BXP vs VNQ: Correlation
How closely do BXP, Inc. (BXP) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXP and VNQ?
On 3 years of weekly data the BXP/VNQ correlation comes out at 0.73, strong. The past 12 months show a weaker link (0.58) than the 3-year average (0.73). The 5-year figure is 0.70, and annualized covariance runs at 400.7 %².
Among the 45 assets we track against BXP, VNQ ranks #11 by 3-year correlation. The trailing year gives VNQ the advantage: +2.9% versus +10.3%, a 7.4-point spread. The rolling one-year correlation stayed in a tight band between 0.60 and 0.83 over the past three years, which points to a structural rather than episodic relationship. One caveat on sizing: BXP is 2.0 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.
BXP vs VNQ: side by side
| BXP (BXP, Inc.) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +2.9% | +10.3% |
| 5-year return | -18.9% | +9.5% |
| Volatility (ann.) | 33.1% | 16.6% |
| Beta vs S&P 500 | 1.02 | 0.59 |
| Max drawdown (3Y) | -39.0% | -17.5% |
| Market cap | $12.7B | – |
| P/E (trailing) | 37.8 | – |
| Dividend yield | 3.98% | 3.51% |
| Expense ratio | – | 0.13% |
| Assets under management | – | $73.1B |
| Sector / category | Real Estate | 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 | BXP | VNQ |
|---|---|---|
| 2022 | -38.6% | -26.3% |
| 2023 | +11.0% | +11.9% |
| 2024 | +12.3% | +4.8% |
| 2025 | -4.7% | +3.2% |
| 2026 | +6.2% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
BXP represents 0.54% of VNQ's portfolio, so part of any move in VNQ is BXP itself, and the correlation between them is partly mechanical.
Are BXP and VNQ good diversifiers for each other?
Only partially. A correlation of 0.73 means BXP 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 BXP and VNQ?
As of 2026-08-27, the correlation of weekly returns between BXP and VNQ is 0.73 over 3 years, 0.58 over 1 year and 0.70 over 5 years.
Is VNQ a good diversifier for BXP?
Only partially. A correlation of 0.73 means BXP 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 0.73 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bxp-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bxp-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BXP correlations · VNQ correlations
