FPI vs VNQ: Correlation
How closely do Farmland Partners Inc. (FPI) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FPI and VNQ?
Over the past 3 years, FPI and VNQ moved with a correlation of 0.45, which is moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 176.4 %².
By 3-year correlation, VNQ places #4 of the 11 assets tracked against FPI. On 12-month performance VNQ holds a 12.9-point edge, -2.6% against +10.3%.
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.
FPI vs VNQ: side by side
| FPI (Farmland Partners Inc.) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | -2.6% | +10.3% |
| 5-year return | +8.2% | +9.5% |
| Volatility (ann.) | 23.7% | 16.6% |
| Beta vs S&P 500 | 0.53 | 0.59 |
| Max drawdown (3Y) | -27.0% | -17.5% |
| Market cap | $0.5B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 2.90% | 3.51% |
| Expense ratio | – | 0.13% |
| Assets under management | – | $73.1B |
| Sector / category | US Listed | 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 | FPI | VNQ |
|---|---|---|
| 2022 | +6.1% | -26.3% |
| 2023 | +4.0% | +11.9% |
| 2024 | +5.7% | +4.8% |
| 2025 | -14.1% | +3.2% |
| 2026 | +8.3% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FPI and VNQ good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FPI and VNQ?
The FPI/VNQ correlation stands at 0.45 on a 3-year window (1 year: 0.47, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is VNQ a good diversifier for FPI?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 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/fpi-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fpi-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FPI correlations · VNQ correlations
