UHT vs VNQ: Correlation
Measured on weekly returns over the past three years, Universal Health Realty Income Trust (UHT) and Vanguard Real Estate ETF (VNQ) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UHT and VNQ?
Across a 3-year window, the weekly returns of UHT and VNQ correlate at 0.63, strong. Lately the two have drifted apart, with the 1-year correlation at 0.50 versus 0.63 over 3 years. Stretching to 5 years gives 0.63, with an annualized covariance of 263.4 %².
Few assets follow UHT as closely as VNQ, which ranks #2 of 11 tracked partners. Neither side won the trailing year by much: +9.4% against +10.3%. Note the risk asymmetry: UHT runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
UHT vs VNQ: side by side
| UHT (Universal Health Realty Income Trust) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +9.4% | +10.3% |
| 5-year return | -3.5% | +9.5% |
| Volatility (ann.) | 25.4% | 16.6% |
| Beta vs S&P 500 | 0.40 | 0.59 |
| Max drawdown (3Y) | -27.9% | -17.5% |
| Market cap | $0.6B | – |
| P/E (trailing) | 30.2 | – |
| Dividend yield | 7.07% | 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 | UHT | VNQ |
|---|---|---|
| 2022 | -15.3% | -26.3% |
| 2023 | -3.6% | +11.9% |
| 2024 | -7.4% | +4.8% |
| 2025 | +13.3% | +3.2% |
| 2026 | +9.8% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UHT and VNQ good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between UHT and VNQ?
The UHT/VNQ correlation stands at 0.63 on a 3-year window (1 year: 0.50, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is VNQ a good diversifier for UHT?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
A reading of 0.63 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/uht-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/uht-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: UHT correlations · VNQ correlations
