HIW vs KRC: Correlation
Measured on weekly returns over the past three years, Highwoods Properties, Inc. (HIW) and Kilroy Realty Corporation (KRC) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and KRC?
On 3 years of weekly data the HIW/KRC correlation comes out at 0.78, strong. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. The 5-year figure is 0.82, and annualized covariance runs at 829.6 %².
Within HIW's tracked universe of 18 assets, KRC comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HIW outperformed by 15.1 percentage points (+9.8% for HIW against -5.3% for KRC).
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 KRC: side by side
| HIW (Highwoods Properties, Inc.) | KRC (Kilroy Realty Corporation) | |
|---|---|---|
| 1-year return | +9.8% | -5.3% |
| 5-year return | -1.6% | -26.0% |
| Volatility (ann.) | 29.8% | 35.5% |
| Beta vs S&P 500 | 0.83 | 1.02 |
| Max drawdown (3Y) | -37.1% | -35.3% |
| Market cap | $3.5B | $4.3B |
| P/E (trailing) | 20.9 | 25.8 |
| Dividend yield | 6.35% | 5.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | KRC |
|---|---|---|
| 2022 | -33.6% | -39.2% |
| 2023 | -10.1% | +10.1% |
| 2024 | +43.1% | +7.8% |
| 2025 | -9.6% | -2.0% |
| 2026 | +28.8% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and KRC good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HIW and KRC?
As of 2026-08-27, the correlation of weekly returns between HIW and KRC is 0.78 over 3 years, 0.74 over 1 year and 0.82 over 5 years.
Is KRC a good diversifier for HIW?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 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-krc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hiw-vs-krc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HIW correlations · KRC correlations
