FR vs TRNO: Correlation
First Industrial Realty Trust, Inc. (FR) and Terreno Realty Corporation (TRNO) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FR and TRNO?
Over the past 3 years, FR and TRNO moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 448.2 %².
Within FR's tracked universe of 14 assets, TRNO comes in at #4 by 3-year correlation. Neither side won the trailing year by much: +23.0% against +20.1%.
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.
FR vs TRNO: side by side
| FR (First Industrial Realty Trust, Inc.) | TRNO (Terreno Realty Corporation) | |
|---|---|---|
| 1-year return | +23.0% | +20.1% |
| 5-year return | +26.5% | +15.7% |
| Volatility (ann.) | 22.2% | 24.4% |
| Beta vs S&P 500 | 0.70 | 0.66 |
| Max drawdown (3Y) | -25.1% | -26.3% |
| Market cap | $8.5B | $7.3B |
| P/E (trailing) | 22.7 | 18.1 |
| Dividend yield | 3.01% | 3.08% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FR | TRNO |
|---|---|---|
| 2022 | -25.4% | -31.6% |
| 2023 | +11.9% | +13.4% |
| 2024 | -2.0% | -2.8% |
| 2025 | +18.2% | +2.7% |
| 2026 | +10.8% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FR and TRNO good diversifiers for each other?
No: a correlation of 0.83 means FR and TRNO tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FR and TRNO?
The FR/TRNO correlation stands at 0.83 on a 3-year window (1 year: 0.77, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is TRNO a good diversifier for FR?
No: a correlation of 0.83 means FR and TRNO tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 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/fr-vs-trno.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fr-vs-trno/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FR correlations · TRNO correlations
