VGSNX vs. MXREX
VGSNX (Vanguard Real Estate Index Fund Institutional Shares) and MXREX (Great-West Real Estate Index Fund) are both REIT funds. Over the past 10 years, VGSNX returned 5.31%/yr vs 4.21%/yr for MXREX. Their correlation of 0.94 suggests significant overlap in exposure. VGSNX charges 0.10%/yr vs 0.70%/yr for MXREX.
Performance
VGSNX vs. MXREX - Performance Comparison
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Returns By Period
In the year-to-date period, VGSNX achieves a 10.34% return, which is significantly lower than MXREX's 15.55% return. Over the past 10 years, VGSNX has outperformed MXREX with an annualized return of 5.31%, while MXREX has yielded a comparatively lower 4.21% annualized return.
VGSNX
- 1D
- 1.10%
- 1M
- -0.19%
- YTD
- 10.34%
- 6M
- 10.74%
- 1Y
- 10.24%
- 3Y*
- 10.83%
- 5Y*
- 2.55%
- 10Y*
- 5.31%
MXREX
- 1D
- 1.36%
- 1M
- 0.64%
- YTD
- 15.55%
- 6M
- 15.86%
- 1Y
- 18.03%
- 3Y*
- 13.16%
- 5Y*
- 4.48%
- 10Y*
- 4.21%
VGSNX vs. MXREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSNX Vanguard Real Estate Index Fund Institutional Shares | 10.34% | 3.21% | 3.72% | 13.12% | -26.19% | 40.46% | -4.76% | 28.98% | -5.97% | 4.90% |
MXREX Great-West Real Estate Index Fund | 15.55% | 3.16% | 7.47% | 13.31% | -26.44% | 45.80% | -12.52% | 22.41% | -4.92% | 2.25% |
Correlation
The correlation between VGSNX and MXREX is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.94 |
The correlation between VGSNX and MXREX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
VGSNX vs. MXREX — Risk / Return Rank
VGSNX
MXREX
VGSNX vs. MXREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and Great-West Real Estate Index Fund (MXREX). 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.
| VGSNX | MXREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.25 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 2.59 | -1.16 |
| Martin ratioReturn relative to average drawdown | 4.44 | 8.56 | -4.11 |
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Drawdowns
VGSNX vs. MXREX - Drawdown Comparison
The maximum VGSNX drawdown since its inception was -73.06%, which is greater than MXREX's maximum drawdown of -43.89%. Use the drawdown chart below to compare losses from any high point for VGSNX and MXREX.
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Drawdown Indicators
| VGSNX | MXREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.06% | -43.89% | -29.17% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -7.73% | -0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -17.41% | -18.79% | +1.38% |
Max Drawdown (5Y)Largest decline over 5 years | -34.39% | -33.06% | -1.33% |
Max Drawdown (10Y)Largest decline over 10 years | -42.30% | -43.89% | +1.59% |
Current DrawdownCurrent decline from peak | -1.99% | -1.33% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -13.26% | -11.59% | -1.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 2.31% | +0.35% |
Volatility
VGSNX vs. MXREX - Volatility Comparison
The current volatility for Vanguard Real Estate Index Fund Institutional Shares (VGSNX) is 5.01%, while Great-West Real Estate Index Fund (MXREX) has a volatility of 5.29%. This indicates that VGSNX experiences smaller price fluctuations and is considered to be less risky than MXREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGSNX | MXREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 5.29% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 10.14% | 10.21% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.81% | 13.94% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 19.37% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.95% | 21.98% | -1.03% |
VGSNX vs. MXREX - Expense Ratio Comparison
VGSNX has a 0.10% expense ratio, which is lower than MXREX's 0.70% expense ratio.
Dividends
VGSNX vs. MXREX - Dividend Comparison
VGSNX's dividend yield for the trailing twelve months is around 3.63%, more than MXREX's 1.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MXREX Great-West Real Estate Index Fund | 1.79% | 2.07% | 6.74% | 1.85% | 4.69% | 1.93% | 1.60% | 4.51% | 4.10% | 3.36% | 0.00% | 0.00% |
VGSNX Vanguard Real Estate Index Fund Institutional Shares | 3.63% | 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 0.94, VGSNX and MXREX 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.
MXREX has higher volatility (5.29%) compared to VGSNX (5.01%). In terms of maximum drawdown, VGSNX dropped -73.06% vs MXREX's -43.89%.
MXREX currently has the higher Sharpe Ratio (1.44 vs 0.86), 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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