HPP vs SLG: Correlation
Hudson Pacific Properties, Inc. (HPP) and SL Green Realty Corp (SLG) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPP and SLG?
On 3 years of weekly data the HPP/SLG correlation comes out at 0.65, strong. Recent behaviour matches the longer record: 0.56 over 1 year against 0.65 over 3. The 5-year figure is 0.69, and annualized covariance runs at 1738.4 %².
Few assets follow HPP as closely as SLG, which ranks #2 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with SLG ahead by 38.9 points (-32.2% versus +6.7%). One caveat on sizing: HPP is 1.6 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.
HPP vs SLG: side by side
| HPP (Hudson Pacific Properties, Inc.) | SLG (SL Green Realty Corp) | |
|---|---|---|
| 1-year return | -32.2% | +6.7% |
| 5-year return | -91.3% | +15.1% |
| Volatility (ann.) | 64.7% | 41.1% |
| Beta vs S&P 500 | 1.35 | 1.33 |
| Max drawdown (3Y) | -91.7% | -53.9% |
| Market cap | $1.5B | $4.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 5.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HPP | SLG |
|---|---|---|
| 2022 | -57.9% | -50.9% |
| 2023 | +1.9% | +48.8% |
| 2024 | -66.9% | +58.3% |
| 2025 | -48.9% | -29.0% |
| 2026 | +25.3% | +29.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPP and SLG good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HPP and SLG?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.56 over the last year and 0.69 over 5 years.
Is SLG a good diversifier for HPP?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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/hpp-vs-slg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpp-vs-slg/)
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Related comparisons
Hubs: HPP correlations · SLG correlations
