 64.7% |
| Beta vs S&P 500 | 0.83 | 1.35 |
| Max drawdown (3Y) | -37.1% | -91.7% |
| Market cap | $3.5B | $1.5B |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 6.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | HPP |
|---|---|---|
| 2022 | -33.6% | -57.9% |
| 2023 | -10.1% | +1.9% |
| 2024 | +43.1% | -66.9% |
| 2025 | -9.6% | -48.9% |
| 2026 | +28.8% | +25.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and HPP good diversifiers for each other?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HIW and HPP?
The HIW/HPP correlation stands at 0.62 on a 3-year window (1 year: 0.57, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is HPP a good diversifier for HIW?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.62 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/hiw-vs-hpp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hiw-vs-hpp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HIW correlations · HPP correlations
