VNQ vs. L

Last updated Jun 13, 2026

VNQ (Vanguard Real Estate ETF) is REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index, while L (Loews Corporation) is a stock. Over the past 10 years, VNQ returned 5.65%/yr vs 11.24%/yr for L. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

VNQ vs. L - Performance Comparison

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

Returns By Period

In the year-to-date period, VNQ achieves a 12.51% return, which is significantly higher than L's 2.79% return. Over the past 10 years, VNQ has underperformed L with an annualized return of 5.65%, while L has yielded a comparatively higher 11.24% annualized return.

VNQ

• 1D: 0.92%
• 1M: 3.35%
• YTD: 12.51%
• 6M: 12.32%
• 1Y: 14.02%
• 3Y*: 10.14%
• 5Y*: 2.55%
• 10Y*: 5.65%

L

• 1D: 0.70%
• 1M: 2.83%
• YTD: 2.79%
• 6M: 3.77%
• 1Y: 22.24%
• 3Y*: 22.56%
• 5Y*: 14.36%
• 10Y*: 11.24%

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

VNQ vs. L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNQ Vanguard Real Estate ETF	12.51%	3.24%	4.81%	11.85%	-26.25%	40.54%	-4.61%	28.91%	-6.03%	4.90%
L Loews Corporation	2.79%	24.68%	22.09%	19.78%	1.41%	28.89%	-13.69%	15.89%	-8.56%	8.56%

Correlation

The correlation between VNQ and L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004	0.53

The correlation between VNQ and L has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

Return for Risk

VNQ vs. L — Risk / Return Rank

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

VNQ

VNQ Risk / Return Rank: 32
VNQ Sharpe Ratio Rank: 30
VNQ Sortino Ratio Rank: 28
VNQ Omega Ratio Rank: 28
VNQ Calmar Ratio Rank: 35
VNQ Martin Ratio Rank: 36

L

L Risk / Return Rank: 79
L Sharpe Ratio Rank: 81
L Sortino Ratio Rank: 74
L Omega Ratio Rank: 74
L Calmar Ratio Rank: 82
L Martin Ratio Rank: 82

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. L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) and Loews Corporation (L). 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.

	VNQ	L	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.35	-0.39
Sortino ratio: Return per unit of downside risk	1.39	1.83	-0.44
Omega ratio: Gain probability vs. loss probability	1.17	1.24	-0.07
Calmar ratio: Return relative to maximum drawdown	1.56	2.71	-1.15
Martin ratio: Return relative to average drawdown	4.90	6.93	-2.03

VNQ vs. L - Sharpe Ratio Comparison

The current VNQ Sharpe Ratio is 0.96, which is comparable to the L Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of VNQ and L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VNQ vs. L - Drawdown Comparison

The maximum VNQ drawdown since its inception was -73.07%, which is greater than L's maximum drawdown of -65.58%. Use the drawdown chart below to compare losses from any high point for VNQ and L.

Drawdown Indicators

	VNQ	L	Difference
Max Drawdown Largest peak-to-trough decline	-73.07%	-65.58%	-7.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-7.99%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-17.46%	-12.16%	-5.30%
Max Drawdown (5Y) Largest decline over 5 years	-34.48%	-26.11%	-8.37%
Max Drawdown (10Y) Largest decline over 10 years	-42.40%	-48.53%	+6.13%
Current Drawdown Current decline from peak	0.00%	-3.93%	+3.93%
Average Drawdown Average peak-to-trough decline	-13.61%	-16.74%	+3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	3.11%	-0.46%

Volatility

VNQ vs. L - Volatility Comparison

The current volatility for Vanguard Real Estate ETF (VNQ) is 4.72%, while Loews Corporation (L) has a volatility of 5.39%. This indicates that VNQ experiences smaller price fluctuations and is considered to be less risky than L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNQ	L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	5.39%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	12.62%	-2.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	16.08%	-2.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.84%	19.63%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.72%	25.65%	-4.93%

Dividends

VNQ vs. L - Dividend Comparison

VNQ's dividend yield for the trailing twelve months is around 3.54%, more than L's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
L Loews Corporation	0.23%	0.24%	0.30%	0.36%	0.43%	0.43%	0.56%	0.48%	0.55%	1.58%	0.53%	0.65%
VNQ Vanguard Real Estate ETF	3.54%	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 L in my portfolio?

VNQ and L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNQ or L?

L has higher volatility (5.39%) compared to VNQ (4.72%). In terms of maximum drawdown, VNQ dropped -73.07% vs L's -65.58%.

Which has better risk-adjusted returns?

L currently has the higher Sharpe Ratio (1.35 vs 0.96), 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.