PKB vs. VNQ
PKB (Invesco Dynamic Building & Construction ETF) and VNQ (Vanguard Real Estate ETF) are both exchange-traded funds - PKB is a Building & Construction fund tracking the Dynamic Building & Construction Intellidex Index, while VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. Both are passively managed. Over the past 10 years, PKB returned 16.35%/yr vs 5.31%/yr for VNQ. A 0.61 correlation means they provide meaningful diversification when combined. PKB charges 0.60%/yr vs 0.13%/yr for VNQ.
Performance
PKB vs. VNQ - Performance Comparison
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Returns By Period
In the year-to-date period, PKB achieves a 20.35% return, which is significantly higher than VNQ's 10.32% return. Over the past 10 years, PKB has outperformed VNQ with an annualized return of 16.35%, while VNQ has yielded a comparatively lower 5.31% annualized return.
PKB
- 1D
- 0.91%
- 1M
- 10.39%
- YTD
- 20.35%
- 6M
- 17.25%
- 1Y
- 45.15%
- 3Y*
- 29.08%
- 5Y*
- 18.38%
- 10Y*
- 16.35%
VNQ
- 1D
- 1.08%
- 1M
- -0.19%
- YTD
- 10.32%
- 6M
- 10.63%
- 1Y
- 11.80%
- 3Y*
- 10.81%
- 5Y*
- 2.52%
- 10Y*
- 5.31%
PKB vs. VNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PKB Invesco Dynamic Building & Construction ETF | 20.35% | 22.47% | 20.24% | 55.29% | -24.88% | 32.96% | 24.49% | 40.15% | -31.11% | 24.67% |
VNQ Vanguard Real Estate ETF | 10.32% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
Correlation
The correlation between PKB and VNQ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2005 | 0.61 |
The correlation between PKB and VNQ shifts across timeframes, from 0.46 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PKB vs. VNQ — Risk / Return Rank
PKB
VNQ
PKB vs. VNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Building & Construction ETF (PKB) 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.
| PKB | VNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.16 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 1.42 | +1.52 |
| Martin ratioReturn relative to average drawdown | 9.32 | 4.45 | +4.88 |
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Drawdowns
PKB vs. VNQ - Drawdown Comparison
The maximum PKB drawdown since its inception was -65.21%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for PKB and VNQ.
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Drawdown Indicators
| PKB | VNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.21% | -73.07% | +7.86% |
Max Drawdown (1Y)Largest decline over 1 year | -15.41% | -8.34% | -7.07% |
Max Drawdown (3Y)Largest decline over 3 years | -29.75% | -17.46% | -12.29% |
Max Drawdown (5Y)Largest decline over 5 years | -34.85% | -34.48% | -0.37% |
Max Drawdown (10Y)Largest decline over 10 years | -52.29% | -42.40% | -9.89% |
Current DrawdownCurrent decline from peak | 0.00% | -1.95% | +1.95% |
Average DrawdownAverage peak-to-trough decline | -15.74% | -13.60% | -2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.86% | 2.66% | +2.20% |
Volatility
PKB vs. VNQ - Volatility Comparison
Invesco Dynamic Building & Construction ETF (PKB) has a higher volatility of 7.94% compared to Vanguard Real Estate ETF (VNQ) at 5.03%. This indicates that PKB'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.
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Volatility by Period
| PKB | VNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.94% | 5.03% | +2.91% |
Volatility (6M)Calculated over the trailing 6-month period | 18.61% | 10.15% | +8.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.90% | 13.81% | +10.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.80% | 18.85% | +6.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.32% | 20.75% | +6.57% |
PKB vs. VNQ - Expense Ratio Comparison
PKB has a 0.60% expense ratio, which is higher than VNQ's 0.13% expense ratio.
Dividends
PKB vs. VNQ - Dividend Comparison
PKB's dividend yield for the trailing twelve months is around 0.23%, less than VNQ's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PKB Invesco Dynamic Building & Construction ETF | 0.23% | 0.14% | 0.23% | 0.33% | 0.43% | 0.25% | 0.30% | 0.37% | 0.54% | 0.17% | 0.31% | 0.11% |
VNQ Vanguard Real Estate ETF | 3.61% | 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
PKB and VNQ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PKB has higher volatility (7.94%) compared to VNQ (5.03%). In terms of maximum drawdown, PKB dropped -65.21% vs VNQ's -73.07%.
On 10-year performance, PKB leads with 16.35% vs 5.31% for VNQ. On fees, VNQ is cheaper at 0.13% per year. On volatility, VNQ has been the lower-risk option at 5.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PKB has performed better with a 16.35% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQ is cheaper with a 0.13% expense ratio, compared with 0.60% for PKB.
VNQ has the higher dividend yield at 3.61%, compared with 0.23% for PKB.
PKB is categorized as Building & Construction, while VNQ is REIT. PKB tracks Dynamic Building & Construction Intellidex Index, while VNQ tracks MSCI US Investable Market Real Estate 25/50 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.60% for PKB and 0.13% for VNQ.
PKB currently has the higher Sharpe Ratio (1.90 vs 0.86), 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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