VGRLX vs. VNQI

Last updated Jun 23, 2026

VGRLX (Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares) and VNQI (Vanguard Global ex-U.S. Real Estate ETF) are both REIT funds from Vanguard. Over the past 10 years, VGRLX returned 2.36%/yr vs 2.69%/yr for VNQI. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.

Performance

VGRLX vs. VNQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares (VGRLX) and Vanguard Global ex-U.S. Real Estate ETF (VNQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGRLX achieves a -2.26% return, which is significantly higher than VNQI's -2.51% return. Over the past 10 years, VGRLX has underperformed VNQI with an annualized return of 2.36%, while VNQI has yielded a comparatively higher 2.69% annualized return.

VGRLX

• 1D: -0.22%
• 1M: -1.84%
• YTD: -2.26%
• 6M: -1.56%
• 1Y: 5.13%
• 3Y*: 7.51%
• 5Y*: -1.20%
• 10Y*: 2.36%

VNQI

• 1D: -0.33%
• 1M: -2.02%
• YTD: -2.51%
• 6M: -1.89%
• 1Y: 4.50%
• 3Y*: 9.04%
• 5Y*: -1.42%
• 10Y*: 2.69%

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

VGRLX vs. VNQI - 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	-2.26%	22.00%	-2.42%	6.19%	-22.36%	5.65%	-6.91%	21.44%	-9.55%	26.53%
VNQI Vanguard Global ex-U.S. Real Estate ETF	-2.51%	21.38%	-2.22%	6.99%	-22.94%	5.93%	-7.22%	21.59%	-9.44%	26.91%

Correlation

The correlation between VGRLX and VNQI is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010	0.94

The correlation between VGRLX and VNQI has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

VGRLX vs. VNQI — Risk / Return Rank

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

VGRLX

VGRLX Risk / Return Rank: 5
VGRLX Sharpe Ratio Rank: 5
VGRLX Sortino Ratio Rank: 5
VGRLX Omega Ratio Rank: 5
VGRLX Calmar Ratio Rank: 5
VGRLX Martin Ratio Rank: 5

VNQI

VNQI Risk / Return Rank: 12
VNQI Sharpe Ratio Rank: 13
VNQI Sortino Ratio Rank: 12
VNQI Omega Ratio Rank: 12
VNQI Calmar Ratio Rank: 12
VNQI Martin Ratio Rank: 12

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.

VGRLX vs. VNQI - 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 ETF (VNQI). 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.

	VGRLX	VNQI	Difference
Sharpe ratio: Return per unit of total volatility	0.39	0.33	+0.06
Sortino ratio: Return per unit of downside risk	0.65	0.56	+0.09
Omega ratio: Gain probability vs. loss probability	1.08	1.07	+0.01
Calmar ratio: Return relative to maximum drawdown	0.33	0.31	+0.03
Martin ratio: Return relative to average drawdown	0.91	0.83	+0.08

VGRLX vs. VNQI - Sharpe Ratio Comparison

The current VGRLX Sharpe Ratio is 0.39, which is comparable to the VNQI Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of VGRLX and VNQI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VGRLX vs. VNQI - Drawdown Comparison

The maximum VGRLX drawdown since its inception was -38.77%, roughly equal to the maximum VNQI drawdown of -38.35%. Use the drawdown chart below to compare losses from any high point for VGRLX and VNQI.

Drawdown Indicators

	VGRLX	VNQI	Difference
Max Drawdown Largest peak-to-trough decline	-38.77%	-38.35%	-0.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-14.78%	+0.43%
Max Drawdown (3Y) Largest decline over 3 years	-15.81%	-16.35%	+0.54%
Max Drawdown (5Y) Largest decline over 5 years	-34.74%	-34.92%	+0.18%
Max Drawdown (10Y) Largest decline over 10 years	-38.77%	-38.35%	-0.42%
Current Drawdown Current decline from peak	-11.42%	-11.96%	+0.54%
Average Drawdown Average peak-to-trough decline	-10.85%	-10.89%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.23%	5.42%	-0.19%

Volatility

VGRLX vs. VNQI - Volatility Comparison

The current volatility for Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares (VGRLX) is 3.73%, while Vanguard Global ex-U.S. Real Estate ETF (VNQI) has a volatility of 4.43%. This indicates that VGRLX experiences smaller price fluctuations and is considered to be less risky than VNQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGRLX	VNQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	4.43%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	11.89%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.32%	13.80%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.01%	15.55%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.79%	16.06%	-1.27%

VGRLX vs. VNQI - Expense Ratio Comparison

Both VGRLX and VNQI have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VGRLX vs. VNQI - Dividend Comparison

VGRLX's dividend yield for the trailing twelve months is around 4.80%, which matches VNQI's 4.82% 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	4.80%	4.69%	5.17%	3.74%	0.56%	6.49%	0.92%	7.76%	4.62%	3.86%	5.17%	2.84%
VNQI Vanguard Global ex-U.S. Real Estate ETF	4.82%	4.70%	5.16%	3.74%	0.57%	6.48%	0.93%	7.58%	4.62%	3.86%	5.18%	2.86%

Frequently Asked Questions

Can I hold both VGRLX and VNQI in my portfolio?

With a correlation of 0.94, VGRLX and VNQI 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.

Which is riskier, VGRLX or VNQI?

VNQI has higher volatility (4.43%) compared to VGRLX (3.73%). In terms of maximum drawdown, VGRLX dropped -38.77% vs VNQI's -38.35%.

Which has better risk-adjusted returns?

VGRLX currently has the higher Sharpe Ratio (0.39 vs 0.33), 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.