HIW vs RBA: Correlation
How closely do Highwoods Properties, Inc. (HIW) and RB Global, Inc. (RBA) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and RBA?
Across a 3-year window, the weekly returns of HIW and RBA correlate at 0.43, moderate. The past 12 months show a tighter link (0.53) than the 3-year average (0.43). Stretching to 5 years gives 0.38, with an annualized covariance of 357.5 %².
By 3-year correlation, RBA places #12 of the 18 assets tracked against HIW. Correlation aside, the last 12 months split them widely, with HIW ahead by 35.1 points (+9.8% versus -25.3%).
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 RBA: side by side
| HIW (Highwoods Properties, Inc.) | RBA (RB Global, Inc.) | |
|---|---|---|
| 1-year return | +9.8% | -25.3% |
| 5-year return | -1.6% | +48.6% |
| Volatility (ann.) | 29.8% | 28.2% |
| Beta vs S&P 500 | 0.83 | 0.69 |
| Max drawdown (3Y) | -37.1% | -30.9% |
| Market cap | $3.5B | $15.9B |
| P/E (trailing) | 20.9 | 36.9 |
| Dividend yield | 6.35% | 1.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | RBA |
|---|---|---|
| 2022 | -33.6% | -3.9% |
| 2023 | -10.1% | +20.3% |
| 2024 | +43.1% | +36.8% |
| 2025 | -9.6% | +14.7% |
| 2026 | +28.8% | -15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and RBA good diversifiers for each other?
Reasonably. At 0.43, HIW and RBA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HIW and RBA?
The HIW/RBA correlation stands at 0.43 on a 3-year window (1 year: 0.53, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is RBA a good diversifier for HIW?
Reasonably. At 0.43, HIW and RBA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hiw-vs-rba.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hiw-vs-rba/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HIW correlations · RBA correlations
