GWRS vs VNQ: Correlation
Global Water Resources, Inc. (GWRS) and Vanguard Real Estate ETF (VNQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWRS and VNQ?
Across a 3-year window, the weekly returns of GWRS and VNQ correlate at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.36) runs below the 3-year figure (0.55). Stretching to 5 years gives 0.49, with an annualized covariance of 259.7 %².
VNQ is one of the assets that tracks GWRS most closely: it ranks #3 out of the 11 assets we track against GWRS. Over the last 12 months VNQ came out ahead by 11.9 percentage points (-1.6% against +10.3%). One caveat on sizing: GWRS is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GWRS vs VNQ: side by side
| GWRS (Global Water Resources, Inc.) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | -1.6% | +10.3% |
| 5-year return | -47.4% | +9.5% |
| Volatility (ann.) | 28.4% | 16.6% |
| Beta vs S&P 500 | 0.67 | 0.59 |
| Max drawdown (3Y) | -48.4% | -17.5% |
| Market cap | $0.3B | – |
| P/E (trailing) | 83.4 | – |
| Dividend yield | 3.28% | 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 | GWRS | VNQ |
|---|---|---|
| 2022 | -20.7% | -26.3% |
| 2023 | +1.0% | +11.9% |
| 2024 | -10.0% | +4.8% |
| 2025 | -24.4% | +3.2% |
| 2026 | +11.3% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWRS and VNQ good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GWRS and VNQ?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.36 over the last year and 0.49 over 5 years.
Is VNQ a good diversifier for GWRS?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gwrs-vs-vnq.json
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[](https://www.pairbook.io/pair/gwrs-vs-vnq/)
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Related comparisons
Hubs: GWRS correlations · VNQ correlations
