CSZIX vs. VNQ
CSZIX (Cohen & Steers Real Estate Securities Fund Class Z) and VNQ (Vanguard Real Estate ETF) are both REIT funds. CSZIX is actively managed, while VNQ is passively managed. Over the past 10 years, CSZIX returned 7.37%/yr vs 5.44%/yr for VNQ. With a 0.98 correlation, they move nearly in lockstep. CSZIX charges 0.75%/yr vs 0.13%/yr for VNQ.
Performance
CSZIX vs. VNQ - Performance Comparison
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Returns By Period
In the year-to-date period, CSZIX achieves a 13.23% return, which is significantly higher than VNQ's 11.77% return. Over the past 10 years, CSZIX has outperformed VNQ with an annualized return of 7.37%, while VNQ has yielded a comparatively lower 5.44% annualized return.
CSZIX
- 1D
- 1.30%
- 1M
- -0.51%
- YTD
- 13.23%
- 6M
- 13.95%
- 1Y
- 12.01%
- 3Y*
- 12.51%
- 5Y*
- 4.19%
- 10Y*
- 7.37%
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%
CSZIX vs. VNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSZIX Cohen & Steers Real Estate Securities Fund Class Z | 13.23% | 4.41% | 6.81% | 13.26% | -26.21% | 41.81% | -1.64% | 31.95% | -4.17% | 8.18% |
VNQ Vanguard Real Estate ETF | 11.77% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
Correlation
The correlation between CSZIX and VNQ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.98 |
The correlation between CSZIX and VNQ has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
CSZIX vs. VNQ — Risk / Return Rank
CSZIX
VNQ
CSZIX vs. VNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Real Estate Securities Fund Class Z (CSZIX) 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.
| CSZIX | VNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.15 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 1.40 | +0.32 |
| Martin ratioReturn relative to average drawdown | 5.16 | 4.37 | +0.79 |
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Drawdowns
CSZIX vs. VNQ - Drawdown Comparison
The maximum CSZIX drawdown since its inception was -42.71%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for CSZIX and VNQ.
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Drawdown Indicators
| CSZIX | VNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.71% | -73.07% | +30.36% |
Max Drawdown (1Y)Largest decline over 1 year | -7.96% | -8.34% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -17.17% | -17.46% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -33.05% | -34.48% | +1.43% |
Max Drawdown (10Y)Largest decline over 10 years | -42.71% | -42.40% | -0.31% |
Current DrawdownCurrent decline from peak | -1.66% | -0.66% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -8.73% | -13.60% | +4.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 2.66% | -0.03% |
Volatility
CSZIX vs. VNQ - Volatility Comparison
Cohen & Steers Real Estate Securities Fund Class Z (CSZIX) and Vanguard Real Estate ETF (VNQ) have volatilities of 5.09% and 5.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSZIX | VNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 5.19% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 10.57% | 10.20% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.85% | 13.84% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.72% | 18.86% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.85% | 20.75% | +0.10% |
CSZIX vs. VNQ - Expense Ratio Comparison
CSZIX has a 0.75% expense ratio, which is higher than VNQ's 0.13% expense ratio.
Dividends
CSZIX vs. VNQ - Dividend Comparison
CSZIX's dividend yield for the trailing twelve months is around 3.43%, less than VNQ's 3.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSZIX Cohen & Steers Real Estate Securities Fund Class Z | 3.43% | 3.81% | 2.85% | 3.00% | 7.77% | 4.38% | 5.47% | 7.70% | 3.68% | 2.60% | 5.90% | 22.32% |
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
With a correlation of 0.96, CSZIX and VNQ 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.
VNQ has higher volatility (5.19%) compared to CSZIX (5.09%). In terms of maximum drawdown, CSZIX dropped -42.71% vs VNQ's -73.07%.
CSZIX currently has the higher Sharpe Ratio (0.99 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.
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