TCIEX vs. VNQ

Last updated Apr 2, 2026

Compare and contrast key facts about TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and Vanguard Real Estate ETF (VNQ).

TCIEX is a passively managed fund by TIAA Investments that tracks the performance of the MSCI EAFE Index. It was launched on Oct 1, 2002. VNQ is a passively managed fund by Vanguard that tracks the performance of the MSCI US Investable Market Real Estate 25/50 Index. It was launched on Sep 23, 2004. Both TCIEX and VNQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TCIEX vs. VNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and Vanguard Real Estate ETF (VNQ). The values are adjusted to include any dividend payments, if applicable.

TCIEX vs. VNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	1.04%	31.55%	3.69%	18.21%	-14.19%	11.30%	8.13%	21.82%	-13.27%	25.34%
VNQ Vanguard Real Estate ETF	1.67%	3.24%	4.81%	11.85%	-26.25%	40.54%	-4.61%	28.91%	-6.03%	4.90%

Returns By Period

In the year-to-date period, TCIEX achieves a 1.04% return, which is significantly lower than VNQ's 1.67% return. Over the past 10 years, TCIEX has outperformed VNQ with an annualized return of 8.90%, while VNQ has yielded a comparatively lower 4.69% annualized return.

TCIEX

• 1D: 3.00%
• 1M: -6.29%
• YTD: 1.04%
• 6M: 4.81%
• 1Y: 22.86%
• 3Y*: 14.48%
• 5Y*: 8.26%
• 10Y*: 8.90%

VNQ

• 1D: 0.36%
• 1M: -6.21%
• YTD: 1.67%
• 6M: -0.84%
• 1Y: 2.18%
• 3Y*: 6.57%
• 5Y*: 2.86%
• 10Y*: 4.69%

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

TCIEX vs. VNQ - Expense Ratio Comparison

TCIEX has a 0.05% expense ratio, which is lower than VNQ's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

VNQ

Vanguard Real Estate ETF

TCIEX

TIAA-CREF International Equity Index Fund Institutional Class

Return for Risk

TCIEX vs. VNQ — Risk / Return Rank

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

TCIEX

TCIEX Risk / Return Rank: 73
TCIEX Sharpe Ratio Rank: 74
TCIEX Sortino Ratio Rank: 73
TCIEX Omega Ratio Rank: 70
TCIEX Calmar Ratio Rank: 76
TCIEX Martin Ratio Rank: 72

VNQ

VNQ Risk / Return Rank: 15
VNQ Sharpe Ratio Rank: 14
VNQ Sortino Ratio Rank: 14
VNQ Omega Ratio Rank: 14
VNQ Calmar Ratio Rank: 15
VNQ Martin Ratio Rank: 17

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.

TCIEX vs. VNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) 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.

	TCIEX	VNQ	Difference
Sharpe ratio Return per unit of total volatility	1.36	0.13	+1.22
Sortino ratio Return per unit of downside risk	1.87	0.30	+1.57
Omega ratio Gain probability vs. loss probability	1.27	1.04	+0.23
Calmar ratio Return relative to maximum drawdown	1.83	0.18	+1.66
Martin ratio Return relative to average drawdown	6.94	0.70	+6.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCIEX vs. VNQ - Sharpe Ratio Comparison

The current TCIEX Sharpe Ratio is 1.36, which is higher than the VNQ Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of TCIEX and VNQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TCIEX	VNQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	0.13	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.15	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.23	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.26	+0.13

Correlation

The correlation between TCIEX and VNQ is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TCIEX vs. VNQ - Dividend Comparison

TCIEX's dividend yield for the trailing twelve months is around 3.85%, less than VNQ's 3.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	3.85%	3.89%	3.17%	3.14%	2.82%	3.02%	1.96%	3.08%	3.42%	2.78%	2.95%	3.06%
VNQ Vanguard Real Estate ETF	3.92%	3.92%	3.85%	3.95%	3.91%	2.56%	3.93%	3.39%	4.74%	4.23%	4.82%	3.92%

Drawdowns

TCIEX vs. VNQ - Drawdown Comparison

The maximum TCIEX drawdown since its inception was -59.27%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for TCIEX and VNQ.

Drawdown Indicators

	TCIEX	VNQ	Difference
Max Drawdown Largest peak-to-trough decline	-59.27%	-73.07%	+13.80%
Max Drawdown (1Y) Largest decline over 1 year	-11.35%	-12.44%	+1.09%
Max Drawdown (5Y) Largest decline over 5 years	-29.25%	-34.48%	+5.23%
Max Drawdown (10Y) Largest decline over 10 years	-33.58%	-42.40%	+8.82%
Current Drawdown Current decline from peak	-8.19%	-9.24%	+1.05%
Average Drawdown Average peak-to-trough decline	-10.64%	-13.71%	+3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	3.21%	-0.21%

Volatility

TCIEX vs. VNQ - Volatility Comparison

TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) has a higher volatility of 7.73% compared to Vanguard Real Estate ETF (VNQ) at 4.57%. This indicates that TCIEX'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

	TCIEX	VNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.73%	4.57%	+3.16%
Volatility (6M) Calculated over the trailing 6-month period	11.19%	9.28%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	16.31%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.94%	18.80%	-2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.58%	20.70%	-4.12%