VGSLX vs. BRIIX

Last updated Jun 4, 2026

VGSLX (Vanguard Real Estate Index Fund Admiral Shares) and BRIIX (Baron Real Estate Income Fund) are both REIT funds. Over the past 5 years, VGSLX returned 2.20%/yr vs 4.05%/yr for BRIIX. Their correlation of 0.92 suggests significant overlap in exposure. VGSLX charges 0.12%/yr vs 1.08%/yr for BRIIX.

Performance

VGSLX vs. BRIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Real Estate Index Fund Admiral Shares (VGSLX) and Baron Real Estate Income Fund (BRIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VGSLX having a 7.97% return and BRIIX slightly higher at 8.09%.

VGSLX

• 1D: 0.46%
• 1M: -0.95%
• YTD: 7.97%
• 6M: 6.88%
• 1Y: 10.13%
• 3Y*: 9.19%
• 5Y*: 2.20%
• 10Y*: 5.20%

BRIIX

• 1D: 0.55%
• 1M: 0.05%
• YTD: 8.09%
• 6M: 6.85%
• 1Y: 14.00%
• 3Y*: 12.90%
• 5Y*: 4.05%
• 10Y*: —

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

VGSLX vs. BRIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VGSLX Vanguard Real Estate Index Fund Admiral Shares	7.97%	3.18%	3.67%	13.13%	-26.20%	40.39%	-4.75%	28.90%	-5.99%
BRIIX Baron Real Estate Income Fund	8.09%	3.73%	17.32%	15.52%	-27.49%	29.29%	22.32%	36.54%	-11.02%

Correlation

The correlation between VGSLX and BRIIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 2, 2018	0.92

The correlation between VGSLX and BRIIX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

VGSLX vs. BRIIX — Risk / Return Rank

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

VGSLX

VGSLX Risk / Return Rank: 10
VGSLX Sharpe Ratio Rank: 9
VGSLX Sortino Ratio Rank: 9
VGSLX Omega Ratio Rank: 9
VGSLX Calmar Ratio Rank: 12
VGSLX Martin Ratio Rank: 13

BRIIX

BRIIX Risk / Return Rank: 18
BRIIX Sharpe Ratio Rank: 14
BRIIX Sortino Ratio Rank: 14
BRIIX Omega Ratio Rank: 14
BRIIX Calmar Ratio Rank: 24
BRIIX Martin Ratio Rank: 25

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.

VGSLX vs. BRIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Admiral Shares (VGSLX) and Baron Real Estate Income Fund (BRIIX). 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.

	VGSLX	BRIIX	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.06	-0.31
Sortino ratio: Return per unit of downside risk	1.10	1.50	-0.40
Omega ratio: Gain probability vs. loss probability	1.14	1.19	-0.05
Calmar ratio: Return relative to maximum drawdown	1.19	1.83	-0.64
Martin ratio: Return relative to average drawdown	3.75	6.15	-2.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGSLX vs. BRIIX - Sharpe Ratio Comparison

The current VGSLX Sharpe Ratio is 0.75, which is comparable to the BRIIX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of VGSLX and BRIIX, 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

	VGSLX	BRIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	1.06	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.22	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.45	-0.14

Drawdowns

VGSLX vs. BRIIX - Drawdown Comparison

The maximum VGSLX drawdown since its inception was -73.05%, which is greater than BRIIX's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for VGSLX and BRIIX.

Drawdown Indicators

	VGSLX	BRIIX	Difference
Max Drawdown Largest peak-to-trough decline	-73.05%	-37.06%	-35.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-7.61%	-0.72%
Max Drawdown (3Y) Largest decline over 3 years	-17.41%	-17.53%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-34.41%	-32.86%	-1.55%
Max Drawdown (10Y) Largest decline over 10 years	-42.34%	—	—
Current Drawdown Current decline from peak	-3.58%	-2.23%	-1.35%
Average Drawdown Average peak-to-trough decline	-12.58%	-8.60%	-3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.26%	+0.37%

Volatility

VGSLX vs. BRIIX - Volatility Comparison

The current volatility for Vanguard Real Estate Index Fund Admiral Shares (VGSLX) is 3.79%, while Baron Real Estate Income Fund (BRIIX) has a volatility of 4.05%. This indicates that VGSLX experiences smaller price fluctuations and is considered to be less risky than BRIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGSLX	BRIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	4.05%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	9.33%	9.20%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	13.10%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.87%	18.36%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.85%	20.61%	+0.24%

VGSLX vs. BRIIX - Expense Ratio Comparison

VGSLX has a 0.12% expense ratio, which is lower than BRIIX's 1.08% expense ratio.

Dividends

VGSLX vs. BRIIX - Dividend Comparison

VGSLX's dividend yield for the trailing twelve months is around 3.69%, more than BRIIX's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRIIX Baron Real Estate Income Fund	1.50%	1.70%	1.39%	1.95%	2.00%	1.21%	0.77%	1.12%	3.03%	0.00%	0.00%	0.00%
VGSLX Vanguard Real Estate Index Fund Admiral Shares	3.69%	3.92%	3.85%	3.91%	3.91%	2.56%	3.92%	3.39%	4.73%	4.23%	4.82%	3.92%

Frequently Asked Questions

Can I hold both VGSLX and BRIIX in my portfolio?

With a correlation of 0.92, VGSLX and BRIIX 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, VGSLX or BRIIX?

BRIIX has higher volatility (4.05%) compared to VGSLX (3.79%). In terms of maximum drawdown, VGSLX dropped -73.05% vs BRIIX's -37.06%.

Which has better risk-adjusted returns?

BRIIX currently has the higher Sharpe Ratio (1.06 vs 0.75), 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.