VGRNX vs. TAREX
Compare and contrast key facts about Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) and Third Avenue Real Estate Value Fund (TAREX).
VGRNX is managed by Vanguard. It was launched on Apr 19, 2011. TAREX is managed by Third Avenue. It was launched on Sep 16, 1998.
Performance
VGRNX vs. TAREX - Performance Comparison
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VGRNX vs. TAREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares | -3.59% | 22.02% | -2.40% | 6.35% | -22.47% | 5.63% | -6.90% | 21.50% | -9.54% | 26.55% |
TAREX Third Avenue Real Estate Value Fund | -10.02% | 12.52% | 13.54% | 23.48% | -26.53% | 30.69% | -8.23% | 21.09% | -19.98% | 16.10% |
Returns By Period
In the year-to-date period, VGRNX achieves a -3.59% return, which is significantly higher than TAREX's -10.02% return. Over the past 10 years, VGRNX has underperformed TAREX with an annualized return of 2.44%, while TAREX has yielded a comparatively higher 4.16% annualized return.
VGRNX
- 1D
- 1.99%
- 1M
- -11.38%
- YTD
- -3.59%
- 6M
- -2.85%
- 1Y
- 13.92%
- 3Y*
- 7.61%
- 5Y*
- -0.64%
- 10Y*
- 2.44%
TAREX
- 1D
- 2.21%
- 1M
- -10.74%
- YTD
- -10.02%
- 6M
- -12.07%
- 1Y
- 0.38%
- 3Y*
- 11.65%
- 5Y*
- 3.91%
- 10Y*
- 4.16%
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VGRNX vs. TAREX - Expense Ratio Comparison
VGRNX has a 0.11% expense ratio, which is lower than TAREX's 1.15% expense ratio.
Return for Risk
VGRNX vs. TAREX — Risk / Return Rank
VGRNX
TAREX
VGRNX vs. TAREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) and Third Avenue Real Estate Value Fund (TAREX). 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.
| VGRNX | TAREX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.20 | 0.06 | +1.14 |
Sortino ratioReturn per unit of downside risk | 1.62 | 0.20 | +1.42 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.03 | +0.20 |
Calmar ratioReturn relative to maximum drawdown | 0.96 | 0.06 | +0.90 |
Martin ratioReturn relative to average drawdown | 4.29 | 0.22 | +4.06 |
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
| VGRNX | TAREX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.20 | 0.06 | +1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.05 | 0.22 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.22 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.46 | -0.24 |
Correlation
The correlation between VGRNX and TAREX is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VGRNX vs. TAREX - Dividend Comparison
VGRNX's dividend yield for the trailing twelve months is around 4.88%, less than TAREX's 6.31% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares | 4.88% | 4.71% | 5.21% | 3.76% | 0.58% | 6.50% | 0.94% | 7.81% | 4.64% | 3.87% | 5.19% | 2.86% |
TAREX Third Avenue Real Estate Value Fund | 6.31% | 5.68% | 6.59% | 5.28% | 8.76% | 9.03% | 0.99% | 18.22% | 11.07% | 1.06% | 1.80% | 5.60% |
Drawdowns
VGRNX vs. TAREX - Drawdown Comparison
The maximum VGRNX drawdown since its inception was -38.77%, smaller than the maximum TAREX drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for VGRNX and TAREX.
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Drawdown Indicators
| VGRNX | TAREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.77% | -67.68% | +28.91% |
Max Drawdown (1Y)Largest decline over 1 year | -14.35% | -15.81% | +1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -35.59% | -31.89% | -3.70% |
Max Drawdown (10Y)Largest decline over 10 years | -38.77% | -44.73% | +5.96% |
Current DrawdownCurrent decline from peak | -12.65% | -13.79% | +1.14% |
Average DrawdownAverage peak-to-trough decline | -10.74% | -11.19% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 4.39% | -1.16% |
Volatility
VGRNX vs. TAREX - Volatility Comparison
The current volatility for Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) is 5.62%, while Third Avenue Real Estate Value Fund (TAREX) has a volatility of 6.04%. This indicates that VGRNX experiences smaller price fluctuations and is considered to be less risky than TAREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGRNX | TAREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.62% | 6.04% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 8.54% | 10.82% | -2.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.33% | 17.48% | -5.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.80% | 18.24% | -4.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.69% | 18.68% | -3.99% |