VGSAX vs. VGSNX

Last updated Aug 1, 2026

VGSAX (Virtus Duff & Phelps Global Real Estate Securities Fund Class A) and VGSNX (Vanguard Real Estate Index Fund Institutional Shares) are both REIT funds. VGSAX is actively managed, while VGSNX is passively managed. Over the past 10 years, VGSAX returned 5.44%/yr vs 4.78%/yr for VGSNX. Their correlation of 0.93 means they have usually moved in the same direction. VGSAX charges 1.24%/yr vs 0.11%/yr for VGSNX.

Performance

VGSAX vs. VGSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Duff & Phelps Global Real Estate Securities Fund Class A (VGSAX) and Vanguard Real Estate Index Fund Institutional Shares (VGSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VGSAX having a 15.10% return and VGSNX slightly lower at 14.63%. Over the past 10 years, VGSAX has outperformed VGSNX with an annualized return of 5.44%, while VGSNX has yielded a comparatively lower 4.78% annualized return.

VGSAX

• 1D: -0.12%
• 1M: 2.26%
• 6M: 11.88%
• YTD: 15.10%
• 1Y: 19.73%
• 3Y*: 10.89%
• 5Y*: 2.33%
• 10Y*: 5.44%
• ALL TIME*: 11.59%

VGSNX

• 1D: -1.22%
• 1M: 1.44%
• 6M: 11.70%
• YTD: 14.63%
• 1Y: 16.19%
• 3Y*: 9.54%
• 5Y*: 2.56%
• 10Y*: 4.78%
• ALL TIME*: 8.13%

*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)
VGSAX Virtus Duff & Phelps Global Real Estate Securities Fund Class A	$0.00	$0.00	$0.00
VGSNX Vanguard Real Estate Index Fund Institutional Shares	$0.00	$0.00	$0.00

VGSAX vs. VGSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGSAX Virtus Duff & Phelps Global Real Estate Securities Fund Class A	15.10%	9.19%	3.36%	9.89%	-27.03%	31.24%	-1.21%	29.47%	-4.94%	12.77%
VGSNX Vanguard Real Estate Index Fund Institutional Shares	14.63%	3.21%	3.72%	13.12%	-26.19%	40.46%	-4.76%	28.98%	-5.97%	4.90%

Correlation

The correlation between VGSAX and VGSNX is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Mar 3, 2009	0.93

The correlation between VGSAX and VGSNX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

VGSAX vs. VGSNX — Risk / Return Rank

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

VGSAX

VGSAX Risk / Return Rank: 50
VGSAX Sharpe Ratio Rank: 56
VGSAX Sortino Ratio Rank: 52
VGSAX Omega Ratio Rank: 55
VGSAX Calmar Ratio Rank: 42
VGSAX Martin Ratio Rank: 44

VGSNX

VGSNX Risk / Return Rank: 37
VGSNX Sharpe Ratio Rank: 34
VGSNX Sortino Ratio Rank: 34
VGSNX Omega Ratio Rank: 32
VGSNX Calmar Ratio Rank: 46
VGSNX Martin Ratio Rank: 39

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.

VGSAX vs. VGSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Duff & Phelps Global Real Estate Securities Fund Class A (VGSAX) and Vanguard Real Estate Index Fund Institutional Shares (VGSNX). 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.

	VGSAX	VGSNX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.04	+0.46
Sortino ratio: Return per unit of downside risk	2.08	1.52	+0.56
Omega ratio: Gain probability vs. loss probability	1.27	1.19	+0.09
Calmar ratio: Return relative to maximum drawdown	1.78	1.72	+0.05
Martin ratio: Return relative to average drawdown	6.62	5.58	+1.04

VGSAX vs. VGSNX - Sharpe Ratio Comparison

The current VGSAX Sharpe Ratio is 1.50, which is higher than the VGSNX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of VGSAX and VGSNX, 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

VGSAX vs. VGSNX - Drawdown Comparison

The maximum VGSAX drawdown since its inception was -41.63%, smaller than the maximum VGSNX drawdown of -73.06%. Use the drawdown chart below to compare losses from any high point for VGSAX and VGSNX.

Drawdown Indicators

	VGSAX	VGSNX	Difference
Max Drawdown Largest peak-to-trough decline	-41.63%	-73.06%	+31.43%
Max Drawdown (1Y) Largest decline over 1 year	-10.17%	-8.34%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	-17.50%	-17.38%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-34.81%	-34.39%	-0.42%
Max Drawdown (10Y) Largest decline over 10 years	-41.63%	-42.30%	+0.67%
Current Drawdown Current decline from peak	-0.72%	-1.40%	+0.68%
Average Drawdown Average peak-to-trough decline	-8.07%	-13.20%	+5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.58%	+0.15%

Volatility

VGSAX vs. VGSNX - Volatility Comparison

The current volatility for Virtus Duff & Phelps Global Real Estate Securities Fund Class A (VGSAX) is 3.35%, while Vanguard Real Estate Index Fund Institutional Shares (VGSNX) has a volatility of 4.45%. This indicates that VGSAX experiences smaller price fluctuations and is considered to be less risky than VGSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGSAX	VGSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	4.45%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	10.78%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.15%	13.93%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	18.96%	-2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.74%	20.96%	-3.22%

VGSAX vs. VGSNX - Expense Ratio Comparison

VGSAX has a 1.24% expense ratio, which is higher than VGSNX's 0.11% expense ratio.

Dividends

VGSAX vs. VGSNX - Dividend Comparison

VGSAX's dividend yield for the trailing twelve months is around 1.99%, less than VGSNX's 3.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGSAX Virtus Duff & Phelps Global Real Estate Securities Fund Class A	1.99%	2.29%	2.22%	1.72%	0.62%	2.72%	0.00%	6.12%	1.60%	2.04%	2.39%	2.81%
VGSNX Vanguard Real Estate Index Fund Institutional Shares	3.51%	3.94%	3.87%	3.93%	3.94%	2.57%	3.95%	3.40%	4.75%	4.26%	4.84%	3.94%

Frequently Asked Questions

Can I hold both VGSAX and VGSNX in my portfolio?

With a correlation of 0.91, VGSAX and VGSNX 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, VGSAX or VGSNX?

VGSNX has higher volatility (4.45%) compared to VGSAX (3.35%). In terms of maximum drawdown, VGSAX dropped -41.63% vs VGSNX's -73.06%.

Which has better risk-adjusted returns?

VGSAX currently has the higher Sharpe Ratio (1.50 vs 1.04), 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.