IGR vs PGZ: Correlation
How closely do CBRE Global Real Estate Income Fund (IGR) and Principal Real Estate Income Fund (PGZ) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IGR and PGZ?
On 3 years of weekly data the IGR/PGZ correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 265.6 %².
Within IGR's tracked universe of 24 assets, PGZ comes in at #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +7.8% for IGR and +7.6% for PGZ. One caveat on sizing: IGR is 2.0 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.
IGR vs PGZ: side by side
| IGR (CBRE Global Real Estate Income Fund) | PGZ (Principal Real Estate Income Fund) | |
|---|---|---|
| 1-year return | +7.8% | +7.6% |
| 5-year return | -4.7% | +14.2% |
| Volatility (ann.) | 26.5% | 13.2% |
| Beta vs S&P 500 | 0.81 | 0.42 |
| Max drawdown (3Y) | -29.5% | -10.6% |
| Market cap | $0.7B | $0.1B |
| P/E (trailing) | 15.4 | 10.2 |
| Dividend yield | 7.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IGR | PGZ |
|---|---|---|
| 2022 | -35.5% | -28.0% |
| 2023 | +8.6% | +4.0% |
| 2024 | +1.2% | +18.0% |
| 2025 | +5.2% | +14.5% |
| 2026 | +16.8% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IGR and PGZ good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IGR and PGZ?
The IGR/PGZ correlation stands at 0.76 on a 3-year window (1 year: 0.81, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is PGZ a good diversifier for IGR?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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/igr-vs-pgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/igr-vs-pgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IGR correlations · PGZ correlations
