RYN vs VNQ: Correlation
Measured on weekly returns over the past three years, Rayonier Inc. REIT (RYN) and Vanguard Real Estate ETF (VNQ) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RYN and VNQ?
Over the past 3 years, RYN and VNQ moved with a correlation of 0.68, which is strong. The link has loosened recently: the 1-year correlation (0.53) runs below the 3-year figure (0.68). Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 289.7 %².
VNQ is one of the assets that tracks RYN most closely: it ranks #2 out of the 12 assets we track against RYN. The last year tells two different stories: VNQ led by 23.4 percentage points, -13.1% for RYN against +10.3% for VNQ. Risk is not evenly split, since RYN carries 1.5 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.
RYN vs VNQ: side by side
| RYN (Rayonier Inc. REIT) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | -13.1% | +10.3% |
| 5-year return | -23.3% | +9.5% |
| Volatility (ann.) | 25.6% | 16.6% |
| Beta vs S&P 500 | 0.57 | 0.59 |
| Max drawdown (3Y) | -31.5% | -17.5% |
| Market cap | $6.2B | – |
| P/E (trailing) | 44.8 | – |
| Dividend yield | 5.12% | 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 | RYN | VNQ |
|---|---|---|
| 2022 | -15.8% | -26.3% |
| 2023 | +5.8% | +11.9% |
| 2024 | -14.0% | +4.8% |
| 2025 | -8.0% | +3.2% |
| 2026 | -2.3% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.31% of VNQ is RYN itself, so the fund partly moves with the stock by construction.
Are RYN and VNQ good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RYN and VNQ?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.53 over the last year and 0.69 over 5 years.
Is VNQ a good diversifier for RYN?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 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/ryn-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ryn-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RYN correlations · VNQ correlations
