RPAR vs. VNQ

Last updated Jun 4, 2026

RPAR (RPAR Risk Parity ETF) and VNQ (Vanguard Real Estate ETF) are both exchange-traded funds - RPAR is a Hedge Fund fund actively managed by Toroso Investments, while VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. RPAR is actively managed, while VNQ is passively managed. Over the past 5 years, RPAR returned 1.76%/yr vs 2.18%/yr for VNQ. At a 0.48 correlation, their price movements are largely independent. RPAR charges 0.51%/yr vs 0.13%/yr for VNQ.

Performance

RPAR vs. VNQ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with RPAR having a 7.53% return and VNQ slightly higher at 7.83%.

RPAR

• 1D: -0.47%
• 1M: 1.78%
• YTD: 7.53%
• 6M: 7.10%
• 1Y: 21.22%
• 3Y*: 9.22%
• 5Y*: 1.76%
• 10Y*: —

VNQ

• 1D: -0.12%
• 1M: -1.10%
• YTD: 7.83%
• 6M: 6.75%
• 1Y: 9.97%
• 3Y*: 9.15%
• 5Y*: 2.18%
• 10Y*: 5.21%

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

RPAR vs. VNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RPAR RPAR Risk Parity ETF	7.53%	17.91%	0.06%	6.03%	-22.82%	7.56%	19.40%	0.11%
VNQ Vanguard Real Estate ETF	7.83%	3.24%	4.81%	11.85%	-26.25%	40.54%	-4.61%	3.80%

Correlation

The correlation between RPAR and VNQ is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 16, 2019	0.48

The correlation between RPAR and VNQ has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

RPAR vs. VNQ - Sectors Allocation Comparison

Sectors	RPAR	VNQ
Financial Services	35.9%	0.1%
Basic Materials	6.4%	1.1%
Energy	5.9%	0.1%
Healthcare	5.1%	-
Communication Services	4.9%	0.6%
Industrials	2.1%	0.0%
Consumer Defensive	0.3%	-
Utilities	0.2%	-
Technology	0.1%	0.3%
Consumer Cyclical	0.1%	-
Real Estate	-0.0%	97.3%

Return for Risk

RPAR vs. VNQ — Risk / Return Rank

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

RPAR

RPAR Risk / Return Rank: 57
RPAR Sharpe Ratio Rank: 61
RPAR Sortino Ratio Rank: 61
RPAR Omega Ratio Rank: 60
RPAR Calmar Ratio Rank: 52
RPAR Martin Ratio Rank: 51

VNQ

VNQ Risk / Return Rank: 23
VNQ Sharpe Ratio Rank: 22
VNQ Sortino Ratio Rank: 21
VNQ Omega Ratio Rank: 20
VNQ Calmar Ratio Rank: 25
VNQ Martin Ratio Rank: 27

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.

RPAR vs. VNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RPAR Risk Parity ETF (RPAR) 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.

	RPAR	VNQ	Difference
Sharpe ratio: Return per unit of total volatility	2.09	0.76	+1.33
Sortino ratio: Return per unit of downside risk	2.90	1.12	+1.79
Omega ratio: Gain probability vs. loss probability	1.37	1.14	+0.24
Calmar ratio: Return relative to maximum drawdown	2.63	1.20	+1.43
Martin ratio: Return relative to average drawdown	8.71	3.78	+4.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPAR vs. VNQ - Sharpe Ratio Comparison

The current RPAR Sharpe Ratio is 2.09, which is higher than the VNQ Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of RPAR 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.

Sharpe Ratios by Period

	RPAR	VNQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	0.76	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.12	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.26	+0.10

Drawdowns

RPAR vs. VNQ - Drawdown Comparison

The maximum RPAR drawdown since its inception was -30.16%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for RPAR and VNQ.

Drawdown Indicators

	RPAR	VNQ	Difference
Max Drawdown Largest peak-to-trough decline	-30.16%	-73.07%	+42.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.10%	-8.34%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-13.20%	-17.46%	+4.26%
Max Drawdown (5Y) Largest decline over 5 years	-30.16%	-34.48%	+4.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.40%	—
Current Drawdown Current decline from peak	-2.64%	-3.75%	+1.11%
Average Drawdown Average peak-to-trough decline	-11.61%	-13.63%	+2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.64%	-0.20%

Volatility

RPAR vs. VNQ - Volatility Comparison

RPAR Risk Parity ETF (RPAR) and Vanguard Real Estate ETF (VNQ) have volatilities of 3.56% and 3.72%, 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.

Volatility by Period

	RPAR	VNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.72%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	9.26%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	10.20%	13.16%	-2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.40%	18.80%	-6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	20.70%	-8.01%

RPAR vs. VNQ - Expense Ratio Comparison

RPAR has a 0.51% expense ratio, which is higher than VNQ's 0.13% expense ratio.

Dividends

RPAR vs. VNQ - Dividend Comparison

RPAR's dividend yield for the trailing twelve months is around 2.07%, less than VNQ's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RPAR RPAR Risk Parity ETF	2.07%	2.55%	2.51%	3.16%	4.01%	2.02%	0.76%	0.23%	0.00%	0.00%	0.00%	0.00%
VNQ Vanguard Real Estate ETF	3.69%	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 RPAR and VNQ in my portfolio?

RPAR and VNQ have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPAR or VNQ?

VNQ has higher volatility (3.72%) compared to RPAR (3.56%). In terms of maximum drawdown, RPAR dropped -30.16% vs VNQ's -73.07%.

Which ETF is better, RPAR or VNQ?

On 5-year performance, VNQ leads with 2.18% vs 1.76% for RPAR. On fees, VNQ is cheaper at 0.13% per year. On volatility, RPAR has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RPAR or VNQ?

Over the 5-year period, VNQ has performed better with a 2.18% return vs 1.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RPAR or VNQ?

VNQ is cheaper with a 0.13% expense ratio, compared with 0.51% for RPAR.

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

VNQ has the higher dividend yield at 3.69%, compared with 2.07% for RPAR.

What is the main difference between RPAR and VNQ?

RPAR is categorized as Hedge Fund, while VNQ is REIT. They also come from different issuers: Toroso Investments and Vanguard. Their fees differ too: 0.51% for RPAR and 0.13% for VNQ.

Which has better risk-adjusted returns?

RPAR currently has the higher Sharpe Ratio (2.09 vs 0.76), 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.