CBRE vs VNQ: Correlation
How closely do CBRE Group (CBRE) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBRE and VNQ?
Over the past 3 years, CBRE and VNQ moved with a correlation of 0.65, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.65 over 3 years. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 328.0 %².
By 3-year correlation, VNQ places #11 of the 41 assets tracked against CBRE. The last year tells two different stories: VNQ led by 20.0 percentage points, -9.7% for CBRE against +10.3% for VNQ. Across three years, the rolling one-year figure varied moderately, from 0.45 to 0.79. Note the risk asymmetry: CBRE runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CBRE vs VNQ: side by side
| CBRE (CBRE Group) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | -9.7% | +10.3% |
| 5-year return | +53.3% | +9.5% |
| Volatility (ann.) | 30.4% | 16.6% |
| Beta vs S&P 500 | 1.04 | 0.59 |
| Max drawdown (3Y) | -27.4% | -17.5% |
| Market cap | $42.6B | – |
| P/E (trailing) | 34.4 | – |
| Dividend yield | 0.00% | 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 | CBRE | VNQ |
|---|---|---|
| 2022 | -29.1% | -26.3% |
| 2023 | +21.0% | +11.9% |
| 2024 | +41.0% | +4.8% |
| 2025 | +22.5% | +3.2% |
| 2026 | -8.4% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that VNQ holds CBRE at a 2.26% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CBRE and VNQ good diversifiers for each other?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CBRE and VNQ?
As of 2026-08-27, the correlation of weekly returns between CBRE and VNQ is 0.65 over 3 years, 0.45 over 1 year and 0.68 over 5 years.
Is VNQ a good diversifier for CBRE?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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/cbre-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cbre-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CBRE correlations · VNQ correlations
