HIW vs VNO: Correlation
Measured on weekly returns over the past three years, Highwoods Properties, Inc. (HIW) and Vornado Realty Trust (VNO) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and VNO?
Across a 3-year window, the weekly returns of HIW and VNO correlate at 0.77, strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 897.7 %².
Among the 18 assets we track against HIW, VNO ranks #7 by 3-year correlation. Neither side won the trailing year by much: +9.8% against +5.1%.
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 VNO: side by side
| HIW (Highwoods Properties, Inc.) | VNO (Vornado Realty Trust) | |
|---|---|---|
| 1-year return | +9.8% | +5.1% |
| 5-year return | -1.6% | +8.4% |
| Volatility (ann.) | 29.8% | 39.1% |
| Beta vs S&P 500 | 0.83 | 1.34 |
| Max drawdown (3Y) | -37.1% | -43.9% |
| Market cap | $3.5B | $7.7B |
| P/E (trailing) | 20.9 | 1290.7 |
| Dividend yield | 6.35% | 1.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | VNO |
|---|---|---|
| 2022 | -33.6% | -46.7% |
| 2023 | -10.1% | +39.5% |
| 2024 | +43.1% | +51.3% |
| 2025 | -9.6% | -19.1% |
| 2026 | +28.8% | +16.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and VNO good diversifiers for each other?
Only partially. A correlation of 0.77 means HIW and VNO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HIW and VNO?
The HIW/VNO correlation stands at 0.77 on a 3-year window (1 year: 0.70, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is VNO a good diversifier for HIW?
Only partially. A correlation of 0.77 means HIW and VNO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
A reading of 0.77 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-vno.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hiw-vs-vno/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HIW correlations · VNO correlations
