VGSLX vs. QSPIX

Last updated Jun 14, 2026

VGSLX (Vanguard Real Estate Index Fund Admiral Shares) and QSPIX (AQR Style Premia Alternative Fund) are both mutual funds - VGSLX is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index, while QSPIX is a Multistrategy fund managed by AQR Funds. Over the past 10 years, VGSLX returned 5.51%/yr vs 7.43%/yr for QSPIX. At a correlation of -0.04, they often move in opposite directions. VGSLX charges 0.13%/yr vs 1.49%/yr for QSPIX.

Performance

VGSLX vs. QSPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, VGSLX achieves a 11.48% return, which is significantly lower than QSPIX's 12.72% return. Over the past 10 years, VGSLX has underperformed QSPIX with an annualized return of 5.51%, while QSPIX has yielded a comparatively higher 7.43% annualized return.

VGSLX

• 1D: -0.05%
• 1M: 3.96%
• YTD: 11.48%
• 6M: 11.28%
• 1Y: 12.91%
• 3Y*: 10.04%
• 5Y*: 2.35%
• 10Y*: 5.51%

QSPIX

• 1D: 0.10%
• 1M: 1.35%
• YTD: 12.72%
• 6M: 14.72%
• 1Y: 17.97%
• 3Y*: 20.65%
• 5Y*: 19.37%
• 10Y*: 7.43%

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

VGSLX vs. QSPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGSLX Vanguard Real Estate Index Fund Admiral Shares	11.48%	3.18%	3.67%	13.13%	-26.20%	40.39%	-4.75%	28.90%	-5.99%	4.91%
QSPIX AQR Style Premia Alternative Fund	12.72%	14.82%	21.48%	12.46%	30.76%	24.93%	-21.96%	-8.22%	-12.35%	12.12%

Correlation

The correlation between VGSLX and QSPIX is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.16
Correlation (5Y) Calculated over the trailing 5-year period	-0.18
Correlation (10Y) Calculated over the trailing 10-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	-0.04

The correlation between VGSLX and QSPIX shifts across timeframes, from -0.23 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VGSLX vs. QSPIX — Risk / Return Rank

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

VGSLX

VGSLX Risk / Return Rank: 20
VGSLX Sharpe Ratio Rank: 18
VGSLX Sortino Ratio Rank: 17
VGSLX Omega Ratio Rank: 17
VGSLX Calmar Ratio Rank: 26
VGSLX Martin Ratio Rank: 24

QSPIX

QSPIX Risk / Return Rank: 72
QSPIX Sharpe Ratio Rank: 71
QSPIX Sortino Ratio Rank: 76
QSPIX Omega Ratio Rank: 62
QSPIX Calmar Ratio Rank: 89
QSPIX Martin Ratio Rank: 63

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. QSPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Admiral Shares (VGSLX) and AQR Style Premia Alternative Fund (QSPIX). 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	QSPIX	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.96	-1.04
Sortino ratio: Return per unit of downside risk	1.34	2.94	-1.59
Omega ratio: Gain probability vs. loss probability	1.17	1.34	-0.17
Calmar ratio: Return relative to maximum drawdown	1.49	3.71	-2.22
Martin ratio: Return relative to average drawdown	4.70	9.88	-5.18

VGSLX vs. QSPIX - Sharpe Ratio Comparison

The current VGSLX Sharpe Ratio is 0.92, which is lower than the QSPIX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VGSLX and QSPIX, 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. QSPIX - Drawdown Comparison

The maximum VGSLX drawdown since its inception was -73.05%, which is greater than QSPIX's maximum drawdown of -41.37%. Use the drawdown chart below to compare losses from any high point for VGSLX and QSPIX.

Drawdown Indicators

	VGSLX	QSPIX	Difference
Max Drawdown Largest peak-to-trough decline	-73.05%	-41.37%	-31.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-5.09%	-3.24%
Max Drawdown (3Y) Largest decline over 3 years	-17.41%	-9.31%	-8.10%
Max Drawdown (5Y) Largest decline over 5 years	-34.41%	-17.13%	-17.28%
Max Drawdown (10Y) Largest decline over 10 years	-42.34%	-41.37%	-0.97%
Current Drawdown Current decline from peak	-0.44%	-1.12%	+0.68%
Average Drawdown Average peak-to-trough decline	-12.56%	-9.40%	-3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	1.91%	+0.73%

Volatility

VGSLX vs. QSPIX - Volatility Comparison

Vanguard Real Estate Index Fund Admiral Shares (VGSLX) has a higher volatility of 4.78% compared to AQR Style Premia Alternative Fund (QSPIX) at 3.24%. This indicates that VGSLX's price experiences larger fluctuations and is considered to be riskier than QSPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGSLX	QSPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	3.24%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	9.74%	7.10%	+2.64%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	9.64%	+3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	15.87%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.86%	12.82%	+8.04%

VGSLX vs. QSPIX - Expense Ratio Comparison

VGSLX has a 0.13% expense ratio, which is lower than QSPIX's 1.49% expense ratio.

Dividends

VGSLX vs. QSPIX - Dividend Comparison

VGSLX's dividend yield for the trailing twelve months is around 3.57%, more than QSPIX's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QSPIX AQR Style Premia Alternative Fund	2.28%	2.57%	6.95%	23.77%	22.68%	12.78%	0.00%	1.62%	0.96%	7.08%	1.74%	5.83%
VGSLX Vanguard Real Estate Index Fund Admiral Shares	3.57%	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 QSPIX in my portfolio?

VGSLX and QSPIX have a correlation of -0.23, 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 QSPIX?

VGSLX has higher volatility (4.78%) compared to QSPIX (3.24%). In terms of maximum drawdown, VGSLX dropped -73.05% vs QSPIX's -41.37%.

Which has better risk-adjusted returns?

QSPIX currently has the higher Sharpe Ratio (1.96 vs 0.92), 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.