HIW vs SPY: Correlation
How closely do Highwoods Properties, Inc. (HIW) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and SPY?
On 3 years of weekly data the HIW/SPY correlation comes out at 0.41, moderate. The past 12 months show a weaker link (0.29) than the 3-year average (0.41). The 5-year figure is 0.49, and annualized covariance runs at 174.4 %².
By 3-year correlation, SPY places #13 of the 18 assets tracked against HIW. The trailing year gives SPY the advantage: +9.8% versus +20.6%, a 10.8-point spread. One caveat on sizing: HIW is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPY: side by side
| HIW (Highwoods Properties, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.8% | +20.6% |
| 5-year return | -1.6% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -37.1% | -18.8% |
| Market cap | $3.5B | – |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 6.35% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | HIW | SPY |
|---|---|---|
| 2022 | -33.6% | -18.2% |
| 2023 | -10.1% | +26.2% |
| 2024 | +43.1% | +24.9% |
| 2025 | -9.6% | +17.7% |
| 2026 | +28.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HIW and SPY?
The HIW/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.29, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HIW?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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.
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Related comparisons
Hubs: HIW correlations · SPY correlations
