ALX vs VNQ: Correlation
Measured on weekly returns over the past three years, Alexander's, Inc. (ALX) and Vanguard Real Estate ETF (VNQ) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALX and VNQ?
On 3 years of weekly data the ALX/VNQ correlation comes out at 0.57, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 250.2 %².
VNQ is one of the assets that tracks ALX most closely: it ranks #3 out of the 12 assets we track against ALX. On 12-month performance ALX holds a 13.8-point edge, +24.1% against +10.3%. One caveat on sizing: ALX 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.
ALX vs VNQ: side by side
| ALX (Alexander's, Inc.) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +24.1% | +10.3% |
| 5-year return | +51.5% | +9.5% |
| Volatility (ann.) | 26.4% | 16.6% |
| Beta vs S&P 500 | 0.64 | 0.59 |
| Max drawdown (3Y) | -23.2% | -17.5% |
| Market cap | $1.4B | – |
| P/E (trailing) | 8.2 | – |
| Dividend yield | 6.62% | 3.51% |
| Expense ratio | – | 0.13% |
| Assets under management | – | $73.1B |
| Sector / category | US Listed | ETF · Real Estate |
VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Year-by-year returns
| Year | ALX | VNQ |
|---|---|---|
| 2022 | -9.1% | -26.3% |
| 2023 | +6.4% | +11.9% |
| 2024 | +1.4% | +4.8% |
| 2025 | +18.4% | +3.2% |
| 2026 | +31.2% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALX and VNQ good diversifiers for each other?
Only partially. A correlation of 0.57 means ALX and VNQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ALX and VNQ?
The ALX/VNQ correlation stands at 0.57 on a 3-year window (1 year: 0.48, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is VNQ a good diversifier for ALX?
Only partially. A correlation of 0.57 means ALX and VNQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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/alx-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/alx-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALX correlations · VNQ correlations
