HIW vs VXX: Correlation
Highwoods Properties, Inc. (HIW) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and VXX?
Across a 3-year window, the weekly returns of HIW and VXX correlate at -0.43, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.30 versus -0.43 over 3 years. Stretching to 5 years gives -0.45, with an annualized covariance of -777.6 %².
Out of 18 assets tracked against HIW, VXX lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with HIW ahead by 59.5 points (+9.8% versus -49.7%). Note the risk asymmetry: VXX runs 2.0 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 VXX: side by side
| HIW (Highwoods Properties, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.8% | -49.7% |
| 5-year return | -1.6% | -95.6% |
| Volatility (ann.) | 29.8% | 60.9% |
| Beta vs S&P 500 | 0.83 | -3.31 |
| Max drawdown (3Y) | -37.1% | -83.3% |
| Market cap | $3.5B | – |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 6.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | VXX |
|---|---|---|
| 2022 | -33.6% | -23.8% |
| 2023 | -10.1% | -72.5% |
| 2024 | +43.1% | -26.2% |
| 2025 | -9.6% | -42.2% |
| 2026 | +28.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between HIW and VXX?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.30 over the last year and -0.45 over 5 years.
Is VXX a good diversifier for HIW?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
A reading of -0.43 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-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hiw-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HIW correlations · VXX correlations
