RFI vs VNQ: Correlation
Measured on weekly returns over the past three years, Cohen & Steers Total Return Realty Fund, Inc. (RFI) and Vanguard Real Estate ETF (VNQ) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFI and VNQ?
On 3 years of weekly data the RFI/VNQ correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.87 over 1 year against 0.85 over 3. The 5-year figure is 0.81, and annualized covariance runs at 255.0 %².
Few assets follow RFI as closely as VNQ, which ranks #2 of 39 tracked partners. On 12-month performance VNQ holds a 6.6-point edge, +3.7% against +10.3%.
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.
RFI vs VNQ: side by side
| RFI (Cohen & Steers Total Return Realty Fund, Inc.) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +3.7% | +10.3% |
| 5-year return | +5.1% | +9.5% |
| Volatility (ann.) | 18.1% | 16.6% |
| Beta vs S&P 500 | 0.57 | 0.59 |
| Max drawdown (3Y) | -16.2% | -17.5% |
| Market cap | – | – |
| P/E (trailing) | 27.1 | – |
| Dividend yield | 8.41% | 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 | RFI | VNQ |
|---|---|---|
| 2022 | -22.1% | -26.3% |
| 2023 | +4.4% | +11.9% |
| 2024 | +6.6% | +4.8% |
| 2025 | +3.6% | +3.2% |
| 2026 | +8.9% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFI and VNQ good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between RFI and VNQ?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.87 over the last year and 0.81 over 5 years.
Is VNQ a good diversifier for RFI?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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/rfi-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/rfi-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RFI correlations · VNQ correlations
