VGSNX vs. VIIIX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX).

VGSNX is managed by Vanguard. It was launched on Dec 2, 2003. VIIIX is managed by Vanguard. It was launched on Jul 7, 1997.

Performance

VGSNX vs. VIIIX - Performance Comparison

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

VGSNX vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGSNX Vanguard Real Estate Index Fund Institutional Shares	-0.23%	3.21%	3.72%	13.12%	-26.19%	40.46%	-4.76%	28.98%	-5.97%	4.90%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	-7.06%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%

Returns By Period

In the year-to-date period, VGSNX achieves a -0.23% return, which is significantly higher than VIIIX's -7.06% return. Over the past 10 years, VGSNX has underperformed VIIIX with an annualized return of 4.49%, while VIIIX has yielded a comparatively higher 13.82% annualized return.

VGSNX

• 1D: 0.37%
• 1M: -7.74%
• YTD: -0.23%
• 6M: -2.62%
• 1Y: 0.33%
• 3Y*: 5.88%
• 5Y*: 2.88%
• 10Y*: 4.49%

VIIIX

• 1D: -0.39%
• 1M: -7.68%
• YTD: -7.06%
• 6M: -4.59%
• 1Y: 14.44%
• 3Y*: 17.57%
• 5Y*: 11.54%
• 10Y*: 13.82%

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

VGSNX vs. VIIIX - Expense Ratio Comparison

VGSNX has a 0.10% expense ratio, which is higher than VIIIX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

VGSNX

Vanguard Real Estate Index Fund Institutional Shares

VIIIX

Vanguard Institutional Index Fund Institutional Plus Shares

Return for Risk

VGSNX vs. VIIIX — Risk / Return Rank

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

VGSNX

VGSNX Risk / Return Rank: 7
VGSNX Sharpe Ratio Rank: 7
VGSNX Sortino Ratio Rank: 7
VGSNX Omega Ratio Rank: 7
VGSNX Calmar Ratio Rank: 8
VGSNX Martin Ratio Rank: 8

VIIIX

VIIIX Risk / Return Rank: 46
VIIIX Sharpe Ratio Rank: 41
VIIIX Sortino Ratio Rank: 45
VIIIX Omega Ratio Rank: 50
VIIIX Calmar Ratio Rank: 42
VIIIX Martin Ratio Rank: 53

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. VIIIX - 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 Institutional Index Fund Institutional Plus Shares (VIIIX). 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	VIIIX	Difference
Sharpe ratio Return per unit of total volatility	0.07	0.84	-0.76
Sortino ratio Return per unit of downside risk	0.21	1.30	-1.08
Omega ratio Gain probability vs. loss probability	1.03	1.20	-0.17
Calmar ratio Return relative to maximum drawdown	0.09	1.06	-0.97
Martin ratio Return relative to average drawdown	0.35	5.14	-4.79
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. VIIIX - Sharpe Ratio Comparison

The current VGSNX Sharpe Ratio is 0.07, which is lower than the VIIIX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of VGSNX and VIIIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VGSNX	VIIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	0.84	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.69	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.77	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.46	-0.20

Correlation

The correlation between VGSNX and VIIIX is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VGSNX vs. VIIIX - Dividend Comparison

VGSNX's dividend yield for the trailing twelve months is around 4.01%, more than VIIIX's 2.90% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGSNX Vanguard Real Estate Index Fund Institutional Shares	4.01%	3.94%	3.87%	3.93%	3.94%	2.57%	3.95%	3.40%	4.75%	4.26%	4.84%	3.94%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.90%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Drawdowns

VGSNX vs. VIIIX - Drawdown Comparison

The maximum VGSNX drawdown since its inception was -73.06%, which is greater than VIIIX's maximum drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for VGSNX and VIIIX.

Drawdown Indicators

	VGSNX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-73.06%	-55.18%	-17.88%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-12.12%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-34.39%	-24.50%	-9.89%
Max Drawdown (10Y) Largest decline over 10 years	-42.30%	-33.79%	-8.51%
Current Drawdown Current decline from peak	-10.83%	-8.90%	-1.93%
Average Drawdown Average peak-to-trough decline	-13.37%	-10.07%	-3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	2.49%	+0.67%

Volatility

VGSNX vs. VIIIX - Volatility Comparison

Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) have volatilities of 4.16% and 4.24%, 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	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	4.24%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	9.14%	9.08%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	18.13%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	16.85%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.91%	18.02%	+2.89%