HIW vs PDEX: Correlation
How closely do Highwoods Properties, Inc. (HIW) and Pro-Dex, Inc. (PDEX) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and PDEX?
Over the past 3 years, HIW and PDEX moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -387.6 %².
Among the 18 assets we track against HIW, PDEX sits near the bottom by co-movement, at rank #16. Correlation aside, the last 12 months split them widely, with PDEX ahead by 32.7 points (+9.8% versus +42.5%). Risk is not evenly split, since PDEX carries 2.0 times the volatility of the other side.
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 PDEX: side by side
| HIW (Highwoods Properties, Inc.) | PDEX (Pro-Dex, Inc.) | |
|---|---|---|
| 1-year return | +9.8% | +42.5% |
| 5-year return | -1.6% | +152.4% |
| Volatility (ann.) | 29.8% | 59.6% |
| Beta vs S&P 500 | 0.83 | 0.17 |
| Max drawdown (3Y) | -37.1% | -65.3% |
| Market cap | $3.5B | $0.2B |
| P/E (trailing) | 20.9 | 17.5 |
| Dividend yield | 6.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | PDEX |
|---|---|---|
| 2022 | -33.6% | -31.5% |
| 2023 | -10.1% | +10.2% |
| 2024 | +43.1% | +166.8% |
| 2025 | -9.6% | -17.7% |
| 2026 | +28.8% | +68.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and PDEX good diversifiers for each other?
Yes. With a correlation of -0.22, HIW and PDEX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HIW and PDEX?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.17 over the last year and -0.10 over 5 years.
Is PDEX a good diversifier for HIW?
Yes. With a correlation of -0.22, HIW and PDEX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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-pdex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hiw-vs-pdex/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HIW correlations · PDEX correlations
