EXR vs VNQ: Correlation
Extra Space Storage (EXR) and Vanguard Real Estate ETF (VNQ) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXR and VNQ?
Across a 3-year window, the weekly returns of EXR and VNQ correlate at 0.73, strong. Recent behaviour matches the longer record: 0.79 over 1 year against 0.73 over 3. Stretching to 5 years gives 0.74, with an annualized covariance of 313.6 %².
VNQ is one of the assets that tracks EXR most closely: it ranks #3 out of the 33 assets we track against EXR. Neither side won the trailing year by much: +5.6% against +10.3%. 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. Note the risk asymmetry: EXR runs 1.6 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.
EXR vs VNQ: side by side
| EXR (Extra Space Storage) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +5.6% | +10.3% |
| 5-year return | -6.1% | +9.5% |
| Volatility (ann.) | 26.0% | 16.6% |
| Beta vs S&P 500 | 0.68 | 0.59 |
| Max drawdown (3Y) | -29.4% | -17.5% |
| Market cap | $31.5B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 4.50% | 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 | EXR | VNQ |
|---|---|---|
| 2022 | -32.8% | -26.3% |
| 2023 | +13.9% | +11.9% |
| 2024 | -2.8% | +4.8% |
| 2025 | -8.9% | +3.2% |
| 2026 | +12.1% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
EXR represents 1.63% of VNQ's portfolio, so part of any move in VNQ is EXR itself, and the correlation between them is partly mechanical.
Are EXR and VNQ good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EXR and VNQ?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.79 over the last year and 0.74 over 5 years.
Is VNQ a good diversifier for EXR?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
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/exr-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/exr-vs-vnq/)
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Related comparisons
Hubs: EXR correlations · VNQ correlations
