VGRNX vs. VSGX

Last updated Aug 1, 2026

VGRNX (Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares) and VSGX (Vanguard ESG International Stock ETF) are both funds - VGRNX is a REIT fund managed by Vanguard, while VSGX is a Foreign Large Cap Equities fund tracking the FTSE Global All Cap ex US Choice Index. Over the past 5 years, VGRNX returned -0.35%/yr vs 7.99%/yr for VSGX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. VGRNX charges 0.11%/yr vs 0.10%/yr for VSGX.

Performance

VGRNX vs. VSGX - 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 ESG International Stock ETF (VSGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGRNX achieves a 1.65% return, which is significantly lower than VSGX's 13.46% return.

VGRNX

• 1D: 1.57%
• 1M: 3.47%
• 6M: -2.82%
• YTD: 1.65%
• 1Y: 7.42%
• 3Y*: 8.11%
• 5Y*: -0.35%
• 10Y*: 2.30%
• ALL TIME*: 3.56%

VSGX

• 1D: -0.15%
• 1M: -1.24%
• 6M: 7.67%
• YTD: 13.46%
• 1Y: 28.16%
• 3Y*: 17.29%
• 5Y*: 7.99%
• 10Y*: —
• ALL TIME*: 8.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares	$0.00	$0.00	$0.00
VSGX Vanguard ESG International Stock ETF	$9.41M	$12.03M	$14.69M

VGRNX vs. VSGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares	1.65%	22.02%	-2.40%	6.35%	-22.47%	5.63%	-6.90%	21.50%	-5.48%
VSGX Vanguard ESG International Stock ETF	13.46%	30.77%	5.72%	15.62%	-18.61%	7.24%	13.01%	23.04%	-12.59%

Correlation

The correlation between VGRNX and VSGX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (All Time) Calculated using the full available price history since Sep 20, 2018	0.79

The correlation between VGRNX and VSGX shifts across timeframes, from 0.68 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VGRNX vs. VSGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VGRNX

VGRNX Risk / Return Rank: 13
VGRNX Sharpe Ratio Rank: 15
VGRNX Sortino Ratio Rank: 15
VGRNX Omega Ratio Rank: 14
VGRNX Calmar Ratio Rank: 11
VGRNX Martin Ratio Rank: 9

VSGX

VSGX Risk / Return Rank: 65
VSGX Sharpe Ratio Rank: 66
VSGX Sortino Ratio Rank: 65
VSGX Omega Ratio Rank: 67
VSGX Calmar Ratio Rank: 63
VSGX Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VGRNX vs. VSGX - 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 ESG International Stock ETF (VSGX). 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	VSGX	Difference
Sharpe ratio: Return per unit of total volatility	0.57	1.52	-0.95
Sortino ratio: Return per unit of downside risk	0.91	2.13	-1.21
Omega ratio: Gain probability vs. loss probability	1.11	1.28	-0.17
Calmar ratio: Return relative to maximum drawdown	0.50	2.17	-1.67
Martin ratio: Return relative to average drawdown	1.13	7.83	-6.70

VGRNX vs. VSGX - Sharpe Ratio Comparison

The current VGRNX Sharpe Ratio is 0.57, which is lower than the VSGX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VGRNX and VSGX, 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

VGRNX vs. VSGX - Drawdown Comparison

The maximum VGRNX drawdown since its inception was -38.77%, which is greater than VSGX's maximum drawdown of -33.09%. Use the drawdown chart below to compare losses from any high point for VGRNX and VSGX.

Drawdown Indicators

	VGRNX	VSGX	Difference
Max Drawdown Largest peak-to-trough decline	-38.77%	-33.09%	-5.68%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-12.84%	-1.51%
Max Drawdown (3Y) Largest decline over 3 years	-15.82%	-13.83%	-1.99%
Max Drawdown (5Y) Largest decline over 5 years	-34.80%	-32.14%	-2.66%
Max Drawdown (10Y) Largest decline over 10 years	-38.77%	—	—
Current Drawdown Current decline from peak	-7.90%	-4.25%	-3.65%
Average Drawdown Average peak-to-trough decline	-10.71%	-7.68%	-3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.34%	3.55%	+2.79%

Volatility

VGRNX vs. VSGX - Volatility Comparison

The current volatility for Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) is 3.50%, while Vanguard ESG International Stock ETF (VSGX) has a volatility of 5.96%. This indicates that VGRNX experiences smaller price fluctuations and is considered to be less risky than VSGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGRNX	VSGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	5.96%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	10.94%	16.56%	-5.62%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	18.37%	-5.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.06%	16.72%	-2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.66%	18.18%	-3.52%

VGRNX vs. VSGX - Expense Ratio Comparison

VGRNX has a 0.11% expense ratio, which is higher than VSGX's 0.10% 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

VGRNX vs. VSGX - Dividend Comparison

VGRNX's dividend yield for the trailing twelve months is around 4.63%, more than VSGX's 2.99% 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	4.63%	4.71%	5.21%	3.76%	0.58%	6.50%	0.94%	7.81%	4.64%	3.87%	5.19%	2.86%
VSGX Vanguard ESG International Stock ETF	2.99%	3.23%	3.10%	2.77%	2.61%	2.49%	1.67%	2.28%	0.38%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGRNX and VSGX in my portfolio?

VGRNX and VSGX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGRNX or VSGX?

VSGX has higher volatility (5.96%) compared to VGRNX (3.50%). In terms of maximum drawdown, VGRNX dropped -38.77% vs VSGX's -33.09%.

Which has better risk-adjusted returns?

VSGX currently has the higher Sharpe Ratio (1.52 vs 0.57), 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.