VIOV vs. VNQ
VIOV (Vanguard S&P Small-Cap 600 Value ETF) and VNQ (Vanguard Real Estate ETF) are both exchange-traded funds - VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. Both are passively managed. Over the past 10 years, VIOV returned 10.66%/yr vs 5.44%/yr for VNQ. A 0.58 correlation means they provide meaningful diversification when combined. VIOV charges 0.10%/yr vs 0.13%/yr for VNQ.
Performance
VIOV vs. VNQ - Performance Comparison
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Returns By Period
In the year-to-date period, VIOV achieves a 17.53% return, which is significantly higher than VNQ's 11.77% return. Over the past 10 years, VIOV has outperformed VNQ with an annualized return of 10.66%, while VNQ has yielded a comparatively lower 5.44% annualized return.
VIOV
- 1D
- -0.26%
- 1M
- 2.94%
- YTD
- 17.53%
- 6M
- 15.94%
- 1Y
- 37.82%
- 3Y*
- 15.57%
- 5Y*
- 6.32%
- 10Y*
- 10.66%
VNQ
- 1D
- 1.31%
- 1M
- 1.13%
- YTD
- 11.77%
- 6M
- 12.16%
- 1Y
- 11.59%
- 3Y*
- 11.30%
- 5Y*
- 2.83%
- 10Y*
- 5.44%
VIOV vs. VNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIOV Vanguard S&P Small-Cap 600 Value ETF | 17.53% | 6.63% | 7.44% | 15.36% | -11.37% | 30.67% | 2.81% | 24.44% | -12.85% | 11.54% |
VNQ Vanguard Real Estate ETF | 11.77% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
Correlation
The correlation between VIOV and VNQ is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.58 |
The correlation between VIOV and VNQ shifts across timeframes, from 0.56 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VIOV vs. VNQ — Risk / Return Rank
VIOV
VNQ
VIOV vs. VNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Vanguard Real Estate ETF (VNQ). 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.
| VIOV | VNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.15 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 4.07 | 1.40 | +2.68 |
| Martin ratioReturn relative to average drawdown | 13.34 | 4.37 | +8.97 |
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Drawdowns
VIOV vs. VNQ - Drawdown Comparison
The maximum VIOV drawdown since its inception was -47.36%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for VIOV and VNQ.
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Drawdown Indicators
| VIOV | VNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.36% | -73.07% | +25.71% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -8.34% | -0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -28.44% | -17.46% | -10.98% |
Max Drawdown (5Y)Largest decline over 5 years | -28.44% | -34.48% | +6.04% |
Max Drawdown (10Y)Largest decline over 10 years | -47.36% | -42.40% | -4.96% |
Current DrawdownCurrent decline from peak | -1.58% | -0.66% | -0.92% |
Average DrawdownAverage peak-to-trough decline | -7.36% | -13.60% | +6.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 2.66% | +0.18% |
Volatility
VIOV vs. VNQ - Volatility Comparison
The current volatility for Vanguard S&P Small-Cap 600 Value ETF (VIOV) is 4.75%, while Vanguard Real Estate ETF (VNQ) has a volatility of 5.19%. This indicates that VIOV experiences smaller price fluctuations and is considered to be less risky than VNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIOV | VNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.75% | 5.19% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 11.82% | 10.20% | +1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.44% | 13.84% | +4.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.90% | 18.86% | +3.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.88% | 20.75% | +3.13% |
VIOV vs. VNQ - Expense Ratio Comparison
VIOV has a 0.10% expense ratio, which is lower than VNQ'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
VIOV vs. VNQ - Dividend Comparison
VIOV's dividend yield for the trailing twelve months is around 1.56%, less than VNQ's 3.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VIOV Vanguard S&P Small-Cap 600 Value ETF | 1.56% | 1.69% | 1.78% | 2.18% | 1.81% | 1.59% | 1.42% | 1.60% | 1.76% | 1.43% | 1.17% | 1.32% |
VNQ Vanguard Real Estate ETF | 3.56% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
VIOV and VNQ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNQ has higher volatility (5.19%) compared to VIOV (4.75%). In terms of maximum drawdown, VIOV dropped -47.36% vs VNQ's -73.07%.
On 10-year performance, VIOV leads with 10.66% vs 5.44% for VNQ. On fees, VIOV is cheaper at 0.10% per year. On volatility, VIOV has been the lower-risk option at 4.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VIOV has performed better with a 10.66% return vs 5.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIOV is cheaper with a 0.10% expense ratio, compared with 0.13% for VNQ.
VNQ has the higher dividend yield at 3.56%, compared with 1.56% for VIOV.
VIOV is categorized as Small Cap Value Equities, while VNQ is REIT. VIOV tracks S&P SmallCap 600 Value Index, while VNQ tracks MSCI US Investable Market Real Estate 25/50 Index. Their fees differ too: 0.10% for VIOV and 0.13% for VNQ.
VIOV currently has the higher Sharpe Ratio (2.06 vs 0.85), 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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