TRREX vs. VINIX

Last updated Jun 3, 2026

TRREX (T. Rowe Price Real Estate Fund) and VINIX (Vanguard Institutional Index Fund Institutional Shares) are both mutual funds - TRREX is a REIT fund managed by T. Rowe Price, while VINIX is a Large Cap Blend Equities fund managed by Vanguard. Over the past 10 years, TRREX returned 5.50%/yr vs 15.70%/yr for VINIX. A 0.59 correlation means they provide meaningful diversification when combined. TRREX charges 0.77%/yr vs 0.04%/yr for VINIX.

Performance

TRREX vs. VINIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Real Estate Fund (TRREX) and Vanguard Institutional Index Fund Institutional Shares (VINIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRREX achieves a 9.17% return, which is significantly lower than VINIX's 11.55% return. Over the past 10 years, TRREX has underperformed VINIX with an annualized return of 5.50%, while VINIX has yielded a comparatively higher 15.70% annualized return.

TRREX

• 1D: -1.61%
• 1M: -1.52%
• YTD: 9.17%
• 6M: 8.06%
• 1Y: 8.43%
• 3Y*: 8.07%
• 5Y*: 2.35%
• 10Y*: 5.50%

VINIX

• 1D: 0.27%
• 1M: 5.23%
• YTD: 11.55%
• 6M: 11.92%
• 1Y: 29.55%
• 3Y*: 23.10%
• 5Y*: 14.29%
• 10Y*: 15.70%

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

TRREX vs. VINIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRREX T. Rowe Price Real Estate Fund	9.17%	-0.04%	3.54%	13.00%	-26.08%	47.34%	-11.42%	43.47%	-9.07%	3.38%
VINIX Vanguard Institutional Index Fund Institutional Shares	11.55%	17.85%	26.28%	25.77%	-18.15%	28.67%	18.40%	31.46%	-4.42%	21.79%

Correlation

The correlation between TRREX and VINIX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Nov 3, 1997	0.59

Over the past year, the correlation between TRREX and VINIX has dropped to 0.27 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

TRREX vs. VINIX — Risk / Return Rank

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

TRREX

TRREX Risk / Return Rank: 9
TRREX Sharpe Ratio Rank: 7
TRREX Sortino Ratio Rank: 7
TRREX Omega Ratio Rank: 7
TRREX Calmar Ratio Rank: 11
TRREX Martin Ratio Rank: 11

VINIX

VINIX Risk / Return Rank: 74
VINIX Sharpe Ratio Rank: 77
VINIX Sortino Ratio Rank: 69
VINIX Omega Ratio Rank: 69
VINIX Calmar Ratio Rank: 74
VINIX Martin Ratio Rank: 84

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.

TRREX vs. VINIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Real Estate Fund (TRREX) and Vanguard Institutional Index Fund Institutional Shares (VINIX). 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.

	TRREX	VINIX	Difference
Sharpe ratio Return per unit of total volatility	0.64	2.55	-1.91
Sortino ratio Return per unit of downside risk	0.95	3.46	-2.51
Omega ratio Gain probability vs. loss probability	1.12	1.46	-0.34
Calmar ratio Return relative to maximum drawdown	1.08	3.38	-2.30
Martin ratio Return relative to average drawdown	3.34	15.84	-12.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRREX vs. VINIX - Sharpe Ratio Comparison

The current TRREX Sharpe Ratio is 0.64, which is lower than the VINIX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of TRREX and VINIX, 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

	TRREX	VINIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	2.55	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.85	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.87	-0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.61	-0.28

Drawdowns

TRREX vs. VINIX - Drawdown Comparison

The maximum TRREX drawdown since its inception was -75.30%, which is greater than VINIX's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRREX and VINIX.

Drawdown Indicators

	TRREX	VINIX	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-55.19%	-20.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.96%	-8.90%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.10%	-18.75%	+0.65%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-24.51%	-8.70%
Max Drawdown (10Y) Largest decline over 10 years	-42.28%	-33.79%	-8.49%
Current Drawdown Current decline from peak	-6.39%	0.00%	-6.39%
Average Drawdown Average peak-to-trough decline	-12.73%	-8.53%	-4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	1.90%	+0.68%

Volatility

TRREX vs. VINIX - Volatility Comparison

T. Rowe Price Real Estate Fund (TRREX) has a higher volatility of 3.74% compared to Vanguard Institutional Index Fund Institutional Shares (VINIX) at 2.82%. This indicates that TRREX's price experiences larger fluctuations and is considered to be riskier than VINIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRREX	VINIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	2.82%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	9.45%	8.99%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.35%	11.88%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	16.89%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.86%	18.06%	+3.80%

TRREX vs. VINIX - Expense Ratio Comparison

TRREX has a 0.77% expense ratio, which is higher than VINIX's 0.04% expense ratio.

Dividends

TRREX vs. VINIX - Dividend Comparison

TRREX's dividend yield for the trailing twelve months is around 6.70%, more than VINIX's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRREX T. Rowe Price Real Estate Fund	6.70%	7.15%	9.44%	11.63%	25.52%	15.42%	41.93%	32.33%	5.73%	2.61%	2.28%	2.26%
VINIX Vanguard Institutional Index Fund Institutional Shares	2.40%	2.10%	3.64%	2.65%	3.38%	4.77%	3.06%	2.85%	2.43%	1.82%	2.36%	2.45%

Frequently Asked Questions

Can I hold both TRREX and VINIX in my portfolio?

TRREX and VINIX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRREX or VINIX?

TRREX has higher volatility (3.74%) compared to VINIX (2.82%). In terms of maximum drawdown, TRREX dropped -75.30% vs VINIX's -55.19%.

Which has better risk-adjusted returns?

VINIX currently has the higher Sharpe Ratio (2.55 vs 0.64), 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.