AVRE vs. VGSNX

Last updated Jun 24, 2026

AVRE (Avantis Real Estate ETF) and VGSNX (Vanguard Real Estate Index Fund Institutional Shares) are both REIT funds. Over the past 3 years, AVRE returned 10.51%/yr vs 10.83%/yr for VGSNX. With a 0.97 correlation, they move nearly in lockstep. AVRE charges 0.17%/yr vs 0.10%/yr for VGSNX.

Performance

AVRE vs. VGSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Real Estate ETF (AVRE) and Vanguard Real Estate Index Fund Institutional Shares (VGSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AVRE having a 10.29% return and VGSNX slightly higher at 10.34%.

AVRE

• 1D: 0.70%
• 1M: 0.44%
• YTD: 10.29%
• 6M: 10.48%
• 1Y: 10.80%
• 3Y*: 10.51%
• 5Y*: —
• 10Y*: —

VGSNX

• 1D: 1.10%
• 1M: -0.19%
• YTD: 10.34%
• 6M: 10.74%
• 1Y: 10.24%
• 3Y*: 10.83%
• 5Y*: 2.55%
• 10Y*: 5.31%

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

AVRE vs. VGSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVRE Avantis Real Estate ETF	10.29%	8.34%	0.54%	9.10%	-23.70%	11.45%
VGSNX Vanguard Real Estate Index Fund Institutional Shares	10.34%	3.21%	3.72%	13.12%	-26.19%	13.08%

Correlation

The correlation between AVRE and VGSNX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.97

The correlation between AVRE and VGSNX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

AVRE vs. VGSNX — Risk / Return Rank

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

AVRE

AVRE Risk / Return Rank: 26
AVRE Sharpe Ratio Rank: 26
AVRE Sortino Ratio Rank: 24
AVRE Omega Ratio Rank: 24
AVRE Calmar Ratio Rank: 25
AVRE Martin Ratio Rank: 31

VGSNX

VGSNX Risk / Return Rank: 14
VGSNX Sharpe Ratio Rank: 11
VGSNX Sortino Ratio Rank: 11
VGSNX Omega Ratio Rank: 11
VGSNX Calmar Ratio Rank: 18
VGSNX Martin Ratio Rank: 18

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.

AVRE vs. VGSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Real Estate ETF (AVRE) and Vanguard Real Estate Index Fund Institutional Shares (VGSNX). 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.

	AVRE	VGSNX	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.86	+0.03
Sortino ratio: Return per unit of downside risk	1.27	1.25	+0.02
Omega ratio: Gain probability vs. loss probability	1.16	1.16	0.00
Calmar ratio: Return relative to maximum drawdown	1.16	1.42	-0.26
Martin ratio: Return relative to average drawdown	4.18	4.44	-0.26

AVRE vs. VGSNX - Sharpe Ratio Comparison

The current AVRE Sharpe Ratio is 0.89, which is comparable to the VGSNX Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of AVRE and VGSNX, 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

AVRE vs. VGSNX - Drawdown Comparison

The maximum AVRE drawdown since its inception was -32.52%, smaller than the maximum VGSNX drawdown of -73.06%. Use the drawdown chart below to compare losses from any high point for AVRE and VGSNX.

Drawdown Indicators

	AVRE	VGSNX	Difference
Max Drawdown Largest peak-to-trough decline	-32.52%	-73.06%	+40.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.38%	-8.34%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-17.41%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.39%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.30%	—
Current Drawdown Current decline from peak	-0.83%	-1.99%	+1.16%
Average Drawdown Average peak-to-trough decline	-14.61%	-13.26%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.66%	-0.07%

Volatility

AVRE vs. VGSNX - Volatility Comparison

The current volatility for Avantis Real Estate ETF (AVRE) is 4.15%, while Vanguard Real Estate Index Fund Institutional Shares (VGSNX) has a volatility of 5.01%. This indicates that AVRE experiences smaller price fluctuations and is considered to be less risky than VGSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVRE	VGSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	5.01%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	9.56%	10.14%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	12.31%	13.81%	-1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.60%	18.92%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.60%	20.95%	-4.35%

AVRE vs. VGSNX - Expense Ratio Comparison

AVRE has a 0.17% expense ratio, which is higher than VGSNX's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AVRE vs. VGSNX - Dividend Comparison

AVRE's dividend yield for the trailing twelve months is around 4.26%, more than VGSNX's 3.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVRE Avantis Real Estate ETF	4.26%	4.30%	3.99%	3.33%	3.78%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VGSNX Vanguard Real Estate Index Fund Institutional Shares	3.63%	3.94%	3.87%	3.93%	3.94%	2.57%	3.95%	3.40%	4.75%	4.26%	4.84%	3.94%

Frequently Asked Questions

Can I hold both AVRE and VGSNX in my portfolio?

With a correlation of 0.94, AVRE and VGSNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AVRE or VGSNX?

VGSNX has higher volatility (5.01%) compared to AVRE (4.15%). In terms of maximum drawdown, AVRE dropped -32.52% vs VGSNX's -73.06%.

Which has better risk-adjusted returns?

AVRE currently has the higher Sharpe Ratio (0.89 vs 0.86), 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.