VGRLX vs. VGRNX
VGRLX (Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares) and VGRNX (Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares) are both REIT funds from Vanguard. Over the past 10 years, VGRLX returned 2.44%/yr vs 2.45%/yr for VGRNX. With a 1.00 correlation, they move nearly in lockstep. VGRLX charges 0.12%/yr vs 0.11%/yr for VGRNX.
Performance
VGRLX vs. VGRNX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VGRLX having a -1.15% return and VGRNX slightly higher at -1.13%. Both investments have delivered pretty close results over the past 10 years, with VGRLX having a 2.44% annualized return and VGRNX not far ahead at 2.45%.
VGRLX
- 1D
- -0.22%
- 1M
- -3.13%
- YTD
- -1.15%
- 6M
- -0.08%
- 1Y
- 7.24%
- 3Y*
- 8.63%
- 5Y*
- -1.23%
- 10Y*
- 2.44%
VGRNX
- 1D
- -0.21%
- 1M
- -3.12%
- YTD
- -1.13%
- 6M
- -0.06%
- 1Y
- 7.24%
- 3Y*
- 8.64%
- 5Y*
- -1.22%
- 10Y*
- 2.45%
VGRLX vs. VGRNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGRLX Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares | -1.15% | 22.00% | -2.42% | 6.19% | -22.36% | 5.65% | -6.91% | 21.44% | -9.55% | 26.53% |
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares | -1.13% | 22.02% | -2.40% | 6.35% | -22.47% | 5.63% | -6.90% | 21.50% | -9.54% | 26.55% |
Correlation
The correlation between VGRLX and VGRNX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2010 | 1.00 |
The correlation between VGRLX and VGRNX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VGRLX vs. VGRNX — Risk / Return Rank
VGRLX
VGRNX
VGRLX vs. VGRNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares (VGRLX) and Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX). 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.
| VGRLX | VGRNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.11 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 0.47 | 0.00 |
| Martin ratioReturn relative to average drawdown | 1.45 | 1.45 | 0.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VGRLX | VGRNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 0.56 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | -0.09 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.17 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.23 | -0.01 |
Drawdowns
VGRLX vs. VGRNX - Drawdown Comparison
The maximum VGRLX drawdown since its inception was -38.77%, roughly equal to the maximum VGRNX drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for VGRLX and VGRNX.
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Drawdown Indicators
| VGRLX | VGRNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.77% | -38.77% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -14.35% | -14.35% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -15.81% | -15.82% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -35.54% | -35.59% | +0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -38.77% | -38.77% | 0.00% |
Current DrawdownCurrent decline from peak | -10.41% | -10.42% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -10.85% | -10.71% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.60% | 4.60% | 0.00% |
Volatility
VGRLX vs. VGRNX - Volatility Comparison
Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares (VGRLX) and Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) have volatilities of 3.81% and 3.80%, 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.
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Volatility by Period
| VGRLX | VGRNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.81% | 3.80% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 10.17% | 10.16% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.07% | 12.05% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.99% | 14.00% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.78% | 14.79% | -0.01% |
VGRLX vs. VGRNX - Expense Ratio Comparison
VGRLX has a 0.12% expense ratio, which is higher than VGRNX's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGRLX vs. VGRNX - Dividend Comparison
VGRLX's dividend yield for the trailing twelve months is around 4.75%, which matches VGRNX's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGRLX Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares | 4.75% | 4.69% | 5.17% | 3.74% | 0.56% | 6.49% | 0.92% | 7.76% | 4.62% | 3.86% | 5.17% | 2.84% |
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares | 4.76% | 4.71% | 5.21% | 3.76% | 0.58% | 6.50% | 0.94% | 7.81% | 4.64% | 3.87% | 5.19% | 2.86% |
Frequently Asked Questions
With a correlation of 1.00, VGRLX and VGRNX 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.
VGRLX has higher volatility (3.81%) compared to VGRNX (3.80%). In terms of maximum drawdown, VGRLX dropped -38.77% vs VGRNX's -38.77%.
VGRNX currently has the higher Sharpe Ratio (0.56 vs 0.55), 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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