HIW vs. HYG
HIW (Highwoods Properties, Inc.) is a stock, while HYG (iShares iBoxx $ High Yield Corporate Bond ETF) is High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Over the past 10 years, HIW returned 0.16%/yr vs 4.91%/yr for HYG. At a 0.41 correlation, their price movements are largely independent.
Performance
HIW vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, HIW achieves a 11.44% return, which is significantly higher than HYG's 1.51% return. Over the past 10 years, HIW has underperformed HYG with an annualized return of 0.16%, while HYG has yielded a comparatively higher 4.91% annualized return.
HIW
- 1D
- 2.37%
- 1M
- 12.16%
- YTD
- 11.44%
- 6M
- 8.38%
- 1Y
- -1.50%
- 3Y*
- 18.60%
- 5Y*
- -3.60%
- 10Y*
- 0.16%
HYG
- 1D
- 0.19%
- 1M
- 0.40%
- YTD
- 1.51%
- 6M
- 1.84%
- 1Y
- 6.51%
- 3Y*
- 8.57%
- 5Y*
- 3.81%
- 10Y*
- 4.91%
HIW vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIW Highwoods Properties, Inc. | 11.44% | -9.61% | 43.11% | -10.14% | -33.58% | 17.63% | -14.76% | 31.82% | -20.84% | 3.36% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.51% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between HIW and HYG is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2007 | 0.41 |
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Return for Risk
HIW vs. HYG — Risk / Return Rank
HIW
HYG
HIW vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Highwoods Properties, Inc. (HIW) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| HIW | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.33 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 2.79 | -2.84 |
| Martin ratioReturn relative to average drawdown | -0.09 | 12.34 | -12.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HIW | HYG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.06 | 1.72 | -1.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | 0.51 | -0.63 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.01 | 0.59 | -0.59 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.46 | -0.23 |
Drawdowns
HIW vs. HYG - Drawdown Comparison
The maximum HIW drawdown since its inception was -63.47%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for HIW and HYG.
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Drawdown Indicators
| HIW | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.47% | -34.25% | -29.22% |
Max Drawdown (1Y)Largest decline over 1 year | -34.03% | -2.34% | -31.69% |
Max Drawdown (3Y)Largest decline over 3 years | -37.09% | -4.56% | -32.53% |
Max Drawdown (5Y)Largest decline over 5 years | -58.40% | -15.79% | -42.61% |
Max Drawdown (10Y)Largest decline over 10 years | -58.93% | -22.03% | -36.90% |
Current DrawdownCurrent decline from peak | -20.38% | -0.09% | -20.29% |
Average DrawdownAverage peak-to-trough decline | -14.58% | -3.24% | -11.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.89% | 0.53% | +16.36% |
Volatility
HIW vs. HYG - Volatility Comparison
Highwoods Properties, Inc. (HIW) has a higher volatility of 6.99% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.21%. This indicates that HIW's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIW | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 1.21% | +5.78% |
Volatility (6M)Calculated over the trailing 6-month period | 22.75% | 3.01% | +19.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.53% | 3.81% | +22.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.21% | 7.53% | +22.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.50% | 8.29% | +22.21% |
Dividends
HIW vs. HYG - Dividend Comparison
HIW's dividend yield for the trailing twelve months is around 7.25%, more than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIW Highwoods Properties, Inc. | 7.25% | 7.75% | 6.54% | 8.71% | 7.15% | 4.40% | 4.84% | 3.88% | 4.78% | 3.46% | 4.90% | 3.90% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
HIW and HYG have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIW has higher volatility (6.99%) compared to HYG (1.21%). In terms of maximum drawdown, HIW dropped -63.47% vs HYG's -34.25%.
HYG currently has the higher Sharpe Ratio (1.72 vs -0.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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