SPG vs VNQ: Correlation
How closely do Simon Property Group (SPG) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPG and VNQ?
Over the past 3 years, SPG and VNQ moved with a correlation of 0.74, which is strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.74 over 3. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 278.6 %².
By 3-year correlation, VNQ places #4 of the 37 assets tracked against SPG. Correlation aside, the last 12 months split them widely, with SPG ahead by 16.0 points (+26.3% versus +10.3%). On a rolling one-year basis the correlation drifted between 0.60 and 0.87, a moderate band.
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.
SPG vs VNQ: side by side
| SPG (Simon Property Group) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +26.3% | +10.3% |
| 5-year return | +110.2% | +9.5% |
| Volatility (ann.) | 22.7% | 16.6% |
| Beta vs S&P 500 | 0.79 | 0.59 |
| Max drawdown (3Y) | -24.3% | -17.5% |
| Market cap | $81.6B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 4.05% | 3.51% |
| Expense ratio | – | 0.13% |
| Assets under management | – | $73.1B |
| Sector / category | Real Estate | 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 | SPG | VNQ |
|---|---|---|
| 2022 | -21.9% | -26.3% |
| 2023 | +29.2% | +11.9% |
| 2024 | +26.9% | +4.8% |
| 2025 | +12.9% | +3.2% |
| 2026 | +18.7% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 3.89% of VNQ is SPG itself, so the fund partly moves with the stock by construction.
Are SPG and VNQ good diversifiers for each other?
Only partially. A correlation of 0.74 means SPG 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 SPG and VNQ?
The SPG/VNQ correlation stands at 0.74 on a 3-year window (1 year: 0.73, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is VNQ a good diversifier for SPG?
Only partially. A correlation of 0.74 means SPG 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 0.74 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/spg-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spg-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPG correlations · VNQ correlations
