JRE vs. VNQ

Last updated Jun 24, 2026

JRE (Janus Henderson U.S. Real Estate ETF) and VNQ (Vanguard Real Estate ETF) are both exchange-traded funds - JRE is a fund fund actively managed by Janus Henderson, while VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. JRE is actively managed, while VNQ is passively managed. Over the past 5 years, JRE returned 4.91%/yr vs 2.83%/yr for VNQ. With a 0.96 correlation, they move nearly in lockstep. JRE charges 0.65%/yr vs 0.13%/yr for VNQ.

Performance

JRE vs. VNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson U.S. Real Estate ETF (JRE) and Vanguard Real Estate ETF (VNQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JRE achieves a 18.21% return, which is significantly higher than VNQ's 11.77% return.

JRE

• 1D: 1.44%
• 1M: 2.25%
• YTD: 18.21%
• 6M: 18.49%
• 1Y: 19.43%
• 3Y*: 12.61%
• 5Y*: 4.91%
• 10Y*: —

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%

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

JRE vs. VNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JRE Janus Henderson U.S. Real Estate ETF	18.21%	2.97%	7.65%	8.79%	-23.47%	16.20%
VNQ Vanguard Real Estate ETF	11.77%	3.24%	4.81%	11.85%	-26.25%	14.82%

Correlation

The correlation between JRE and VNQ is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.96

The correlation between JRE and VNQ has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

JRE vs. VNQ — Risk / Return Rank

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

JRE

JRE Risk / Return Rank: 48
JRE Sharpe Ratio Rank: 43
JRE Sortino Ratio Rank: 41
JRE Omega Ratio Rank: 42
JRE Calmar Ratio Rank: 60
JRE Martin Ratio Rank: 53

VNQ

VNQ Risk / Return Rank: 26
VNQ Sharpe Ratio Rank: 24
VNQ Sortino Ratio Rank: 23
VNQ Omega Ratio Rank: 22
VNQ Calmar Ratio Rank: 29
VNQ Martin Ratio Rank: 31

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.

JRE vs. VNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson U.S. Real Estate ETF (JRE) 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.

	JRE	VNQ	Difference
Sharpe ratio: Return per unit of total volatility	1.41	0.85	+0.57
Sortino ratio: Return per unit of downside risk	1.94	1.23	+0.71
Omega ratio: Gain probability vs. loss probability	1.25	1.15	+0.10
Calmar ratio: Return relative to maximum drawdown	2.73	1.40	+1.34
Martin ratio: Return relative to average drawdown	8.44	4.37	+4.07

JRE vs. VNQ - Sharpe Ratio Comparison

The current JRE Sharpe Ratio is 1.41, which is higher than the VNQ Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of JRE and VNQ, 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

JRE vs. VNQ - Drawdown Comparison

The maximum JRE drawdown since its inception was -31.69%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for JRE and VNQ.

Drawdown Indicators

	JRE	VNQ	Difference
Max Drawdown Largest peak-to-trough decline	-31.69%	-73.07%	+41.38%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-8.34%	+1.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-17.46%	-0.92%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-34.48%	+2.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.40%	—
Current Drawdown Current decline from peak	0.00%	-0.66%	+0.66%
Average Drawdown Average peak-to-trough decline	-12.50%	-13.60%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	2.66%	-0.35%

Volatility

JRE vs. VNQ - Volatility Comparison

Janus Henderson U.S. Real Estate ETF (JRE) has a higher volatility of 5.52% compared to Vanguard Real Estate ETF (VNQ) at 5.19%. This indicates that JRE's price experiences larger fluctuations and is considered to be riskier than VNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JRE	VNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	5.19%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	10.20%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	13.87%	13.84%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.74%	18.86%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.74%	20.75%	-2.01%

JRE vs. VNQ - Expense Ratio Comparison

JRE has a 0.65% expense ratio, which is higher than VNQ's 0.13% expense ratio.

Dividends

JRE vs. VNQ - Dividend Comparison

JRE's dividend yield for the trailing twelve months is around 4.78%, more than VNQ's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JRE Janus Henderson U.S. Real Estate ETF	4.78%	5.81%	2.20%	2.77%	2.87%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both JRE and VNQ in my portfolio?

With a correlation of 0.95, JRE 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.

Which is riskier, JRE or VNQ?

JRE has higher volatility (5.52%) compared to VNQ (5.19%). In terms of maximum drawdown, JRE dropped -31.69% vs VNQ's -73.07%.

Which ETF is better, JRE or VNQ?

On 5-year performance, JRE leads with 4.91% vs 2.83% for VNQ. On fees, VNQ is cheaper at 0.13% per year. On volatility, VNQ has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JRE or VNQ?

Over the 5-year period, JRE has performed better with a 4.91% return vs 2.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JRE or VNQ?

VNQ is cheaper with a 0.13% expense ratio, compared with 0.65% for JRE.

Which ETF pays a higher dividend yield, JRE or VNQ?

JRE has the higher dividend yield at 4.78%, compared with 3.56% for VNQ.

What is the main difference between JRE and VNQ?

They also come from different issuers: Janus Henderson and Vanguard. Their fees differ too: 0.65% for JRE and 0.13% for VNQ.

Which has better risk-adjusted returns?

JRE currently has the higher Sharpe Ratio (1.41 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.