TRNO vs. VOO

Last updated Aug 4, 2026

TRNO (Terreno Realty Corporation) is a stock, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TRNO returned 13.19%/yr vs 15.17%/yr for VOO. Their 0.47 correlation means their historical movements had little consistent relationship.

Performance

TRNO vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Terreno Realty Corporation (TRNO) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRNO achieves a 24.15% return, which is significantly higher than VOO's 11.72% return. Over the past 10 years, TRNO has underperformed VOO with an annualized return of 13.19%, while VOO has yielded a comparatively higher 15.17% annualized return.

TRNO

• 1D: 0.07%
• 1M: 6.49%
• 6M: 18.40%
• YTD: 24.15%
• 1Y: 36.69%
• 3Y*: 9.90%
• 5Y*: 4.19%
• 10Y*: 13.19%
• ALL TIME*: 11.29%

VOO

• 1D: 1.42%
• 1M: 1.69%
• 6M: 9.53%
• YTD: 11.72%
• 1Y: 23.30%
• 3Y*: 20.85%
• 5Y*: 13.12%
• 10Y*: 15.17%
• ALL TIME*: 14.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TRNO Terreno Realty Corporation	$49.35M	$61.46M	$61.75M
VOO Vanguard S&P 500 ETF	$3.97B	$3.80B	$5.49B

TRNO vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRNO Terreno Realty Corporation	24.15%	2.70%	-2.77%	13.39%	-31.61%	48.55%	10.42%	57.19%	2.87%	26.24%
VOO Vanguard S&P 500 ETF	11.72%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between TRNO and VOO is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (5Y) Shows whether the relationship held over a longer period.	0.49
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.47

Over the past year, the correlation between TRNO and VOO has dropped to 0.27 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

TRNO vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRNO

TRNO Risk / Return Rank: 89
TRNO Sharpe Ratio Rank: 88
TRNO Sortino Ratio Rank: 86
TRNO Omega Ratio Rank: 84
TRNO Calmar Ratio Rank: 92
TRNO Martin Ratio Rank: 93

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 79
VOO Sortino Ratio Rank: 77
VOO Omega Ratio Rank: 78
VOO Calmar Ratio Rank: 74
VOO Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRNO vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Terreno Realty Corporation (TRNO) and Vanguard S&P 500 ETF (VOO). 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.

	TRNO	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.83	-0.11
Sortino ratio: Return per unit of downside risk	2.46	2.53	-0.07
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	4.07	2.63	+1.44
Martin ratio: Return relative to average drawdown	11.78	11.23	+0.55

TRNO vs. VOO - Sharpe Ratio Comparison

The current TRNO Sharpe Ratio is 1.72, which is comparable to the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of TRNO and VOO, 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

TRNO vs. VOO - Drawdown Comparison

The maximum TRNO drawdown since its inception was -41.45%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TRNO and VOO.

Drawdown Indicators

	TRNO	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-41.45%	-33.99%	-7.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.05%	-8.90%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-26.27%	-18.69%	-7.58%
Max Drawdown (5Y) Largest decline over 5 years	-39.06%	-24.52%	-14.54%
Max Drawdown (10Y) Largest decline over 10 years	-39.06%	-33.99%	-5.07%
Current Drawdown Current decline from peak	-4.50%	0.00%	-4.50%
Average Drawdown Average peak-to-trough decline	-12.26%	-3.67%	-8.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.08%	+1.04%

Volatility

TRNO vs. VOO - Volatility Comparison

Terreno Realty Corporation (TRNO) has a higher volatility of 7.01% compared to Vanguard S&P 500 ETF (VOO) at 3.81%. This indicates that TRNO's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRNO	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.01%	3.81%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	14.84%	10.18%	+4.66%
Volatility (1Y) Calculated over the trailing 1-year period	21.43%	12.80%	+8.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.99%	16.95%	+8.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.61%	18.02%	+6.59%

Dividends

TRNO vs. VOO - Dividend Comparison

TRNO's dividend yield for the trailing twelve months is around 2.90%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRNO Terreno Realty Corporation	2.90%	3.44%	3.18%	2.71%	2.60%	1.48%	1.91%	1.88%	2.62%	2.40%	2.67%	2.92%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both TRNO and VOO in my portfolio?

TRNO and VOO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRNO or VOO?

TRNO has higher volatility (7.01%) compared to VOO (3.81%). In terms of maximum drawdown, TRNO dropped -41.45% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.83 vs 1.72), 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.