VGSNX vs. CRARX

Last updated Jun 5, 2026

VGSNX (Vanguard Real Estate Index Fund Institutional Shares) and CRARX (MainStay CBRE Real Estate Fund) are both REIT funds. Over the past 10 years, VGSNX returned 5.20%/yr vs 5.16%/yr for CRARX. With a 0.99 correlation, they move nearly in lockstep. VGSNX charges 0.10%/yr vs 0.83%/yr for CRARX.

Performance

VGSNX vs. CRARX - Performance Comparison

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

Returns By Period

In the year-to-date period, VGSNX achieves a 7.79% return, which is significantly lower than CRARX's 12.52% return. Both investments have delivered pretty close results over the past 10 years, with VGSNX having a 5.20% annualized return and CRARX not far behind at 5.16%.

VGSNX

• 1D: -0.14%
• 1M: -1.43%
• YTD: 7.79%
• 6M: 6.96%
• 1Y: 9.66%
• 3Y*: 9.14%
• 5Y*: 2.19%
• 10Y*: 5.20%

CRARX

• 1D: 0.09%
• 1M: -1.04%
• YTD: 12.52%
• 6M: 11.51%
• 1Y: 11.50%
• 3Y*: 8.15%
• 5Y*: 2.59%
• 10Y*: 5.16%

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

VGSNX vs. CRARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGSNX Vanguard Real Estate Index Fund Institutional Shares	7.79%	3.21%	3.72%	13.12%	-26.19%	40.46%	-4.76%	28.98%	-5.97%	4.90%
CRARX MainStay CBRE Real Estate Fund	12.52%	-0.28%	0.71%	13.50%	-26.95%	52.55%	-6.50%	28.29%	-8.00%	5.23%

Correlation

The correlation between VGSNX and CRARX 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 Dec 4, 2003	0.99

The correlation between VGSNX and CRARX has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

Return for Risk

VGSNX vs. CRARX — Risk / Return Rank

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

VGSNX

VGSNX Risk / Return Rank: 11
VGSNX Sharpe Ratio Rank: 10
VGSNX Sortino Ratio Rank: 9
VGSNX Omega Ratio Rank: 9
VGSNX Calmar Ratio Rank: 13
VGSNX Martin Ratio Rank: 13

CRARX

CRARX Risk / Return Rank: 14
CRARX Sharpe Ratio Rank: 12
CRARX Sortino Ratio Rank: 12
CRARX Omega Ratio Rank: 11
CRARX Calmar Ratio Rank: 18
CRARX Martin Ratio Rank: 17

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.

VGSNX vs. CRARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and MainStay CBRE Real Estate Fund (CRARX). 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.

	VGSNX	CRARX	Difference
Sharpe ratio: Return per unit of total volatility	0.76	0.92	-0.15
Sortino ratio: Return per unit of downside risk	1.12	1.30	-0.18
Omega ratio: Gain probability vs. loss probability	1.14	1.16	-0.02
Calmar ratio: Return relative to maximum drawdown	1.20	1.48	-0.27
Martin ratio: Return relative to average drawdown	3.79	4.61	-0.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGSNX vs. CRARX - Sharpe Ratio Comparison

The current VGSNX Sharpe Ratio is 0.76, which is comparable to the CRARX Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of VGSNX and CRARX, 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

	VGSNX	CRARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	0.92	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.14	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.24	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.33	-0.06

Drawdowns

VGSNX vs. CRARX - Drawdown Comparison

The maximum VGSNX drawdown since its inception was -73.06%, roughly equal to the maximum CRARX drawdown of -72.66%. Use the drawdown chart below to compare losses from any high point for VGSNX and CRARX.

Drawdown Indicators

	VGSNX	CRARX	Difference
Max Drawdown Largest peak-to-trough decline	-73.06%	-72.66%	-0.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-7.99%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-17.41%	-18.78%	+1.37%
Max Drawdown (5Y) Largest decline over 5 years	-34.39%	-35.43%	+1.04%
Max Drawdown (10Y) Largest decline over 10 years	-42.30%	-45.19%	+2.89%
Current Drawdown Current decline from peak	-3.66%	-6.30%	+2.64%
Average Drawdown Average peak-to-trough decline	-13.29%	-12.57%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.56%	+0.09%

Volatility

VGSNX vs. CRARX - Volatility Comparison

Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and MainStay CBRE Real Estate Fund (CRARX) have volatilities of 3.70% and 3.59%, 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

	VGSNX	CRARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	3.59%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	9.24%	9.32%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	12.91%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.87%	18.98%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.90%	21.28%	-0.38%

VGSNX vs. CRARX - Expense Ratio Comparison

VGSNX has a 0.10% expense ratio, which is lower than CRARX's 0.83% expense ratio.

Dividends

VGSNX vs. CRARX - Dividend Comparison

VGSNX's dividend yield for the trailing twelve months is around 3.71%, more than CRARX's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRARX MainStay CBRE Real Estate Fund	2.23%	2.57%	1.80%	3.36%	34.64%	4.37%	1.77%	15.57%	30.33%	21.82%	8.85%	7.27%
VGSNX Vanguard Real Estate Index Fund Institutional Shares	3.71%	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 VGSNX and CRARX in my portfolio?

With a correlation of 0.96, VGSNX and CRARX 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, VGSNX or CRARX?

VGSNX has higher volatility (3.70%) compared to CRARX (3.59%). In terms of maximum drawdown, VGSNX dropped -73.06% vs CRARX's -72.66%.

Which has better risk-adjusted returns?

CRARX currently has the higher Sharpe Ratio (0.92 vs 0.76), 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.