VGRNX vs. VNQI

Last updated Jun 3, 2026

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 2.48%/yr vs 2.39%/yr for VNQI. Their correlation of 0.94 suggests significant overlap in exposure. VGRNX charges 0.11%/yr vs 0.12%/yr for VNQI.

Performance

VGRNX 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 Institutional Shares (VGRNX) 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, VGRNX achieves a -0.93% return, which is significantly higher than VNQI's -1.07% return. Both investments have delivered pretty close results over the past 10 years, with VGRNX having a 2.48% annualized return and VNQI not far behind at 2.39%.

VGRNX

• 1D: -1.40%
• 1M: -3.47%
• YTD: -0.93%
• 6M: 0.38%
• 1Y: 6.89%
• 3Y*: 8.72%
• 5Y*: -1.31%
• 10Y*: 2.48%

VNQI

• 1D: 0.15%
• 1M: -3.78%
• YTD: -1.07%
• 6M: 0.24%
• 1Y: 6.40%
• 3Y*: 8.47%
• 5Y*: -1.23%
• 10Y*: 2.39%

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

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	-0.93%	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	-1.07%	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 0.94, 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 3, 2010	0.94

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

Return for Risk

VGRNX vs. VNQI — Risk / Return Rank

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

VGRNX

VGRNX Risk / Return Rank: 7
VGRNX Sharpe Ratio Rank: 8
VGRNX Sortino Ratio Rank: 8
VGRNX Omega Ratio Rank: 8
VGRNX Calmar Ratio Rank: 6
VGRNX Martin Ratio Rank: 6

VNQI

VNQI Risk / Return Rank: 16
VNQI Sharpe Ratio Rank: 16
VNQI Sortino Ratio Rank: 16
VNQI Omega Ratio Rank: 16
VNQI Calmar Ratio Rank: 14
VNQI Martin Ratio Rank: 16

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.

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.

	VGRNX	VNQI	Difference
Sharpe ratio Return per unit of total volatility	0.66	0.48	+0.18
Sortino ratio Return per unit of downside risk	1.04	0.77	+0.27
Omega ratio Gain probability vs. loss probability	1.13	1.10	+0.03
Calmar ratio Return relative to maximum drawdown	0.57	0.51	+0.06
Martin ratio Return relative to average drawdown	1.80	1.60	+0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGRNX vs. VNQI - Sharpe Ratio Comparison

The current VGRNX Sharpe Ratio is 0.66, which is higher than the VNQI Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of VGRNX 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.

Sharpe Ratios by Period

	VGRNX	VNQI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	0.48	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	-0.08	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.15	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.20	+0.03

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.

Drawdown Indicators

	VGRNX	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	-15.82%	-16.35%	+0.53%
Max Drawdown (5Y) Largest decline over 5 years	-35.59%	-35.75%	+0.16%
Max Drawdown (10Y) Largest decline over 10 years	-38.77%	-38.35%	-0.42%
Current Drawdown Current decline from peak	-10.24%	-10.66%	+0.42%
Average Drawdown Average peak-to-trough decline	-10.71%	-10.89%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	4.73%	-0.18%

Volatility

VGRNX vs. VNQI - Volatility Comparison

The current volatility for Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) is 3.80%, while Vanguard Global ex-U.S. Real Estate ETF (VNQI) has a volatility of 4.59%. This indicates that VGRNX 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

	VGRNX	VNQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	4.59%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	10.16%	11.37%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.07%	13.40%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.00%	15.49%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.79%	16.06%	-1.27%

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 4.75%, which matches VNQI's 4.75% 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	4.75%	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	4.75%	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 VGRNX and VNQI in my portfolio?

With a correlation of 0.94, 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.

Which is riskier, VGRNX or VNQI?

VNQI has higher volatility (4.59%) compared to VGRNX (3.80%). In terms of maximum drawdown, VGRNX dropped -38.77% vs VNQI's -38.35%.

Which has better risk-adjusted returns?

VGRNX currently has the higher Sharpe Ratio (0.66 vs 0.48), 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.