TRNO vs VNQ: Correlation
Terreno Realty Corporation (TRNO) and Vanguard Real Estate ETF (VNQ) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TRNO and VNQ?
On 3 years of weekly data the TRNO/VNQ correlation comes out at 0.76, strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.76 over 3. The 5-year figure is 0.80, and annualized covariance runs at 306.2 %².
Within TRNO's tracked universe of 11 assets, VNQ comes in at #5 by 3-year correlation. On 12-month performance TRNO holds a 9.8-point edge, +20.1% 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.
TRNO vs VNQ: side by side
| TRNO (Terreno Realty Corporation) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +20.1% | +10.3% |
| 5-year return | +15.7% | +9.5% |
| Volatility (ann.) | 24.4% | 16.6% |
| Beta vs S&P 500 | 0.66 | 0.59 |
| Max drawdown (3Y) | -26.3% | -17.5% |
| Market cap | $7.3B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 3.08% | 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 | TRNO | VNQ |
|---|---|---|
| 2022 | -31.6% | -26.3% |
| 2023 | +13.4% | +11.9% |
| 2024 | -2.8% | +4.8% |
| 2025 | +2.7% | +3.2% |
| 2026 | +16.2% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.4% of VNQ is TRNO itself, so the fund partly moves with the stock by construction.
Are TRNO and VNQ good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between TRNO and VNQ?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.70 over the last year and 0.80 over 5 years.
Is VNQ a good diversifier for TRNO?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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/trno-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/trno-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TRNO correlations · VNQ correlations
