GQRE vs. VNQI
GQRE (FlexShares Global Quality Real Estate Index Fund) and VNQI (Vanguard Global ex-U.S. Real Estate ETF) are both exchange-traded funds - GQRE is a Quality Factor fund tracking the Northern Trust Global Quality Real Estate (NR), while VNQI is a REIT fund tracking the S&P Global ex-U.S. Property Index. Both are passively managed. Over the past 10 years, GQRE returned 3.74%/yr vs 2.17%/yr for VNQI. Their 0.76 correlation means they have sometimes moved together and sometimes differently. GQRE charges 0.45%/yr vs 0.12%/yr for VNQI.
Performance
GQRE vs. VNQI - Performance Comparison
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Returns By Period
In the year-to-date period, GQRE achieves a 11.97% return, which is significantly higher than VNQI's 0.92% return. Over the past 10 years, GQRE has outperformed VNQI with an annualized return of 3.74%, while VNQI has yielded a comparatively lower 2.17% annualized return.
GQRE
- 1D
- -0.25%
- 1M
- 0.70%
- 6M
- 7.91%
- YTD
- 11.97%
- 1Y
- 15.04%
- 3Y*
- 11.26%
- 5Y*
- 2.21%
- 10Y*
- 3.74%
- ALL TIME*
- 5.21%
VNQI
- 1D
- 0.78%
- 1M
- 2.05%
- 6M
- -4.32%
- YTD
- 0.92%
- 1Y
- 4.98%
- 3Y*
- 8.73%
- 5Y*
- -0.87%
- 10Y*
- 2.17%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.01M | $668.95K | $807.17K | |
| $10.25M | $9.91M | $13.07M |
GQRE vs. VNQI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GQRE FlexShares Global Quality Real Estate Index Fund | 11.97% | 8.27% | 6.09% | 9.21% | -27.22% | 32.01% | -9.17% | 21.84% | -8.88% | 13.60% |
VNQI Vanguard Global ex-U.S. Real Estate ETF | 0.92% | 21.38% | -2.22% | 6.99% | -22.94% | 5.93% | -7.22% | 21.59% | -9.44% | 26.91% |
Correlation
The correlation between GQRE and VNQI is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2013 | 0.76 |
The correlation between GQRE and VNQI has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.
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Return for Risk
GQRE vs. VNQI — Risk / Return Rank
GQRE
VNQI
GQRE vs. VNQI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Global Quality Real Estate Index Fund (GQRE) and Vanguard Global ex-U.S. Real Estate ETF (VNQI). 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.
| GQRE | VNQI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.07 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 0.34 | +1.15 |
| Martin ratioReturn relative to average drawdown | 5.74 | 0.77 | +4.97 |
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Drawdowns
GQRE vs. VNQI - Drawdown Comparison
The maximum GQRE drawdown since its inception was -41.87%, which is greater than VNQI's maximum drawdown of -38.35%. Use the drawdown chart below to compare losses from any high point for GQRE and VNQI.
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Drawdown Indicators
| GQRE | VNQI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.87% | -38.35% | -3.52% |
Max Drawdown (1Y)Largest decline over 1 year | -10.15% | -14.78% | +4.63% |
Max Drawdown (3Y)Largest decline over 3 years | -15.18% | -16.35% | +1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -35.08% | -34.92% | -0.16% |
Max Drawdown (10Y)Largest decline over 10 years | -41.87% | -38.35% | -3.52% |
Current DrawdownCurrent decline from peak | -2.18% | -8.87% | +6.69% |
Average DrawdownAverage peak-to-trough decline | -9.13% | -10.88% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 6.50% | -3.87% |
Volatility
GQRE vs. VNQI - Volatility Comparison
The current volatility for FlexShares Global Quality Real Estate Index Fund (GQRE) is 3.25%, while Vanguard Global ex-U.S. Real Estate ETF (VNQI) has a volatility of 3.44%. This indicates that GQRE experiences smaller price fluctuations and is considered to be less risky than VNQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GQRE | VNQI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 3.44% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 9.37% | 12.08% | -2.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.72% | 13.91% | -2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.45% | 15.57% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.64% | 15.92% | +1.72% |
GQRE vs. VNQI - Expense Ratio Comparison
GQRE has a 0.45% expense ratio, which is higher than VNQI's 0.12% expense ratio.
Dividends
GQRE vs. VNQI - Dividend Comparison
GQRE's dividend yield for the trailing twelve months is around 4.19%, less than VNQI's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GQRE FlexShares Global Quality Real Estate Index Fund | 4.19% | 4.75% | 3.77% | 2.91% | 2.56% | 2.36% | 2.05% | 4.29% | 3.22% | 1.97% | 4.16% | 2.32% |
VNQI Vanguard Global ex-U.S. Real Estate ETF | 4.66% | 4.70% | 5.16% | 3.74% | 0.57% | 6.48% | 0.93% | 7.58% | 4.62% | 3.86% | 5.18% | 2.86% |
Frequently Asked Questions
GQRE and VNQI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNQI has higher volatility (3.44%) compared to GQRE (3.25%). In terms of maximum drawdown, GQRE dropped -41.87% vs VNQI's -38.35%.
On 10-year performance, GQRE leads with 3.74% vs 2.17% for VNQI. On fees, VNQI is cheaper at 0.12% per year. On volatility, GQRE has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GQRE has performed better with a 3.74% return vs 2.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQI is cheaper with a 0.12% expense ratio, compared with 0.45% for GQRE.
VNQI has the higher dividend yield at 4.66%, compared with 4.19% for GQRE.
GQRE is categorized as Quality Factor, while VNQI is REIT. GQRE tracks Northern Trust Global Quality Real Estate (NR), while VNQI tracks S&P Global ex-U.S. Property Index. They also come from different issuers: Northern Trust and Vanguard. Their fees differ too: 0.45% for GQRE and 0.12% for VNQI.
GQRE currently has the higher Sharpe Ratio (1.29 vs 0.36), 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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