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 0.71%/yr vs 4.67%/yr for HYG. Their 0.41 correlation means their historical movements had little consistent relationship.
Performance
HIW vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, HIW achieves a 33.17% return, which is significantly higher than HYG's 2.12% return. Over the past 10 years, HIW has underperformed HYG with an annualized return of 0.71%, while HYG has yielded a comparatively higher 4.67% annualized return.
HIW
- 1D
- -1.02%
- 1M
- 3.52%
- 6M
- 34.36%
- YTD
- 33.17%
- 1Y
- 25.02%
- 3Y*
- 18.97%
- 5Y*
- 0.05%
- 10Y*
- 0.71%
- ALL TIME*
- 7.84%
HYG
- 1D
- 0.30%
- 1M
- 0.28%
- 6M
- 1.50%
- YTD
- 2.12%
- 1Y
- 5.08%
- 3Y*
- 8.36%
- 5Y*
- 3.75%
- 10Y*
- 4.67%
- ALL TIME*
- 4.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $60.83M | $51.95M | $54.60M | |
| $3.02B | $2.57B | $2.70B |
HIW vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIW Highwoods Properties, Inc. | 33.17% | -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 | 2.12% | 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 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.43 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HIW | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.25 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 2.18 | -1.44 |
| Martin ratioReturn relative to average drawdown | 1.50 | 9.40 | -7.90 |
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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 | -58.22% | -15.79% | -42.43% |
Max Drawdown (10Y)Largest decline over 10 years | -58.93% | -22.03% | -36.90% |
Current DrawdownCurrent decline from peak | -4.85% | 0.00% | -4.85% |
Average DrawdownAverage peak-to-trough decline | -14.55% | -3.22% | -11.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.73% | 0.54% | +16.19% |
Volatility
HIW vs. HYG - Volatility Comparison
Highwoods Properties, Inc. (HIW) has a higher volatility of 7.36% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 0.86%. 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 | 7.36% | 0.86% | +6.50% |
Volatility (6M)Calculated over the trailing 6-month period | 23.48% | 3.19% | +20.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.59% | 3.87% | +23.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.34% | 7.53% | +22.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.66% | 8.21% | +22.45% |
Dividends
HIW vs. HYG - Dividend Comparison
HIW's dividend yield for the trailing twelve months is around 6.06%, more than HYG's 5.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIW Highwoods Properties, Inc. | 6.06% | 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 | 5.89% | 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 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIW has higher volatility (7.36%) compared to HYG (0.86%). In terms of maximum drawdown, HIW dropped -63.47% vs HYG's -34.25%.
HYG currently has the higher Sharpe Ratio (1.32 vs 0.91), 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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