FR vs VNQ: Correlation
How closely do First Industrial Realty Trust, Inc. (FR) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of 0.79, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FR and VNQ?
On 3 years of weekly data the FR/VNQ correlation comes out at 0.79, strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. The 5-year figure is 0.83, and annualized covariance runs at 291.3 %².
Within FR's tracked universe of 14 assets, VNQ comes in at #5 by 3-year correlation. On 12-month performance FR holds a 12.7-point edge, +23.0% 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.
FR vs VNQ: side by side
| FR (First Industrial Realty Trust, Inc.) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +23.0% | +10.3% |
| 5-year return | +26.5% | +9.5% |
| Volatility (ann.) | 22.2% | 16.6% |
| Beta vs S&P 500 | 0.70 | 0.59 |
| Max drawdown (3Y) | -25.1% | -17.5% |
| Market cap | $8.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 3.01% | 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 | FR | VNQ |
|---|---|---|
| 2022 | -25.4% | -26.3% |
| 2023 | +11.9% | +11.9% |
| 2024 | -2.0% | +4.8% |
| 2025 | +18.2% | +3.2% |
| 2026 | +10.8% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.46% of VNQ is FR itself, so the fund partly moves with the stock by construction.
Are FR and VNQ good diversifiers for each other?
Only partially. A correlation of 0.79 means FR 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 FR and VNQ?
As of 2026-08-27, the correlation of weekly returns between FR and VNQ is 0.79 over 3 years, 0.73 over 1 year and 0.83 over 5 years.
Is VNQ a good diversifier for FR?
Only partially. A correlation of 0.79 means FR 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 0.79 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-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fr-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FR correlations · VNQ correlations
