HPP vs VNO: Correlation
Measured on weekly returns over the past three years, Hudson Pacific Properties, Inc. (HPP) and Vornado Realty Trust (VNO) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPP and VNO?
Over the past 3 years, HPP and VNO moved with a correlation of 0.61, which is strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 1555.3 %².
By 3-year correlation, VNO places #5 of the 12 assets tracked against HPP. Their recent paths diverged sharply: over the last 12 months VNO outperformed by 37.3 percentage points (-32.2% for HPP against +5.1% for VNO). One caveat on sizing: HPP 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.
HPP vs VNO: side by side
| HPP (Hudson Pacific Properties, Inc.) | VNO (Vornado Realty Trust) | |
|---|---|---|
| 1-year return | -32.2% | +5.1% |
| 5-year return | -91.3% | +8.4% |
| Volatility (ann.) | 64.7% | 39.1% |
| Beta vs S&P 500 | 1.35 | 1.34 |
| Max drawdown (3Y) | -91.7% | -43.9% |
| Market cap | $1.5B | $7.7B |
| P/E (trailing) | – | 1290.7 |
| Dividend yield | 0.00% | 1.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HPP | VNO |
|---|---|---|
| 2022 | -57.9% | -46.7% |
| 2023 | +1.9% | +39.5% |
| 2024 | -66.9% | +51.3% |
| 2025 | -48.9% | -19.1% |
| 2026 | +25.3% | +16.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPP and VNO good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HPP and VNO?
As of 2026-08-27, the correlation of weekly returns between HPP and VNO is 0.61 over 3 years, 0.60 over 1 year and 0.68 over 5 years.
Is VNO a good diversifier for HPP?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 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/hpp-vs-vno.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hpp-vs-vno/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HPP correlations · VNO correlations
