VGSLX vs. IVRSX

Last updated Aug 2, 2026

VGSLX (Vanguard Real Estate Index Fund Admiral Shares) and IVRSX (VY CBRE Real Estate Portfolio) are both REIT funds. Over the past 10 years, VGSLX returned 4.76%/yr vs 4.92%/yr for IVRSX. Their 0.98 correlation means they have historically moved very closely together. VGSLX charges 0.13%/yr vs 0.93%/yr for IVRSX.

Performance

VGSLX vs. IVRSX - Performance Comparison

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

Returns By Period

In the year-to-date period, VGSLX achieves a 14.64% return, which is significantly lower than IVRSX's 20.91% return. Both investments have delivered pretty close results over the past 10 years, with VGSLX having a 4.76% annualized return and IVRSX not far ahead at 4.92%.

VGSLX

• 1D: -1.21%
• 1M: 1.45%
• 6M: 11.69%
• YTD: 14.64%
• 1Y: 16.19%
• 3Y*: 9.52%
• 5Y*: 2.54%
• 10Y*: 4.76%
• ALL TIME*: 8.97%

IVRSX

• 1D: -1.23%
• 1M: 1.35%
• 6M: 17.82%
• YTD: 20.91%
• 1Y: 24.22%
• 3Y*: 10.05%
• 5Y*: 3.98%
• 10Y*: 4.92%
• ALL TIME*: 8.29%

*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)
IVRSX VY CBRE Real Estate Portfolio	$0.00	$0.00	$0.00
VGSLX Vanguard Real Estate Index Fund Admiral Shares	$0.00	$0.00	$0.00

VGSLX vs. IVRSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGSLX Vanguard Real Estate Index Fund Admiral Shares	14.64%	3.18%	3.67%	13.13%	-26.20%	40.39%	-4.75%	28.90%	-5.99%	4.91%
IVRSX VY CBRE Real Estate Portfolio	20.91%	-0.01%	4.32%	14.11%	-27.22%	51.91%	-6.66%	28.15%	-10.29%	5.20%

Correlation

The correlation between VGSLX and IVRSX is 0.88, 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.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	0.98

The correlation between VGSLX and IVRSX shifts across timeframes, from 0.88 (1 year) to 0.98 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VGSLX vs. IVRSX — Risk / Return Rank

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

VGSLX

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

IVRSX

IVRSX Risk / Return Rank: 77
IVRSX Sharpe Ratio Rank: 74
IVRSX Sortino Ratio Rank: 71
IVRSX Omega Ratio Rank: 69
IVRSX Calmar Ratio Rank: 88
IVRSX Martin Ratio Rank: 83

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.

VGSLX vs. IVRSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Admiral Shares (VGSLX) and VY CBRE Real Estate Portfolio (IVRSX). 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.

	VGSLX	IVRSX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.73	-0.70
Sortino ratio: Return per unit of downside risk	1.52	2.40	-0.89
Omega ratio: Gain probability vs. loss probability	1.19	1.30	-0.12
Calmar ratio: Return relative to maximum drawdown	1.72	3.15	-1.43
Martin ratio: Return relative to average drawdown	5.59	10.34	-4.75

VGSLX vs. IVRSX - Sharpe Ratio Comparison

The current VGSLX Sharpe Ratio is 1.04, which is lower than the IVRSX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of VGSLX and IVRSX, 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

VGSLX vs. IVRSX - Drawdown Comparison

The maximum VGSLX drawdown since its inception was -73.05%, roughly equal to the maximum IVRSX drawdown of -73.77%. Use the drawdown chart below to compare losses from any high point for VGSLX and IVRSX.

Drawdown Indicators

	VGSLX	IVRSX	Difference
Max Drawdown Largest peak-to-trough decline	-73.05%	-73.77%	+0.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-7.74%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-17.41%	-19.29%	+1.88%
Max Drawdown (5Y) Largest decline over 5 years	-34.41%	-34.51%	+0.10%
Max Drawdown (10Y) Largest decline over 10 years	-42.34%	-45.19%	+2.85%
Current Drawdown Current decline from peak	-1.41%	-2.51%	+1.10%
Average Drawdown Average peak-to-trough decline	-12.50%	-11.88%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.35%	+0.22%

Volatility

VGSLX vs. IVRSX - Volatility Comparison

The current volatility for Vanguard Real Estate Index Fund Admiral Shares (VGSLX) is 4.43%, while VY CBRE Real Estate Portfolio (IVRSX) has a volatility of 4.78%. This indicates that VGSLX experiences smaller price fluctuations and is considered to be less risky than IVRSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGSLX	IVRSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	4.78%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	10.79%	11.00%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	13.95%	14.16%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	19.69%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.90%	21.60%	-0.70%

VGSLX vs. IVRSX - Expense Ratio Comparison

VGSLX has a 0.13% expense ratio, which is lower than IVRSX's 0.93% expense ratio.

Dividends

VGSLX vs. IVRSX - Dividend Comparison

VGSLX's dividend yield for the trailing twelve months is around 3.49%, more than IVRSX's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVRSX VY CBRE Real Estate Portfolio	1.75%	2.74%	2.50%	8.77%	26.34%	1.46%	13.92%	2.44%	11.42%	2.07%	1.57%	1.31%
VGSLX Vanguard Real Estate Index Fund Admiral Shares	3.49%	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 IVRSX in my portfolio?

VGSLX and IVRSX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGSLX or IVRSX?

IVRSX has higher volatility (4.78%) compared to VGSLX (4.43%). In terms of maximum drawdown, VGSLX dropped -73.05% vs IVRSX's -73.77%.

Which has better risk-adjusted returns?

IVRSX currently has the higher Sharpe Ratio (1.73 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.