Highwoods Properties Correlations

HIW Stock

USD 31.89 0.28 0.89%

The current 90-days correlation between Highwoods Properties and Corporate Office Properties is -0.02 (i.e., Good diversification). The correlation of Highwoods Properties is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Highwoods Properties Correlation With Market

Very weak diversification

The correlation between Highwoods Properties and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Highwoods Properties and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Highwoods Properties. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

For more information on how to buy Highwoods Stock please use our How to Invest in Highwoods Properties guide.

Moving together with Highwoods Stock

0.66	ADC-PA	Agree Realty	Pair Corr
0.69	VNO-PL	Vornado Realty Trust	Pair Corr
0.75	VNO-PM	Vornado Realty Trust Potential Growth	Pair Corr
0.75	VNO-PN	Vornado Realty Trust	Pair Corr
0.81	VNO-PO	Vornado Realty Trust	Pair Corr
0.81	MITT-PA	AG Mortgage Investment	Pair Corr
0.78	MITT-PB	AG Mortgage Investment	Pair Corr

Moving against Highwoods Stock

0.6	AHT-PF	Ashford Hospitality Trust	Pair Corr
0.54	AHT-PH	Ashford Hospitality Trust	Pair Corr
0.52	RC	Ready Capital Corp	Pair Corr
0.45	AHT-PI	Ashford Hospitality Trust	Pair Corr
0.41	AHT-PG	Ashford Hospitality Trust Downward Rally	Pair Corr
0.35	UK	Ucommune International	Pair Corr
0.34	DOUG	Douglas Elliman	Pair Corr
0.31	VTMX	Corporacin Inmobiliaria	Pair Corr
0.75	AHT	Ashford Hospitality Trust	Pair Corr
0.38	ACR	Acres Commercial Realty	Pair Corr
0.37	ECRO	Ecc Cap Corp	Pair Corr
0.35	AHH	Armada Hflr Pr	Pair Corr

Related Correlations Analysis

	OFC	PDM	DEI	KRC	HPP	CUZ	EQC	BDN
OFC		0.02	0.56	0.33	-0.78	0.63	0.0	0.1	OFC
PDM	0.02		0.7	0.83	-0.01	0.71	-0.52	0.74	PDM
DEI	0.56	0.7		0.92	-0.61	0.94	-0.61	0.64	DEI
KRC	0.33	0.83	0.92		-0.37	0.9	-0.61	0.66	KRC
HPP	-0.78	-0.01	-0.61	-0.37		-0.62	0.34	-0.14	HPP
CUZ	0.63	0.71	0.94	0.9	-0.62		-0.48	0.54	CUZ
EQC	0.0	-0.52	-0.61	-0.61	0.34	-0.48		-0.53	EQC
BDN	0.1	0.74	0.64	0.66	-0.14	0.54	-0.53		BDN
	OFC	PDM	DEI	KRC	HPP	CUZ	EQC	BDN

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CUZ	+ 0.94	DEI
KRC	+ 0.92	DEI
CUZ	+ 0.9	KRC
KRC	+ 0.83	PDM
BDN	+ 0.74	PDM
CUZ	+ 0.71	PDM

High negative correlations

HPP	- 0.78	OFC
CUZ	- 0.62	HPP
EQC	- 0.61	KRC
EQC	- 0.61	DEI
HPP	- 0.61	DEI
BDN	- 0.53	EQC

Risk-Adjusted Indicators

There is a big difference between Highwoods Stock performing well and Highwoods Properties Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Highwoods Properties' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
OFC	1.39	0.20	0.07	(1.62)	1.30	(1.67)	3.10	(2.44)	6.24
PDM	1.26	(0.01)	(0.01)	0.07	1.58	(1.42)	3.04	(2.53)	8.38
DEI	1.34	0.29	0.18	0.38	1.35	(1.54)	2.79	(2.06)	8.58
KRC	1.35	0.12	0.09	0.19	1.34	(1.53)	3.71	(2.85)	8.91
HPP	2.70	(0.75)	0.00	(0.38)	0.00	0.00	4.21	(5.70)	17.20
CUZ	0.83	0.18	0.12	0.44	0.92	(0.88)	1.92	(1.82)	5.40
EQC	0.27	(0.03)	0.00	(0.20)	0.00	0.00	0.50	(0.56)	3.49
BDN	1.63	0.02	0.02	0.10	2.94	(1.75)	3.61	(3.80)	18.66

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