JRS vs PGZ: Correlation
How closely do Nuveen Real Estate Income Fund (JRS) and Principal Real Estate Income Fund (PGZ) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JRS and PGZ?
On 3 years of weekly data the JRS/PGZ correlation comes out at 0.75, strong. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 209.6 %².
By 3-year correlation, PGZ places #13 of the 49 assets tracked against JRS. Over the last 12 months JRS came out ahead by 6.8 percentage points (+14.4% against +7.6%). Risk is not evenly split, since JRS carries 1.6 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.
JRS vs PGZ: side by side
| JRS (Nuveen Real Estate Income Fund) | PGZ (Principal Real Estate Income Fund) | |
|---|---|---|
| 1-year return | +14.4% | +7.6% |
| 5-year return | +13.5% | +14.2% |
| Volatility (ann.) | 21.1% | 13.2% |
| Beta vs S&P 500 | 0.79 | 0.42 |
| Max drawdown (3Y) | -25.3% | -10.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 10.2 |
| Dividend yield | 8.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JRS | PGZ |
|---|---|---|
| 2022 | -35.6% | -28.0% |
| 2023 | +13.4% | +4.0% |
| 2024 | +19.7% | +18.0% |
| 2025 | -3.4% | +14.5% |
| 2026 | +15.2% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JRS and PGZ good diversifiers for each other?
Only partially. A correlation of 0.75 means JRS and PGZ 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 JRS and PGZ?
The JRS/PGZ correlation stands at 0.75 on a 3-year window (1 year: 0.82, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is PGZ a good diversifier for JRS?
Only partially. A correlation of 0.75 means JRS and PGZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 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/jrs-vs-pgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jrs-vs-pgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: JRS correlations · PGZ correlations
