HIW vs VXZ: Correlation
Measured on weekly returns over the past three years, Highwoods Properties, Inc. (HIW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIW and VXZ?
Across a 3-year window, the weekly returns of HIW and VXZ correlate at -0.47, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.47 over 3. Stretching to 5 years gives -0.53, with an annualized covariance of -356.3 %².
VXZ is close to the least connected end of HIW's tracked universe, ranking #18 of 18. Their recent paths diverged sharply: over the last 12 months HIW outperformed by 25.9 percentage points (+9.8% for HIW against -16.1% for VXZ).
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 VXZ: side by side
| HIW (Highwoods Properties, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.8% | -16.1% |
| 5-year return | -1.6% | -53.1% |
| Volatility (ann.) | 29.8% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -37.1% | -36.4% |
| Market cap | $3.5B | – |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 6.35% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIW | VXZ |
|---|---|---|
| 2022 | -33.6% | +0.5% |
| 2023 | -10.1% | -44.0% |
| 2024 | +43.1% | -12.7% |
| 2025 | -9.6% | +5.7% |
| 2026 | +28.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIW and VXZ good diversifiers for each other?
Yes. With a correlation of -0.47, HIW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HIW and VXZ?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.37 over the last year and -0.53 over 5 years.
Is VXZ a good diversifier for HIW?
Yes. With a correlation of -0.47, HIW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hiw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HIW correlations · VXZ correlations
