VGRNX vs. VNQI
VGRNX (Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares) and VNQI (Vanguard Global ex-U.S. Real Estate ETF) are both REIT funds from Vanguard. Over the past 10 years, VGRNX returned 2.14%/yr vs 2.17%/yr for VNQI. Their correlation of 0.94 means they have usually moved in the same direction. VGRNX charges 0.11%/yr vs 0.12%/yr for VNQI.
Performance
VGRNX vs. VNQI - Performance Comparison
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Returns By Period
In the year-to-date period, VGRNX achieves a 0.02% return, which is significantly lower than VNQI's 0.92% return. Both investments have delivered pretty close results over the past 10 years, with VGRNX having a 2.14% annualized return and VNQI not far ahead at 2.17%.
VGRNX
- 1D
- -0.23%
- 1M
- 1.81%
- 6M
- -4.89%
- YTD
- 0.02%
- 1Y
- 4.30%
- 3Y*
- 8.55%
- 5Y*
- -0.87%
- 10Y*
- 2.14%
- ALL TIME*
- 3.45%
VNQI
- 1D
- 0.78%
- 1M
- 2.05%
- 6M
- -4.32%
- YTD
- 0.92%
- 1Y
- 4.98%
- 3Y*
- 8.73%
- 5Y*
- -0.87%
- 10Y*
- 2.17%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $10.25M | $9.91M | $13.07M |
VGRNX vs. VNQI - 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 | 0.02% | 22.02% | -2.40% | 6.35% | -22.47% | 5.63% | -6.90% | 21.50% | -9.54% | 26.55% |
VNQI Vanguard Global ex-U.S. Real Estate ETF | 0.92% | 21.38% | -2.22% | 6.99% | -22.94% | 5.93% | -7.22% | 21.59% | -9.44% | 26.91% |
Correlation
The correlation between VGRNX and VNQI is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2010 | 0.94 |
The correlation between VGRNX and VNQI has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
VGRNX vs. VNQI — Risk / Return Rank
VGRNX
VNQI
VGRNX 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 Institutional Shares (VGRNX) 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.
| VGRNX | VNQI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.07 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | 0.34 | +0.06 |
| Martin ratioReturn relative to average drawdown | 0.89 | 0.77 | +0.13 |
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Drawdowns
VGRNX vs. VNQI - Drawdown Comparison
The maximum VGRNX 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 VGRNX and VNQI.
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Drawdown Indicators
| VGRNX | VNQI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -15.82% | -16.35% | +0.53% |
Max Drawdown (5Y)Largest decline over 5 years | -34.80% | -34.92% | +0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -38.77% | -38.35% | -0.42% |
Current DrawdownCurrent decline from peak | -9.38% | -8.87% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -10.71% | -10.88% | +0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.39% | 6.50% | -0.11% |
Volatility
VGRNX vs. VNQI - Volatility Comparison
Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) and Vanguard Global ex-U.S. Real Estate ETF (VNQI) have volatilities of 3.50% and 3.44%, 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
| VGRNX | VNQI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 3.44% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 10.94% | 12.08% | -1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.66% | 13.91% | -1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.07% | 15.57% | -1.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.67% | 15.92% | -1.25% |
VGRNX vs. VNQI - Expense Ratio Comparison
VGRNX has a 0.11% expense ratio, which is lower than VNQI's 0.12% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGRNX vs. VNQI - Dividend Comparison
VGRNX's dividend yield for the trailing twelve months is around 4.71%, more than VNQI's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares | 4.71% | 4.71% | 5.21% | 3.76% | 0.58% | 6.50% | 0.94% | 7.81% | 4.64% | 3.87% | 5.19% | 2.86% |
VNQI Vanguard Global ex-U.S. Real Estate ETF | 4.66% | 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
With a correlation of 0.93, VGRNX 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.
VGRNX has higher volatility (3.50%) compared to VNQI (3.44%). In terms of maximum drawdown, VGRNX dropped -38.77% vs VNQI's -38.35%.
VGRNX currently has the higher Sharpe Ratio (0.45 vs 0.36), 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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