IARCX vs. VNQ
IARCX (Invesco Real Estate Fund) and VNQ (Vanguard Real Estate ETF) are both REIT funds. Over the past 10 years, IARCX returned 3.63%/yr vs 5.35%/yr for VNQ. With a 0.98 correlation, they move nearly in lockstep. IARCX charges 1.98%/yr vs 0.13%/yr for VNQ.
Performance
IARCX vs. VNQ - Performance Comparison
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Returns By Period
In the year-to-date period, IARCX achieves a 13.81% return, which is significantly higher than VNQ's 10.80% return. Over the past 10 years, IARCX has underperformed VNQ with an annualized return of 3.63%, while VNQ has yielded a comparatively higher 5.35% annualized return.
IARCX
- 1D
- 1.30%
- 1M
- 0.45%
- YTD
- 13.81%
- 6M
- 14.39%
- 1Y
- 9.87%
- 3Y*
- 8.23%
- 5Y*
- 1.00%
- 10Y*
- 3.63%
VNQ
- 1D
- -0.87%
- 1M
- 0.25%
- YTD
- 10.80%
- 6M
- 10.46%
- 1Y
- 10.33%
- 3Y*
- 10.98%
- 5Y*
- 2.52%
- 10Y*
- 5.35%
IARCX vs. VNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IARCX Invesco Real Estate Fund | 13.81% | -0.91% | 1.03% | 7.95% | -25.40% | 39.81% | -11.68% | 26.50% | -6.36% | 7.61% |
VNQ Vanguard Real Estate ETF | 10.80% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
Correlation
The correlation between IARCX 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 | 0.98 |
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 Sep 29, 2004 | 0.98 |
The correlation between IARCX 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
IARCX vs. VNQ — Risk / Return Rank
IARCX
VNQ
IARCX vs. VNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Real Estate Fund (IARCX) 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.
| IARCX | VNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.14 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 1.24 | +0.15 |
| Martin ratioReturn relative to average drawdown | 3.89 | 3.92 | -0.03 |
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Drawdowns
IARCX vs. VNQ - Drawdown Comparison
The maximum IARCX drawdown since its inception was -82.76%, which is greater than VNQ's maximum drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for IARCX and VNQ.
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Drawdown Indicators
| IARCX | VNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.76% | -73.07% | -9.69% |
Max Drawdown (1Y)Largest decline over 1 year | -8.18% | -8.34% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -18.05% | -17.46% | -0.59% |
Max Drawdown (5Y)Largest decline over 5 years | -34.83% | -34.48% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -42.45% | -42.40% | -0.05% |
Current DrawdownCurrent decline from peak | -8.25% | -1.52% | -6.73% |
Average DrawdownAverage peak-to-trough decline | -36.07% | -13.60% | -22.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 2.66% | +0.26% |
Volatility
IARCX vs. VNQ - Volatility Comparison
Invesco Real Estate Fund (IARCX) and Vanguard Real Estate ETF (VNQ) have volatilities of 5.19% and 5.27%, 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
| IARCX | VNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 5.27% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.34% | 10.24% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.79% | 13.79% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 18.87% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.88% | 20.75% | +0.13% |
IARCX vs. VNQ - Expense Ratio Comparison
IARCX has a 1.98% expense ratio, which is higher than VNQ's 0.13% expense ratio.
Dividends
IARCX vs. VNQ - Dividend Comparison
IARCX's dividend yield for the trailing twelve months is around 4.52%, more than VNQ's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IARCX Invesco Real Estate Fund | 4.52% | 5.26% | 3.66% | 2.50% | 9.87% | 4.94% | 6.58% | 7.98% | 6.65% | 5.22% | 14.83% | 16.26% |
VNQ Vanguard Real Estate ETF | 3.59% | 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, IARCX 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 (5.27%) compared to IARCX (5.19%). In terms of maximum drawdown, IARCX dropped -82.76% vs VNQ's -73.07%.
IARCX currently has the higher Sharpe Ratio (0.83 vs 0.75), 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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