TRREX vs. VNQ
TRREX (T. Rowe Price Real Estate Fund) and VNQ (Vanguard Real Estate ETF) are both REIT funds. Over the past 10 years, TRREX returned 5.05%/yr vs 5.01%/yr for VNQ. Their 0.98 correlation means they have historically moved very closely together. TRREX charges 0.77%/yr vs 0.13%/yr for VNQ.
Performance
TRREX vs. VNQ - Performance Comparison
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Returns By Period
In the year-to-date period, TRREX achieves a 16.04% return, which is significantly higher than VNQ's 14.15% return. Both investments have delivered pretty close results over the past 10 years, with TRREX having a 5.05% annualized return and VNQ not far behind at 5.01%.
TRREX
- 1D
- -1.52%
- 1M
- 0.99%
- 6M
- 13.50%
- YTD
- 16.04%
- 1Y
- 18.31%
- 3Y*
- 8.48%
- 5Y*
- 2.57%
- 10Y*
- 5.05%
- ALL TIME*
- 8.62%
VNQ
- 1D
- 0.12%
- 1M
- 1.07%
- 6M
- 12.41%
- YTD
- 14.15%
- 1Y
- 15.73%
- 3Y*
- 10.35%
- 5Y*
- 2.55%
- 10Y*
- 5.01%
- ALL TIME*
- 7.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $295.66M | $303.76M | $314.69M |
TRREX vs. VNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRREX T. Rowe Price Real Estate Fund | 16.04% | -0.04% | 3.54% | 13.00% | -26.08% | 47.34% | -11.42% | 43.47% | -9.07% | 3.38% |
VNQ Vanguard Real Estate ETF | 14.15% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
Correlation
The correlation between TRREX and VNQ is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004 | 0.98 |
The correlation between TRREX and VNQ has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
TRREX vs. VNQ — Risk / Return Rank
TRREX
VNQ
TRREX vs. VNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Real Estate Fund (TRREX) 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.
| TRREX | VNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 1.89 | +0.17 |
| Martin ratioReturn relative to average drawdown | 6.84 | 6.13 | +0.71 |
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Drawdowns
TRREX vs. VNQ - Drawdown Comparison
The maximum TRREX drawdown since its inception was -75.30%, roughly equal to the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for TRREX and VNQ.
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Drawdown Indicators
| TRREX | VNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.30% | -73.07% | -2.23% |
Max Drawdown (1Y)Largest decline over 1 year | -7.96% | -8.34% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -18.10% | -17.46% | -0.64% |
Max Drawdown (5Y)Largest decline over 5 years | -33.21% | -34.48% | +1.27% |
Max Drawdown (10Y)Largest decline over 10 years | -42.28% | -42.40% | +0.12% |
Current DrawdownCurrent decline from peak | -1.92% | -1.86% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -12.67% | -13.53% | +0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 2.57% | -0.17% |
Volatility
TRREX vs. VNQ - Volatility Comparison
T. Rowe Price Real Estate Fund (TRREX) has a higher volatility of 4.68% compared to Vanguard Real Estate ETF (VNQ) at 4.28%. This indicates that TRREX'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
| TRREX | VNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 4.28% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 10.80% | 10.70% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.08% | 13.81% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.97% | 18.90% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.91% | 20.76% | +1.15% |
TRREX vs. VNQ - Expense Ratio Comparison
TRREX has a 0.77% expense ratio, which is higher than VNQ's 0.13% expense ratio.
Dividends
TRREX vs. VNQ - Dividend Comparison
TRREX's dividend yield for the trailing twelve months is around 6.24%, more than VNQ's 3.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRREX T. Rowe Price Real Estate Fund | 6.24% | 7.15% | 9.44% | 11.63% | 25.52% | 15.42% | 41.93% | 32.33% | 5.73% | 2.61% | 2.28% | 2.26% |
VNQ Vanguard Real Estate ETF | 3.51% | 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
With a correlation of 0.97, TRREX and VNQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TRREX has higher volatility (4.68%) compared to VNQ (4.28%). In terms of maximum drawdown, TRREX dropped -75.30% vs VNQ's -73.07%.
TRREX currently has the higher Sharpe Ratio (1.17 vs 1.15), 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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