VNQ vs. IYR
Compare and contrast key facts about Vanguard Real Estate ETF (VNQ) and iShares U.S. Real Estate ETF (IYR).
VNQ and IYR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VNQ is a passively managed fund by Vanguard that tracks the performance of the MSCI US Investable Market Real Estate 25/50 Index. It was launched on Sep 23, 2004. IYR is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Real Estate Index. It was launched on Jun 12, 2000. Both VNQ and IYR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
VNQ vs. IYR - Performance Comparison
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VNQ vs. IYR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 1.67% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
IYR iShares U.S. Real Estate ETF | 1.34% | 3.38% | 4.41% | 11.89% | -25.51% | 38.74% | -5.23% | 28.21% | -4.33% | 9.31% |
Returns By Period
In the year-to-date period, VNQ achieves a 1.67% return, which is significantly higher than IYR's 1.34% return. Over the past 10 years, VNQ has underperformed IYR with an annualized return of 4.69%, while IYR has yielded a comparatively higher 5.06% annualized return.
VNQ
- 1D
- 0.36%
- 1M
- -6.21%
- YTD
- 1.67%
- 6M
- -0.84%
- 1Y
- 2.18%
- 3Y*
- 6.57%
- 5Y*
- 2.86%
- 10Y*
- 4.69%
IYR
- 1D
- 0.34%
- 1M
- -6.30%
- YTD
- 1.34%
- 6M
- -1.15%
- 1Y
- 1.38%
- 3Y*
- 6.47%
- 5Y*
- 2.87%
- 10Y*
- 5.06%
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VNQ vs. IYR - Expense Ratio Comparison
VNQ has a 0.13% expense ratio, which is lower than IYR's 0.42% expense ratio.
Return for Risk
VNQ vs. IYR — Risk / Return Rank
VNQ
IYR
VNQ vs. IYR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) and iShares U.S. Real Estate ETF (IYR). 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 | IYR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.13 | 0.09 | +0.05 |
Sortino ratioReturn per unit of downside risk | 0.30 | 0.23 | +0.07 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.03 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 0.18 | 0.12 | +0.06 |
Martin ratioReturn relative to average drawdown | 0.70 | 0.45 | +0.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VNQ | IYR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.13 | 0.09 | +0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.15 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.25 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.32 | -0.06 |
Correlation
The correlation between VNQ and IYR is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VNQ vs. IYR - Dividend Comparison
VNQ's dividend yield for the trailing twelve months is around 3.92%, more than IYR's 2.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 3.92% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
IYR iShares U.S. Real Estate ETF | 2.37% | 2.48% | 2.57% | 2.75% | 2.92% | 2.06% | 2.58% | 3.05% | 3.53% | 3.73% | 4.41% | 3.92% |
Drawdowns
VNQ vs. IYR - Drawdown Comparison
The maximum VNQ drawdown since its inception was -73.07%, roughly equal to the maximum IYR drawdown of -74.13%. Use the drawdown chart below to compare losses from any high point for VNQ and IYR.
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Drawdown Indicators
| VNQ | IYR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.07% | -74.13% | +1.06% |
Max Drawdown (1Y)Largest decline over 1 year | -12.44% | -12.20% | -0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -34.48% | -33.75% | -0.73% |
Max Drawdown (10Y)Largest decline over 10 years | -42.40% | -42.32% | -0.08% |
Current DrawdownCurrent decline from peak | -9.24% | -8.83% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -13.71% | -12.97% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 3.22% | -0.01% |
Volatility
VNQ vs. IYR - Volatility Comparison
Vanguard Real Estate ETF (VNQ) and iShares U.S. Real Estate ETF (IYR) have volatilities of 4.57% and 4.61%, 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
| VNQ | IYR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 4.61% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 9.28% | 9.34% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.31% | 16.21% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.80% | 18.69% | +0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.70% | 20.30% | +0.40% |