VNQ vs. FPRO

Last updated Jun 4, 2026

VNQ (Vanguard Real Estate ETF) and FPRO (Fidelity Real Estate Investment ETF) are both REIT funds. VNQ is passively managed, while FPRO is actively managed. Over the past 5 years, VNQ returned 2.18%/yr vs 3.13%/yr for FPRO. With a 0.98 correlation, they move nearly in lockstep. VNQ charges 0.13%/yr vs 0.59%/yr for FPRO.

Performance

VNQ vs. FPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Real Estate ETF (VNQ) and Fidelity Real Estate Investment ETF (FPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNQ achieves a 7.83% return, which is significantly lower than FPRO's 9.97% return.

VNQ

• 1D: -0.12%
• 1M: -1.10%
• YTD: 7.83%
• 6M: 6.75%
• 1Y: 9.97%
• 3Y*: 9.15%
• 5Y*: 2.18%
• 10Y*: 5.21%

FPRO

• 1D: 0.12%
• 1M: -1.08%
• YTD: 9.97%
• 6M: 9.24%
• 1Y: 10.32%
• 3Y*: 9.14%
• 5Y*: 3.13%
• 10Y*: —

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

VNQ vs. FPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VNQ Vanguard Real Estate ETF	7.83%	3.24%	4.81%	11.85%	-26.25%	35.94%
FPRO Fidelity Real Estate Investment ETF	9.97%	2.60%	5.63%	10.93%	-25.02%	40.13%

Correlation

The correlation between VNQ and FPRO 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	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.98

The correlation between VNQ and FPRO has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

VNQ vs. FPRO - Sectors Allocation Comparison

Sectors	VNQ	FPRO
Real Estate	97.3%	99.4%
Basic Materials	1.1%	-
Communication Services	0.6%	0.6%
Technology	0.3%	-
Energy	0.1%	-
Financial Services	0.1%	-
Industrials	0.0%	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

VNQ vs. FPRO — Risk / Return Rank

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

VNQ

VNQ Risk / Return Rank: 23
VNQ Sharpe Ratio Rank: 22
VNQ Sortino Ratio Rank: 21
VNQ Omega Ratio Rank: 20
VNQ Calmar Ratio Rank: 25
VNQ Martin Ratio Rank: 27

FPRO

FPRO Risk / Return Rank: 24
FPRO Sharpe Ratio Rank: 22
FPRO Sortino Ratio Rank: 21
FPRO Omega Ratio Rank: 21
FPRO Calmar Ratio Rank: 28
FPRO Martin Ratio Rank: 27

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.

VNQ vs. FPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) and Fidelity Real Estate Investment ETF (FPRO). 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.

	VNQ	FPRO	Difference
Sharpe ratio: Return per unit of total volatility	0.76	0.79	-0.03
Sortino ratio: Return per unit of downside risk	1.12	1.15	-0.04
Omega ratio: Gain probability vs. loss probability	1.14	1.14	0.00
Calmar ratio: Return relative to maximum drawdown	1.20	1.35	-0.15
Martin ratio: Return relative to average drawdown	3.78	3.88	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNQ vs. FPRO - Sharpe Ratio Comparison

The current VNQ Sharpe Ratio is 0.76, which is comparable to the FPRO Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of VNQ and FPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VNQ	FPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	0.79	-0.03
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	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.35	-0.08

Drawdowns

VNQ vs. FPRO - Drawdown Comparison

The maximum VNQ drawdown since its inception was -73.07%, which is greater than FPRO's maximum drawdown of -32.81%. Use the drawdown chart below to compare losses from any high point for VNQ and FPRO.

Drawdown Indicators

	VNQ	FPRO	Difference
Max Drawdown Largest peak-to-trough decline	-73.07%	-32.81%	-40.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-7.67%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-17.46%	-16.83%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-34.48%	-32.81%	-1.67%
Max Drawdown (10Y) Largest decline over 10 years	-42.40%	—	—
Current Drawdown Current decline from peak	-3.75%	-2.73%	-1.02%
Average Drawdown Average peak-to-trough decline	-13.63%	-12.66%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.67%	-0.03%

Volatility

VNQ vs. FPRO - Volatility Comparison

Vanguard Real Estate ETF (VNQ) has a higher volatility of 3.72% compared to Fidelity Real Estate Investment ETF (FPRO) at 3.54%. This indicates that VNQ's price experiences larger fluctuations and is considered to be riskier than FPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNQ	FPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	3.54%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	9.13%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	13.10%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.80%	18.62%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	18.37%	+2.33%

VNQ vs. FPRO - Expense Ratio Comparison

VNQ has a 0.13% expense ratio, which is lower than FPRO's 0.59% expense ratio.

Dividends

VNQ vs. FPRO - Dividend Comparison

VNQ's dividend yield for the trailing twelve months is around 3.69%, more than FPRO's 2.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPRO Fidelity Real Estate Investment ETF	2.57%	2.69%	2.50%	2.83%	2.67%	1.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNQ Vanguard Real Estate ETF	3.69%	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

Can I hold both VNQ and FPRO in my portfolio?

With a correlation of 0.97, VNQ and FPRO 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.

Which is riskier, VNQ or FPRO?

VNQ has higher volatility (3.72%) compared to FPRO (3.54%). In terms of maximum drawdown, VNQ dropped -73.07% vs FPRO's -32.81%.

Which ETF is better, VNQ or FPRO?

On 5-year performance, FPRO leads with 3.13% vs 2.18% for VNQ. On fees, VNQ is cheaper at 0.13% per year. On volatility, FPRO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNQ or FPRO?

Over the 5-year period, FPRO has performed better with a 3.13% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNQ or FPRO?

VNQ is cheaper with a 0.13% expense ratio, compared with 0.59% for FPRO.

Which ETF pays a higher dividend yield, VNQ or FPRO?

VNQ has the higher dividend yield at 3.69%, compared with 2.57% for FPRO.

What is the main difference between VNQ and FPRO?

They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.13% for VNQ and 0.59% for FPRO.

Which has better risk-adjusted returns?

FPRO currently has the higher Sharpe Ratio (0.79 vs 0.76), 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.