HIW vs PDM: Correlation
Measured on weekly returns over the past three years, Highwoods Properties, Inc. (HIW) and Piedmont Realty Trust, Inc. (PDM) 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 PDM?
Over the past 3 years, HIW and PDM moved with a correlation of 0.78, which is strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 816.8 %².
By 3-year correlation, PDM places #5 of the 18 assets tracked against HIW. On 12-month performance PDM holds a 6.2-point edge, +9.8% against +16.0%.
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 PDM: side by side
| HIW (Highwoods Properties, Inc.) | PDM (Piedmont Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | +9.8% | +16.0% |
| 5-year return | -1.6% | -29.9% |
| Volatility (ann.) | 29.8% | 35.3% |
| Beta vs S&P 500 | 0.83 | 0.95 |
| Max drawdown (3Y) | -37.1% | -46.4% |
| Market cap | $3.5B | $1.2B |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 6.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | PDM |
|---|---|---|
| 2022 | -33.6% | -46.8% |
| 2023 | -10.1% | -14.8% |
| 2024 | +43.1% | +37.2% |
| 2025 | -9.6% | -7.3% |
| 2026 | +28.8% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and PDM good diversifiers for each other?
To a limited degree. At 0.78 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 PDM?
The HIW/PDM correlation stands at 0.78 on a 3-year window (1 year: 0.70, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is PDM a good diversifier for HIW?
To a limited degree. At 0.78 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 0.78 mean?
A reading of 0.78 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-pdm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hiw-vs-pdm/)
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Related comparisons
Hubs: HIW correlations · PDM correlations
