IFGL vs. VNQI
IFGL (iShares International Developed Real Estate ETF) and VNQI (Vanguard Global ex-U.S. Real Estate ETF) are both REIT funds - IFGL tracks the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index while VNQI tracks the S&P Global ex-U.S. Property Index. Both are passively managed. Over the past 10 years, IFGL returned 1.88%/yr vs 2.69%/yr for VNQI. Their correlation of 0.93 suggests significant overlap in exposure. IFGL charges 0.48%/yr vs 0.12%/yr for VNQI.
Performance
IFGL vs. VNQI - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IFGL having a -2.59% return and VNQI slightly higher at -2.51%. Over the past 10 years, IFGL has underperformed VNQI with an annualized return of 1.88%, while VNQI has yielded a comparatively higher 2.69% annualized return.
IFGL
- 1D
- -0.38%
- 1M
- -2.35%
- YTD
- -2.59%
- 6M
- -1.51%
- 1Y
- 3.31%
- 3Y*
- 8.32%
- 5Y*
- -2.62%
- 10Y*
- 1.88%
VNQI
- 1D
- -0.33%
- 1M
- -2.02%
- YTD
- -2.51%
- 6M
- -1.89%
- 1Y
- 4.50%
- 3Y*
- 9.04%
- 5Y*
- -1.42%
- 10Y*
- 2.69%
IFGL vs. VNQI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IFGL iShares International Developed Real Estate ETF | -2.59% | 24.31% | -7.25% | 5.40% | -24.21% | 8.29% | -7.62% | 20.65% | -6.39% | 20.00% |
VNQI Vanguard Global ex-U.S. Real Estate ETF | -2.51% | 21.38% | -2.22% | 6.99% | -22.94% | 5.93% | -7.22% | 21.59% | -9.44% | 26.91% |
Correlation
The correlation between IFGL and VNQI 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 | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010 | 0.93 |
The correlation between IFGL and VNQI has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
IFGL vs. VNQI — Risk / Return Rank
IFGL
VNQI
IFGL vs. VNQI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Developed Real Estate ETF (IFGL) 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.
| IFGL | VNQI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.07 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 0.31 | -0.07 |
| Martin ratioReturn relative to average drawdown | 0.63 | 0.83 | -0.20 |
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Drawdowns
IFGL vs. VNQI - Drawdown Comparison
The maximum IFGL drawdown since its inception was -68.93%, which is greater than VNQI's maximum drawdown of -38.35%. Use the drawdown chart below to compare losses from any high point for IFGL and VNQI.
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Drawdown Indicators
| IFGL | VNQI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.93% | -38.35% | -30.58% |
Max Drawdown (1Y)Largest decline over 1 year | -14.38% | -14.78% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -16.35% | -2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -38.00% | -34.92% | -3.08% |
Max Drawdown (10Y)Largest decline over 10 years | -40.38% | -38.35% | -2.03% |
Current DrawdownCurrent decline from peak | -15.30% | -11.96% | -3.34% |
Average DrawdownAverage peak-to-trough decline | -17.31% | -10.89% | -6.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.27% | 5.42% | -0.15% |
Volatility
IFGL vs. VNQI - Volatility Comparison
The current volatility for iShares International Developed Real Estate ETF (IFGL) is 4.17%, while Vanguard Global ex-U.S. Real Estate ETF (VNQI) has a volatility of 4.43%. This indicates that IFGL 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
| IFGL | VNQI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 4.43% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 11.84% | 11.89% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.95% | 13.80% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.38% | 15.55% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.58% | 16.06% | +0.52% |
IFGL vs. VNQI - Expense Ratio Comparison
IFGL has a 0.48% expense ratio, which is higher than VNQI's 0.12% expense ratio.
Dividends
IFGL vs. VNQI - Dividend Comparison
IFGL's dividend yield for the trailing twelve months is around 4.22%, less than VNQI's 4.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IFGL iShares International Developed Real Estate ETF | 4.22% | 3.71% | 4.83% | 1.82% | 2.79% | 3.25% | 2.17% | 7.60% | 4.10% | 4.90% | 7.68% | 3.70% |
VNQI Vanguard Global ex-U.S. Real Estate ETF | 4.82% | 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
With a correlation of 0.94, IFGL and VNQI 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.
VNQI has higher volatility (4.43%) compared to IFGL (4.17%). In terms of maximum drawdown, IFGL dropped -68.93% vs VNQI's -38.35%.
On 10-year performance, VNQI leads with 2.69% vs 1.88% for IFGL. On fees, VNQI is cheaper at 0.12% per year. On volatility, IFGL has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VNQI has performed better with a 2.69% return vs 1.88%. 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 0.48% for IFGL.
VNQI has the higher dividend yield at 4.82%, compared with 4.22% for IFGL.
IFGL tracks FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, while VNQI tracks S&P Global ex-U.S. Property Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.48% for IFGL and 0.12% for VNQI.
VNQI currently has the higher Sharpe Ratio (0.33 vs 0.24), 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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