HIW vs ICUI: Correlation
Highwoods Properties, Inc. (HIW) and ICU Medical, Inc. (ICUI) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and ICUI?
Across a 3-year window, the weekly returns of HIW and ICUI correlate at 0.51, moderate. The past 12 months show a weaker link (0.41) than the 3-year average (0.51). Stretching to 5 years gives 0.42, with an annualized covariance of 600.2 %².
Within HIW's tracked universe of 18 assets, ICUI comes in at #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ICUI outperformed by 28.5 percentage points (+9.8% for HIW against +38.3% for ICUI).
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 ICUI: side by side
| HIW (Highwoods Properties, Inc.) | ICUI (ICU Medical, Inc.) | |
|---|---|---|
| 1-year return | +9.8% | +38.3% |
| 5-year return | -1.6% | -12.5% |
| Volatility (ann.) | 29.8% | 39.5% |
| Beta vs S&P 500 | 0.83 | 0.84 |
| Max drawdown (3Y) | -37.1% | -45.1% |
| Market cap | $3.5B | $4.4B |
| P/E (trailing) | 20.9 | 150.9 |
| Dividend yield | 6.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | ICUI |
|---|---|---|
| 2022 | -33.6% | -33.6% |
| 2023 | -10.1% | -36.7% |
| 2024 | +43.1% | +55.6% |
| 2025 | -9.6% | -8.1% |
| 2026 | +28.8% | +22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and ICUI good diversifiers for each other?
Only partially. A correlation of 0.51 means HIW and ICUI 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 HIW and ICUI?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.41 over the last year and 0.42 over 5 years.
Is ICUI a good diversifier for HIW?
Only partially. A correlation of 0.51 means HIW and ICUI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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/hiw-vs-icui.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hiw-vs-icui/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HIW correlations · ICUI correlations
