VGRNX vs. VSGX

Last updated Apr 3, 2026

Compare and contrast key facts about Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) and Vanguard ESG International Stock ETF (VSGX).

VGRNX is managed by Vanguard. It was launched on Apr 19, 2011. VSGX is a passively managed fund by Vanguard that tracks the performance of the FTSE Global All Cap ex US Choice Index.. It was launched on Sep 18, 2018.

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.

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	-2.00%	22.02%	-2.40%	6.35%	-22.47%	5.63%	-6.90%	21.50%	-5.95%
VSGX Vanguard ESG International Stock ETF	1.06%	30.77%	5.72%	15.62%	-18.61%	7.24%	13.01%	23.04%	-12.87%

Returns By Period

In the year-to-date period, VGRNX achieves a -2.00% return, which is significantly lower than VSGX's 1.06% return.

VGRNX

• 1D: 1.66%
• 1M: -7.36%
• YTD: -2.00%
• 6M: -0.86%
• 1Y: 15.71%
• 3Y*: 8.20%
• 5Y*: -0.31%
• 10Y*: 2.61%

VSGX

• 1D: -1.03%
• 1M: -3.28%
• YTD: 1.06%
• 6M: 4.54%
• 1Y: 25.60%
• 3Y*: 14.70%
• 5Y*: 6.05%
• 10Y*: —

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

VGRNX vs. VSGX - Expense Ratio Comparison

VGRNX has a 0.11% expense ratio, which is lower than VSGX'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%.

VSGX

Vanguard ESG International Stock ETF

VGRNX

Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares

Return for Risk

VGRNX vs. VSGX — Risk / Return Rank

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

VGRNX

VGRNX Risk / Return Rank: 47
VGRNX Sharpe Ratio Rank: 62
VGRNX Sortino Ratio Rank: 56
VGRNX Omega Ratio Rank: 49
VGRNX Calmar Ratio Rank: 30
VGRNX Martin Ratio Rank: 38

VSGX

VSGX Risk / Return Rank: 71
VSGX Sharpe Ratio Rank: 76
VSGX Sortino Ratio Rank: 74
VSGX Omega Ratio Rank: 73
VSGX Calmar Ratio Rank: 67
VSGX Martin Ratio Rank: 67

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. 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.

	VGRNX	VSGX	Difference
Sharpe ratio Return per unit of total volatility	1.28	1.46	-0.18
Sortino ratio Return per unit of downside risk	1.73	2.00	-0.27
Omega ratio Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio Return relative to maximum drawdown	1.15	2.02	-0.87
Martin ratio Return relative to average drawdown	5.01	7.79	-2.77
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. VSGX - Sharpe Ratio Comparison

The current VGRNX Sharpe Ratio is 1.28, which is comparable to the VSGX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VGRNX and VSGX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VGRNX	VSGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	1.46	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.38	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.41	-0.18

Correlation

The correlation between VGRNX and VSGX is 0.80, 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. VSGX - Dividend Comparison

VGRNX's dividend yield for the trailing twelve months is around 4.80%, more than VSGX's 3.26% 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	4.80%	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	3.26%	3.23%	3.10%	2.77%	2.61%	2.49%	1.67%	2.28%	0.38%	0.00%	0.00%	0.00%

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 (5Y) Largest decline over 5 years	-35.59%	-32.14%	-3.45%
Max Drawdown (10Y) Largest decline over 10 years	-38.77%	—	—
Current Drawdown Current decline from peak	-11.20%	-9.45%	-1.75%
Average Drawdown Average peak-to-trough decline	-10.74%	-7.90%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	3.33%	-0.03%

Volatility

VGRNX vs. VSGX - Volatility Comparison

The current volatility for Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) is 5.54%, while Vanguard ESG International Stock ETF (VSGX) has a volatility of 8.18%. 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	5.54%	8.18%	-2.64%
Volatility (6M) Calculated over the trailing 6-month period	8.68%	12.27%	-3.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	17.57%	-5.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	15.98%	-2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.70%	17.95%	-3.25%