MVA.AX vs. VAP.AX

Last updated Jul 16, 2026

MVA.AX (VanEck Australian Property ETF) and VAP.AX (Vanguard Australian Property Securities Index ETF) are both REIT funds - MVA.AX tracks the VanEck Australian Property Index while VAP.AX tracks the Vanguard Australian Property Securities Index Index. Both are passively managed. Over the past 10 years, MVA.AX returned 3.94%/yr vs 6.49%/yr for VAP.AX. Their correlation of 0.80 suggests significant overlap in exposure.

Performance

MVA.AX vs. VAP.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in VanEck Australian Property ETF (MVA.AX) and Vanguard Australian Property Securities Index ETF (VAP.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVA.AX achieves a -10.89% return, which is significantly lower than VAP.AX's -8.02% return. Over the past 10 years, MVA.AX has underperformed VAP.AX with an annualized return of 3.94%, while VAP.AX has yielded a comparatively higher 6.49% annualized return.

MVA.AX

• 1D: 0.79%
• 1M: -2.70%
• 6M: -7.81%
• YTD: -10.89%
• 1Y: -3.80%
• 3Y*: 5.89%
• 5Y*: 2.60%
• 10Y*: 3.94%

VAP.AX

• 1D: 0.30%
• 1M: -4.52%
• 6M: -6.99%
• YTD: -8.02%
• 1Y: -5.84%
• 3Y*: 8.66%
• 5Y*: 5.29%
• 10Y*: 6.49%

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

MVA.AX vs. VAP.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVA.AX VanEck Australian Property ETF	-10.89%	19.20%	11.61%	1.64%	-18.72%	22.15%	-5.13%	22.14%	3.76%	7.32%
VAP.AX Vanguard Australian Property Securities Index ETF	-8.02%	7.90%	17.90%	16.52%	-19.21%	30.37%	-1.57%	22.83%	8.32%	6.23%

Correlation

The correlation between MVA.AX and VAP.AX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 14, 2013	0.80

Over the past year, the correlation between MVA.AX and VAP.AX has dropped to 0.60 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

MVA.AX vs. VAP.AX — Risk / Return Rank

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

MVA.AX

MVA.AX Risk / Return Rank: 8
MVA.AX Sharpe Ratio Rank: 8
MVA.AX Sortino Ratio Rank: 8
MVA.AX Omega Ratio Rank: 7
MVA.AX Calmar Ratio Rank: 8
MVA.AX Martin Ratio Rank: 8

VAP.AX

VAP.AX Risk / Return Rank: 6
VAP.AX Sharpe Ratio Rank: 6
VAP.AX Sortino Ratio Rank: 6
VAP.AX Omega Ratio Rank: 6
VAP.AX Calmar Ratio Rank: 7
VAP.AX Martin Ratio Rank: 7

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.

MVA.AX vs. VAP.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Australian Property ETF (MVA.AX) and Vanguard Australian Property Securities Index ETF (VAP.AX). 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.

	MVA.AX	VAP.AX	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	-0.32	+0.17
Sortino ratio: Return per unit of downside risk	-0.07	-0.33	+0.26
Omega ratio: Gain probability vs. loss probability	0.99	0.96	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.14	-0.25	+0.10
Martin ratio: Return relative to average drawdown	-0.28	-0.52	+0.24

MVA.AX vs. VAP.AX - Sharpe Ratio Comparison

The current MVA.AX Sharpe Ratio is -0.15, which is higher than the VAP.AX Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of MVA.AX and VAP.AX, 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

MVA.AX vs. VAP.AX - Drawdown Comparison

The maximum MVA.AX drawdown since its inception was -49.63%, roughly equal to the maximum VAP.AX drawdown of -48.41%. Use the drawdown chart below to compare losses from any high point for MVA.AX and VAP.AX.

Drawdown Indicators

	MVA.AX	VAP.AX	Difference
Max Drawdown Largest peak-to-trough decline	-49.63%	-48.41%	-1.22%
Max Drawdown (1Y) Largest decline over 1 year	-21.69%	-22.31%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-21.69%	-22.31%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-30.11%	-29.14%	-0.97%
Max Drawdown (10Y) Largest decline over 10 years	-49.63%	-48.41%	-1.22%
Current Drawdown Current decline from peak	-14.03%	-13.47%	-0.56%
Average Drawdown Average peak-to-trough decline	-9.29%	-7.30%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.47%	10.79%	+0.68%

Volatility

MVA.AX vs. VAP.AX - Volatility Comparison

VanEck Australian Property ETF (MVA.AX) has a higher volatility of 5.53% compared to Vanguard Australian Property Securities Index ETF (VAP.AX) at 4.09%. This indicates that MVA.AX's price experiences larger fluctuations and is considered to be riskier than VAP.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVA.AX	VAP.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	4.09%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	15.58%	13.72%	+1.86%
Volatility (1Y) Calculated over the trailing 1-year period	20.39%	17.15%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.11%	19.69%	+5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.62%	20.99%	+2.63%

Dividends

MVA.AX vs. VAP.AX - Dividend Comparison

MVA.AX's dividend yield for the trailing twelve months is around 3.45%, more than VAP.AX's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MVA.AX VanEck Australian Property ETF	3.45%	1.58%	2.42%	2.63%	2.61%	3.67%	4.35%	3.98%	2.00%	5.18%	4.56%	2.10%
VAP.AX Vanguard Australian Property Securities Index ETF	2.50%	3.98%	3.55%	3.88%	5.90%	7.12%	4.49%	8.55%	12.62%	3.71%	4.62%	4.91%

Frequently Asked Questions

Can I hold both MVA.AX and VAP.AX in my portfolio?

MVA.AX and VAP.AX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between MVA.AX and VAP.AX?

MVA.AX tracks VanEck Australian Property Index, while VAP.AX tracks Vanguard Australian Property Securities Index Index. They also come from different issuers: VanEck and Vanguard.