VNQ vs VTV: Correlation & Overlap
How closely do Vanguard Real Estate ETF (VNQ) and Vanguard Value ETF (VTV) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong. Looking through to holdings, 2.6% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VNQ and VTV?
On 3 years of weekly data the VNQ/VTV correlation comes out at 0.74, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. The 5-year figure is 0.78, and annualized covariance runs at 146.5 %².
Among the 149 assets we track against VNQ, VTV ranks #33 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VTV outperformed by 15.4 percentage points (+10.3% for VNQ against +25.7% for VTV). Stability stands out here, with the rolling one-year correlation confined to 0.63 through 0.86.
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.
VNQ vs VTV: side by side
| VNQ (Vanguard Real Estate ETF) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +10.3% | +25.7% |
| 5-year return | +9.5% | +79.1% |
| Volatility (ann.) | 16.6% | 11.9% |
| Beta vs S&P 500 | 0.59 | 0.65 |
| Max drawdown (3Y) | -17.5% | -14.5% |
| Dividend yield | 3.51% | 1.86% |
| Expense ratio | 0.13% | 0.03% |
| Assets under management | $73.1B | $256.4B |
| Sector / category | ETF · Real Estate | ETF · US Style |
VNQ, Vanguard's Real Estate fund, carries $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield. On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Portfolio overlap between VNQ and VTV
The two portfolios are largely distinct, with 14 holdings in common adding up to 2.6% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in VNQ | Weight in VTV |
|---|---|---|
| PLD | 7.04% | 0.50% |
| AMT | 4.22% | 0.30% |
| SPG | 3.89% | 0.26% |
| DLR | 3.38% | 0.25% |
| PSA | 2.84% | 0.20% |
| VTR | 2.32% | 0.17% |
| CBRE | 2.26% | 0.16% |
| IRM | 1.90% | 0.13% |
| CCI | 1.74% | 0.12% |
| EXR | 1.63% | 0.12% |
| O | 3.08% | 0.11% |
| VICI | 1.38% | 0.10% |
| AVB | 1.35% | 0.10% |
| EQR | 1.17% | 0.09% |
Largest positions held only by VNQ: VRTPX (14.54%), WELL (8.54%), EQIX (5.25%), SBAC (1.00%), ESS (0.96%). Only by VTV: JPM (3.51%), MU (3.46%), BRK.B (2.99%), XOM (2.40%), JNJ (2.30%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-07-31. Top 14 common positions shown.
Year-by-year returns
| Year | VNQ | VTV |
|---|---|---|
| 2022 | -26.3% | -2.1% |
| 2023 | +11.9% | +9.3% |
| 2024 | +4.8% | +16.0% |
| 2025 | +3.2% | +15.3% |
| 2026 | +12.5% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VNQ and VTV good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between VNQ and VTV?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.67 over the last year and 0.78 over 5 years.
Is VTV a good diversifier for VNQ?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do VNQ and VTV overlap?
Per the issuers' own portfolio disclosures (2026-07-31), the overlap is 2.6% by weight over 14 common positions.
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Hubs: VNQ correlations · VTV correlations
