HIW vs SLG: Correlation
Measured on weekly returns over the past three years, Highwoods Properties, Inc. (HIW) and SL Green Realty Corp (SLG) 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 SLG?
On 3 years of weekly data the HIW/SLG correlation comes out at 0.78, strong. The link has loosened recently: the 1-year correlation (0.62) runs below the 3-year figure (0.78). The 5-year figure is 0.80, and annualized covariance runs at 949.7 %².
Within HIW's tracked universe of 18 assets, SLG comes in at #6 by 3-year correlation. Their 12-month results are close: +9.8% for HIW against +6.7% for SLG.
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 SLG: side by side
| HIW (Highwoods Properties, Inc.) | SLG (SL Green Realty Corp) | |
|---|---|---|
| 1-year return | +9.8% | +6.7% |
| 5-year return | -1.6% | +15.1% |
| Volatility (ann.) | 29.8% | 41.1% |
| Beta vs S&P 500 | 0.83 | 1.33 |
| Max drawdown (3Y) | -37.1% | -53.9% |
| Market cap | $3.5B | $4.4B |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 6.35% | 5.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | SLG |
|---|---|---|
| 2022 | -33.6% | -50.9% |
| 2023 | -10.1% | +48.8% |
| 2024 | +43.1% | +58.3% |
| 2025 | -9.6% | -29.0% |
| 2026 | +28.8% | +29.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and SLG 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 SLG?
The HIW/SLG correlation stands at 0.78 on a 3-year window (1 year: 0.62, 5 years: 0.80), computed from weekly returns as of 2026-08-27.
Is SLG 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?
On the −1 to +1 scale, 0.78 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-slg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hiw-vs-slg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HIW correlations · SLG correlations
