CCI vs VNQ: Correlation
How closely do Crown Castle (CCI) 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 CCI and VNQ?
Over the past 3 years, CCI and VNQ moved with a correlation of 0.65, which is strong. The link has loosened recently: the 1-year correlation (0.53) runs below the 3-year figure (0.65). Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 304.0 %².
Within CCI's tracked universe of 30 assets, VNQ comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VNQ outperformed by 31.8 percentage points (-21.5% for CCI against +10.3% for VNQ). On a rolling one-year basis the correlation drifted between 0.42 and 0.83, a moderate band. Risk is not evenly split, since CCI carries 1.7 times the volatility of the other side.
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.
CCI vs VNQ: side by side
| CCI (Crown Castle) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | -21.5% | +10.3% |
| 5-year return | -50.4% | +9.5% |
| Volatility (ann.) | 28.4% | 16.6% |
| Beta vs S&P 500 | 0.22 | 0.59 |
| Max drawdown (3Y) | -33.0% | -17.5% |
| Market cap | $32.8B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 5.63% | 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 | CCI | VNQ |
|---|---|---|
| 2022 | -32.6% | -26.3% |
| 2023 | -10.2% | +11.9% |
| 2024 | -16.4% | +4.8% |
| 2025 | +3.0% | +3.2% |
| 2026 | -13.5% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.74% of VNQ is CCI itself, so the fund partly moves with the stock by construction.
Are CCI and VNQ good diversifiers for each other?
Only partially. A correlation of 0.65 means CCI 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 CCI and VNQ?
The CCI/VNQ correlation stands at 0.65 on a 3-year window (1 year: 0.53, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is VNQ a good diversifier for CCI?
Only partially. A correlation of 0.65 means CCI 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 0.65 mean?
A reading of 0.65 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cci-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cci-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CCI correlations · VNQ correlations
