HIW vs QQQ: Correlation
Measured on weekly returns over the past three years, Highwoods Properties, Inc. (HIW) and Invesco QQQ Trust (QQQ) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and QQQ?
Over the past 3 years, HIW and QQQ moved with a correlation of 0.27, which is weak. The past 12 months show a weaker link (0.14) than the 3-year average (0.27). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 156.9 %².
QQQ is close to the least connected end of HIW's tracked universe, ranking #15 of 18. Correlation aside, the last 12 months split them widely, with QQQ ahead by 16.5 points (+9.8% versus +26.3%). Note the risk asymmetry: HIW runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 QQQ: side by side
| HIW (Highwoods Properties, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +9.8% | +26.3% |
| 5-year return | -1.6% | +95.4% |
| Volatility (ann.) | 29.8% | 19.6% |
| Beta vs S&P 500 | 0.83 | 1.28 |
| Max drawdown (3Y) | -37.1% | -22.8% |
| Market cap | $3.5B | – |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 6.35% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | HIW | QQQ |
|---|---|---|
| 2022 | -33.6% | -32.6% |
| 2023 | -10.1% | +54.9% |
| 2024 | +43.1% | +25.6% |
| 2025 | -9.6% | +20.8% |
| 2026 | +28.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and QQQ good diversifiers for each other?
Reasonably. At 0.27, HIW and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HIW and QQQ?
The HIW/QQQ correlation stands at 0.27 on a 3-year window (1 year: 0.14, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for HIW?
Reasonably. At 0.27, HIW and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hiw-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HIW correlations · QQQ correlations
