PLD vs TRNO: Correlation
Prologis (PLD) and Terreno Realty Corporation (TRNO) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PLD and TRNO?
Across a 3-year window, the weekly returns of PLD and TRNO correlate at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.77 over 1 year against 0.82 over 3. Stretching to 5 years gives 0.85, with an annualized covariance of 517.6 %².
Within PLD's tracked universe of 40 assets, TRNO comes in at #5 by 3-year correlation. The trailing year gives PLD the advantage: +30.0% versus +20.1%, a 9.9-point spread.
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.
PLD vs TRNO: side by side
| PLD (Prologis) | TRNO (Terreno Realty Corporation) | |
|---|---|---|
| 1-year return | +30.0% | +20.1% |
| 5-year return | +22.5% | +15.7% |
| Volatility (ann.) | 25.8% | 24.4% |
| Beta vs S&P 500 | 0.90 | 0.66 |
| Max drawdown (3Y) | -31.4% | -26.3% |
| Market cap | $137.9B | $7.3B |
| P/E (trailing) | 31.7 | 18.1 |
| Dividend yield | 2.92% | 3.08% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | PLD | TRNO |
|---|---|---|
| 2022 | -31.3% | -31.6% |
| 2023 | +21.6% | +13.4% |
| 2024 | -18.1% | -2.8% |
| 2025 | +25.1% | +2.7% |
| 2026 | +12.8% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PLD and TRNO good diversifiers for each other?
No. With a correlation of 0.82, PLD and TRNO move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between PLD and TRNO?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.77 over the last year and 0.85 over 5 years.
Is TRNO a good diversifier for PLD?
No. With a correlation of 0.82, PLD and TRNO move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 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/pld-vs-trno.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pld-vs-trno/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PLD correlations · TRNO correlations
