VGSIX vs. CSRIX

Last updated Jun 3, 2026

VGSIX (Vanguard Real Estate Index Fund) and CSRIX (Cohen & Steers Institutional Realty Shares) are both REIT funds. Over the past 10 years, VGSIX returned 4.81%/yr vs 7.25%/yr for CSRIX. With a 0.98 correlation, they move nearly in lockstep. VGSIX charges 0.26%/yr vs 0.76%/yr for CSRIX.

Performance

VGSIX vs. CSRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Real Estate Index Fund (VGSIX) and Cohen & Steers Institutional Realty Shares (CSRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGSIX achieves a 7.42% return, which is significantly lower than CSRIX's 11.17% return. Over the past 10 years, VGSIX has underperformed CSRIX with an annualized return of 4.81%, while CSRIX has yielded a comparatively higher 7.25% annualized return.

VGSIX

• 1D: -1.64%
• 1M: -2.07%
• YTD: 7.42%
• 6M: 6.58%
• 1Y: 9.24%
• 3Y*: 8.23%
• 5Y*: 1.53%
• 10Y*: 4.81%

CSRIX

• 1D: -1.78%
• 1M: -1.91%
• YTD: 11.17%
• 6M: 10.24%
• 1Y: 10.34%
• 3Y*: 10.33%
• 5Y*: 3.73%
• 10Y*: 7.25%

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

VGSIX vs. CSRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGSIX Vanguard Real Estate Index Fund	7.42%	2.04%	2.67%	12.97%	-26.29%	40.18%	-4.87%	28.74%	-6.14%	4.80%
CSRIX Cohen & Steers Institutional Realty Shares	11.17%	3.10%	6.26%	12.75%	-25.15%	42.40%	-2.55%	36.11%	-4.68%	6.71%

Correlation

The correlation between VGSIX and CSRIX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.98

The correlation between VGSIX and CSRIX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

VGSIX vs. CSRIX — Risk / Return Rank

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

VGSIX

VGSIX Risk / Return Rank: 9
VGSIX Sharpe Ratio Rank: 8
VGSIX Sortino Ratio Rank: 8
VGSIX Omega Ratio Rank: 8
VGSIX Calmar Ratio Rank: 11
VGSIX Martin Ratio Rank: 11

CSRIX

CSRIX Risk / Return Rank: 11
CSRIX Sharpe Ratio Rank: 9
CSRIX Sortino Ratio Rank: 9
CSRIX Omega Ratio Rank: 9
CSRIX Calmar Ratio Rank: 16
CSRIX Martin Ratio Rank: 13

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.

VGSIX vs. CSRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund (VGSIX) and Cohen & Steers Institutional Realty Shares (CSRIX). 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.

	VGSIX	CSRIX	Difference
Sharpe ratio Return per unit of total volatility	0.71	0.79	-0.07
Sortino ratio Return per unit of downside risk	1.05	1.13	-0.08
Omega ratio Gain probability vs. loss probability	1.13	1.14	-0.01
Calmar ratio Return relative to maximum drawdown	1.13	1.51	-0.38
Martin ratio Return relative to average drawdown	3.58	4.02	-0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGSIX vs. CSRIX - Sharpe Ratio Comparison

The current VGSIX Sharpe Ratio is 0.71, which is comparable to the CSRIX Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of VGSIX and CSRIX, 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

	VGSIX	CSRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	0.79	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.20	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.36	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.35	-0.01

Drawdowns

VGSIX vs. CSRIX - Drawdown Comparison

The maximum VGSIX drawdown since its inception was -73.13%, which is greater than CSRIX's maximum drawdown of -41.45%. Use the drawdown chart below to compare losses from any high point for VGSIX and CSRIX.

Drawdown Indicators

	VGSIX	CSRIX	Difference
Max Drawdown Largest peak-to-trough decline	-73.13%	-41.45%	-31.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.32%	-7.74%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	-16.89%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	-34.58%	-31.79%	-2.79%
Max Drawdown (10Y) Largest decline over 10 years	-42.35%	-41.45%	-0.90%
Current Drawdown Current decline from peak	-6.30%	-3.27%	-3.03%
Average Drawdown Average peak-to-trough decline	-11.88%	-8.80%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.92%	-0.28%

Volatility

VGSIX vs. CSRIX - Volatility Comparison

Vanguard Real Estate Index Fund (VGSIX) and Cohen & Steers Institutional Realty Shares (CSRIX) have volatilities of 3.72% and 3.68%, 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.

Volatility by Period

	VGSIX	CSRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	3.68%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	10.14%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	13.47%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	18.59%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.85%	20.49%	+0.36%

VGSIX vs. CSRIX - Expense Ratio Comparison

VGSIX has a 0.26% expense ratio, which is lower than CSRIX's 0.76% expense ratio.

Dividends

VGSIX vs. CSRIX - Dividend Comparison

VGSIX's dividend yield for the trailing twelve months is around 3.57%, more than CSRIX's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSRIX Cohen & Steers Institutional Realty Shares	2.88%	3.14%	2.97%	3.04%	4.28%	3.87%	4.91%	12.97%	5.45%	6.28%	12.61%	13.63%
VGSIX Vanguard Real Estate Index Fund	3.57%	2.76%	2.83%	3.77%	3.75%	2.43%	3.78%	3.24%	4.59%	4.09%	4.67%	3.78%

Frequently Asked Questions

Can I hold both VGSIX and CSRIX in my portfolio?

With a correlation of 0.96, VGSIX and CSRIX 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, VGSIX or CSRIX?

VGSIX has higher volatility (3.72%) compared to CSRIX (3.68%). In terms of maximum drawdown, VGSIX dropped -73.13% vs CSRIX's -41.45%.

Which has better risk-adjusted returns?

CSRIX currently has the higher Sharpe Ratio (0.79 vs 0.71), 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.