MMI vs VNQ: Correlation
How closely do Marcus & Millichap, Inc. (MMI) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMI and VNQ?
On 3 years of weekly data the MMI/VNQ correlation comes out at 0.70, strong. Lately the two have drifted apart, with the 1-year correlation at 0.54 versus 0.70 over 3 years. The 5-year figure is 0.68, and annualized covariance runs at 363.7 %².
Among the 18 assets we track against MMI, VNQ ranks #5 by 3-year correlation. Over the last 12 months VNQ came out ahead by 11.6 percentage points (-1.3% against +10.3%). Note the risk asymmetry: MMI runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MMI vs VNQ: side by side
| MMI (Marcus & Millichap, Inc.) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | -1.3% | +10.3% |
| 5-year return | -11.7% | +9.5% |
| Volatility (ann.) | 31.5% | 16.6% |
| Beta vs S&P 500 | 0.84 | 0.59 |
| Max drawdown (3Y) | -41.7% | -17.5% |
| Market cap | $1.2B | – |
| P/E (trailing) | 85.9 | – |
| Dividend yield | 1.55% | 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 | MMI | VNQ |
|---|---|---|
| 2022 | -30.8% | -26.3% |
| 2023 | +28.8% | +11.9% |
| 2024 | -11.2% | +4.8% |
| 2025 | -27.6% | +3.2% |
| 2026 | +17.5% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMI and VNQ good diversifiers for each other?
Only partially. A correlation of 0.70 means MMI 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 MMI and VNQ?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.54 over the last year and 0.68 over 5 years.
Is VNQ a good diversifier for MMI?
Only partially. A correlation of 0.70 means MMI 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 0.70 mean?
A reading of 0.70 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/mmi-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mmi-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MMI correlations · VNQ correlations
