VGSNX vs. VGSLX
VGSNX (Vanguard Real Estate Index Fund Institutional Shares) and VGSLX (Vanguard Real Estate Index Fund Admiral Shares) are both REIT funds from Vanguard tracking the MSCI US Investable Market Real Estate 25/50 Index. Both are passively managed. Over the past 10 years, VGSNX returned 4.78%/yr vs 4.76%/yr for VGSLX. Their 1.00 correlation means they have historically moved very closely together. VGSNX charges 0.11%/yr vs 0.13%/yr for VGSLX.
Performance
VGSNX vs. VGSLX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VGSNX having a 14.63% return and VGSLX slightly higher at 14.64%. Both investments have delivered pretty close results over the past 10 years, with VGSNX having a 4.78% annualized return and VGSLX not far behind at 4.76%.
VGSNX
- 1D
- -1.22%
- 1M
- 1.44%
- 6M
- 11.70%
- YTD
- 14.63%
- 1Y
- 16.19%
- 3Y*
- 9.54%
- 5Y*
- 2.56%
- 10Y*
- 4.78%
- ALL TIME*
- 8.13%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VGSNX vs. VGSLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSNX Vanguard Real Estate Index Fund Institutional Shares | 14.63% | 3.21% | 3.72% | 13.12% | -26.19% | 40.46% | -4.76% | 28.98% | -5.97% | 4.90% |
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% |
Correlation
The correlation between VGSNX and VGSLX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2003 | 1.00 |
The correlation between VGSNX and VGSLX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VGSNX vs. VGSLX — Risk / Return Rank
VGSNX
VGSLX
VGSNX vs. VGSLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and Vanguard Real Estate Index Fund Admiral Shares (VGSLX). 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 | VGSLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 1.72 | 0.00 |
| Martin ratioReturn relative to average drawdown | 5.58 | 5.59 | -0.01 |
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Drawdowns
VGSNX vs. VGSLX - Drawdown Comparison
The maximum VGSNX drawdown since its inception was -73.06%, roughly equal to the maximum VGSLX drawdown of -73.05%. Use the drawdown chart below to compare losses from any high point for VGSNX and VGSLX.
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Drawdown Indicators
| VGSNX | VGSLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.06% | -73.05% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -8.33% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -17.38% | -17.41% | +0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -34.39% | -34.41% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -42.30% | -42.34% | +0.04% |
Current DrawdownCurrent decline from peak | -1.40% | -1.41% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -13.20% | -12.50% | -0.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 2.57% | +0.01% |
Volatility
VGSNX vs. VGSLX - Volatility Comparison
Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and Vanguard Real Estate Index Fund Admiral Shares (VGSLX) have volatilities of 4.45% and 4.43%, 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 | VGSLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.45% | 4.43% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 10.78% | 10.79% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.93% | 13.95% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 18.95% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.96% | 20.90% | +0.06% |
VGSNX vs. VGSLX - Expense Ratio Comparison
VGSNX has a 0.11% expense ratio, which is lower than VGSLX's 0.13% 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. VGSLX - Dividend Comparison
VGSNX's dividend yield for the trailing twelve months is around 3.51%, which matches VGSLX's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VGSNX Vanguard Real Estate Index Fund Institutional Shares | 3.51% | 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 1.00, VGSNX and VGSLX 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.
VGSNX has higher volatility (4.45%) compared to VGSLX (4.43%). In terms of maximum drawdown, VGSNX dropped -73.06% vs VGSLX's -73.05%.
VGSNX currently has the higher Sharpe Ratio (1.04 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.
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