VGSNX vs. DFREX
VGSNX (Vanguard Real Estate Index Fund Institutional Shares) and DFREX (DFA Real Estate Securities Portfolio Class I) are both REIT funds. Over the past 10 years, VGSNX returned 5.22%/yr vs 5.71%/yr for DFREX. With a 1.00 correlation, they move nearly in lockstep. VGSNX charges 0.10%/yr vs 0.18%/yr for DFREX.
Performance
VGSNX vs. DFREX - Performance Comparison
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Returns By Period
In the year-to-date period, VGSNX achieves a 7.95% return, which is significantly lower than DFREX's 11.42% return. Over the past 10 years, VGSNX has underperformed DFREX with an annualized return of 5.22%, while DFREX has yielded a comparatively higher 5.71% annualized return.
VGSNX
- 1D
- 0.44%
- 1M
- -0.96%
- YTD
- 7.95%
- 6M
- 6.90%
- 1Y
- 10.16%
- 3Y*
- 9.20%
- 5Y*
- 2.22%
- 10Y*
- 5.22%
DFREX
- 1D
- 0.30%
- 1M
- -0.45%
- YTD
- 11.42%
- 6M
- 10.51%
- 1Y
- 11.39%
- 3Y*
- 9.79%
- 5Y*
- 3.06%
- 10Y*
- 5.71%
VGSNX vs. DFREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSNX Vanguard Real Estate Index Fund Institutional Shares | 7.95% | 3.21% | 3.72% | 13.12% | -26.19% | 40.46% | -4.76% | 28.98% | -5.97% | 4.90% |
DFREX DFA Real Estate Securities Portfolio Class I | 11.42% | 1.52% | 5.52% | 11.20% | -24.93% | 41.88% | -5.03% | 28.12% | -3.01% | 4.25% |
Correlation
The correlation between VGSNX and DFREX is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2003 | 1.00 |
The correlation between VGSNX and DFREX has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.
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Return for Risk
VGSNX vs. DFREX — Risk / Return Rank
VGSNX
DFREX
VGSNX vs. DFREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and DFA Real Estate Securities Portfolio Class I (DFREX). 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 | DFREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.15 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | 1.32 | -0.13 |
| Martin ratioReturn relative to average drawdown | 3.75 | 4.10 | -0.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VGSNX | DFREX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 0.85 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.17 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.25 | 0.28 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.37 | -0.10 |
Drawdowns
VGSNX vs. DFREX - Drawdown Comparison
The maximum VGSNX drawdown since its inception was -73.06%, roughly equal to the maximum DFREX drawdown of -74.36%. Use the drawdown chart below to compare losses from any high point for VGSNX and DFREX.
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Drawdown Indicators
| VGSNX | DFREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.06% | -74.36% | +1.30% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -8.40% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -17.41% | -17.64% | +0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -34.39% | -33.11% | -1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -42.30% | -41.49% | -0.81% |
Current DrawdownCurrent decline from peak | -3.52% | -2.91% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -13.29% | -11.34% | -1.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 2.69% | -0.05% |
Volatility
VGSNX vs. DFREX - Volatility Comparison
Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and DFA Real Estate Securities Portfolio Class I (DFREX) have volatilities of 3.75% and 3.79%, 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.
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Volatility by Period
| VGSNX | DFREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.75% | 3.79% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 9.32% | 9.51% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.16% | 13.07% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.87% | 18.69% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.91% | 20.30% | +0.61% |
VGSNX vs. DFREX - Expense Ratio Comparison
VGSNX has a 0.10% expense ratio, which is lower than DFREX's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGSNX vs. DFREX - Dividend Comparison
VGSNX's dividend yield for the trailing twelve months is around 3.71%, more than DFREX's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFREX DFA Real Estate Securities Portfolio Class I | 2.60% | 2.84% | 2.97% | 3.59% | 6.24% | 2.56% | 3.36% | 2.23% | 4.88% | 1.89% | 2.83% | 2.86% |
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
With a correlation of 0.97, VGSNX and DFREX 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.
DFREX has higher volatility (3.79%) compared to VGSNX (3.75%). In terms of maximum drawdown, VGSNX dropped -73.06% vs DFREX's -74.36%.
DFREX currently has the higher Sharpe Ratio (0.85 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.
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