DOC vs VNQ: Correlation
Healthpeak Properties (DOC) and Vanguard Real Estate ETF (VNQ) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOC and VNQ?
Over the past 3 years, DOC and VNQ moved with a correlation of 0.66, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.53 versus 0.66 over 3 years. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 297.6 %².
In DOC's tracked universe of 35 assets, VNQ sits right near the top at #2. Correlation aside, the last 12 months split them widely, with DOC ahead by 16.4 points (+26.7% versus +10.3%). Across three years, the rolling one-year figure varied moderately, from 0.46 to 0.87. One caveat on sizing: DOC 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.
DOC vs VNQ: side by side
| DOC (Healthpeak Properties) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +26.7% | +10.3% |
| 5-year return | -21.6% | +9.5% |
| Volatility (ann.) | 27.1% | 16.6% |
| Beta vs S&P 500 | 0.53 | 0.59 |
| Max drawdown (3Y) | -26.0% | -17.5% |
| Market cap | $15.0B | – |
| P/E (trailing) | 62.4 | – |
| Dividend yield | 5.65% | 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 | DOC | VNQ |
|---|---|---|
| 2022 | -27.5% | -26.3% |
| 2023 | -16.4% | +11.9% |
| 2024 | +8.8% | +4.8% |
| 2025 | -15.2% | +3.2% |
| 2026 | +37.9% | +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 DOC at a 0.79% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DOC and VNQ good diversifiers for each other?
To a limited degree. At 0.66 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 DOC and VNQ?
As of 2026-08-27, the correlation of weekly returns between DOC and VNQ is 0.66 over 3 years, 0.53 over 1 year and 0.73 over 5 years.
Is VNQ a good diversifier for DOC?
To a limited degree. At 0.66 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 0.66 mean?
On the −1 to +1 scale, 0.66 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/doc-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/doc-vs-vnq/)
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Related comparisons
Hubs: DOC correlations · VNQ correlations
