GPMT vs VNQ: Correlation
How closely do Granite Point Mortgage Trust Inc. (GPMT) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPMT and VNQ?
Over the past 3 years, GPMT and VNQ moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 419.3 %².
Within GPMT's tracked universe of 13 assets, VNQ comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VNQ ahead by 67.1 points (-56.8% versus +10.3%). Risk is not evenly split, since GPMT carries 2.8 times the volatility of the other side.
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.
GPMT vs VNQ: side by side
| GPMT (Granite Point Mortgage Trust Inc.) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | -56.8% | +10.3% |
| 5-year return | -86.4% | +9.5% |
| Volatility (ann.) | 47.2% | 16.6% |
| Beta vs S&P 500 | 1.20 | 0.59 |
| Max drawdown (3Y) | -78.6% | -17.5% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 19.05% | 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 | GPMT | VNQ |
|---|---|---|
| 2022 | -48.3% | -26.3% |
| 2023 | +28.8% | +11.9% |
| 2024 | -49.0% | +4.8% |
| 2025 | -7.0% | +3.2% |
| 2026 | -51.8% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPMT and VNQ good diversifiers for each other?
Only partially. A correlation of 0.54 means GPMT 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 GPMT and VNQ?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.48 over the last year and 0.51 over 5 years.
Is VNQ a good diversifier for GPMT?
Only partially. A correlation of 0.54 means GPMT 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 0.54 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/gpmt-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gpmt-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GPMT correlations · VNQ correlations
