PINE vs. VNQ

Last updated Jun 24, 2026

PINE (Alpine Income Property Trust, Inc.) is a stock, while VNQ (Vanguard Real Estate ETF) is REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. Over the past 5 years, PINE returned 7.27%/yr vs 2.83%/yr for VNQ. At a 0.49 correlation, their price movements are largely independent.

Performance

PINE vs. VNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alpine Income Property Trust, Inc. (PINE) and Vanguard Real Estate ETF (VNQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PINE achieves a 20.45% return, which is significantly higher than VNQ's 11.77% return.

PINE

• 1D: 1.40%
• 1M: 2.77%
• YTD: 20.45%
• 6M: 23.86%
• 1Y: 36.70%
• 3Y*: 16.16%
• 5Y*: 7.27%
• 10Y*: —

VNQ

• 1D: 1.31%
• 1M: 1.13%
• YTD: 11.77%
• 6M: 12.16%
• 1Y: 11.59%
• 3Y*: 11.30%
• 5Y*: 2.83%
• 10Y*: 5.44%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PINE vs. VNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PINE Alpine Income Property Trust, Inc.	20.45%	6.97%	6.13%	-5.46%	0.95%	41.19%	-15.69%	0.47%
VNQ Vanguard Real Estate ETF	11.77%	3.24%	4.81%	11.85%	-26.25%	40.54%	-4.61%	2.06%

Correlation

The correlation between PINE and VNQ is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Nov 22, 2019	0.49

The correlation between PINE and VNQ has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.

Return for Risk

PINE vs. VNQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PINE

PINE Risk / Return Rank: 82
PINE Sharpe Ratio Rank: 85
PINE Sortino Ratio Rank: 82
PINE Omega Ratio Rank: 79
PINE Calmar Ratio Rank: 82
PINE Martin Ratio Rank: 83

VNQ

VNQ Risk / Return Rank: 26
VNQ Sharpe Ratio Rank: 24
VNQ Sortino Ratio Rank: 23
VNQ Omega Ratio Rank: 22
VNQ Calmar Ratio Rank: 29
VNQ Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PINE vs. VNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alpine Income Property Trust, Inc. (PINE) and Vanguard Real Estate ETF (VNQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PINE	VNQ	Difference
Sharpe ratio: Return per unit of total volatility	1.65	0.85	+0.80
Sortino ratio: Return per unit of downside risk	2.35	1.23	+1.11
Omega ratio: Gain probability vs. loss probability	1.28	1.15	+0.13
Calmar ratio: Return relative to maximum drawdown	2.80	1.40	+1.40
Martin ratio: Return relative to average drawdown	7.35	4.37	+2.99

PINE vs. VNQ - Sharpe Ratio Comparison

The current PINE Sharpe Ratio is 1.65, which is higher than the VNQ Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of PINE and VNQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PINE vs. VNQ - Drawdown Comparison

The maximum PINE drawdown since its inception was -60.00%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for PINE and VNQ.

Drawdown Indicators

	PINE	VNQ	Difference
Max Drawdown Largest peak-to-trough decline	-60.00%	-73.07%	+13.07%
Max Drawdown (1Y) Largest decline over 1 year	-13.19%	-8.34%	-4.85%
Max Drawdown (3Y) Largest decline over 3 years	-24.78%	-17.46%	-7.32%
Max Drawdown (5Y) Largest decline over 5 years	-26.68%	-34.48%	+7.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.40%	—
Current Drawdown Current decline from peak	-3.08%	-0.66%	-2.42%
Average Drawdown Average peak-to-trough decline	-12.15%	-13.60%	+1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.07%	2.66%	+2.41%

Volatility

PINE vs. VNQ - Volatility Comparison

Alpine Income Property Trust, Inc. (PINE) has a higher volatility of 7.91% compared to Vanguard Real Estate ETF (VNQ) at 5.19%. This indicates that PINE's price experiences larger fluctuations and is considered to be riskier than VNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PINE	VNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	5.19%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	16.92%	10.20%	+6.72%
Volatility (1Y) Calculated over the trailing 1-year period	22.40%	13.84%	+8.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.43%	18.86%	+4.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.14%	20.75%	+18.39%

Dividends

PINE vs. VNQ - Dividend Comparison

PINE's dividend yield for the trailing twelve months is around 5.99%, more than VNQ's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PINE Alpine Income Property Trust, Inc.	5.99%	6.82%	6.61%	6.51%	5.71%	5.06%	5.47%	0.30%	0.00%	0.00%	0.00%	0.00%
VNQ Vanguard Real Estate ETF	3.56%	3.92%	3.85%	3.95%	3.91%	2.56%	3.93%	3.39%	4.74%	4.23%	4.82%	3.92%

Frequently Asked Questions

Can I hold both PINE and VNQ in my portfolio?

PINE and VNQ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PINE or VNQ?

PINE has higher volatility (7.91%) compared to VNQ (5.19%). In terms of maximum drawdown, PINE dropped -60.00% vs VNQ's -73.07%.

Which has better risk-adjusted returns?

PINE currently has the higher Sharpe Ratio (1.65 vs 0.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.