HIW vs JBGS: Correlation
How closely do Highwoods Properties, Inc. (HIW) and JBG SMITH Properties (JBGS) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and JBGS?
Over the past 3 years, HIW and JBGS moved with a correlation of 0.66, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.66 over 3 years. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 659.9 %².
By 3-year correlation, JBGS places #8 of the 18 assets tracked against HIW. Their recent paths diverged sharply: over the last 12 months HIW outperformed by 50.2 percentage points (+9.8% for HIW against -40.4% for JBGS).
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 JBGS: side by side
| HIW (Highwoods Properties, Inc.) | JBGS (JBG SMITH Properties) | |
|---|---|---|
| 1-year return | +9.8% | -40.4% |
| 5-year return | -1.6% | -49.3% |
| Volatility (ann.) | 29.8% | 33.7% |
| Beta vs S&P 500 | 0.83 | 0.68 |
| Max drawdown (3Y) | -37.1% | -52.2% |
| Market cap | $3.5B | $0.9B |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 6.35% | 5.67% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | JBGS |
|---|---|---|
| 2022 | -33.6% | -31.0% |
| 2023 | -10.1% | -6.1% |
| 2024 | +43.1% | -4.5% |
| 2025 | -9.6% | +15.2% |
| 2026 | +28.8% | -26.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and JBGS good diversifiers for each other?
To a limited degree. At 0.66 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 JBGS?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.45 over the last year and 0.70 over 5 years.
Is JBGS a good diversifier for HIW?
To a limited degree. At 0.66 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 0.66 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/hiw-vs-jbgs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hiw-vs-jbgs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HIW correlations · JBGS correlations
