VNQ vs. SPG
VNQ (Vanguard Real Estate ETF) is REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index, while SPG (Simon Property Group, Inc.) is a stock. Over the past 10 years, VNQ returned 5.21%/yr vs 5.39%/yr for SPG. Their correlation of 0.82 suggests significant overlap in exposure.
Performance
VNQ vs. SPG - Performance Comparison
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Returns By Period
In the year-to-date period, VNQ achieves a 7.83% return, which is significantly lower than SPG's 11.23% return. Both investments have delivered pretty close results over the past 10 years, with VNQ having a 5.21% annualized return and SPG not far ahead at 5.39%.
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%
SPG
- 1D
- 0.01%
- 1M
- 1.01%
- YTD
- 11.23%
- 6M
- 14.33%
- 1Y
- 32.08%
- 3Y*
- 30.83%
- 5Y*
- 14.96%
- 10Y*
- 5.39%
VNQ vs. SPG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 7.83% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
SPG Simon Property Group, Inc. | 11.23% | 12.94% | 26.92% | 29.24% | -21.91% | 95.72% | -38.64% | -6.74% | 2.55% | 0.98% |
Correlation
The correlation between VNQ and SPG is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2004 | 0.82 |
The correlation between VNQ and SPG shifts across timeframes, from 0.70 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VNQ vs. SPG — Risk / Return Rank
VNQ
SPG
VNQ vs. SPG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) and Simon Property Group, Inc. (SPG). 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 | SPG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.30 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | 2.79 | -1.59 |
| Martin ratioReturn relative to average drawdown | 3.78 | 10.06 | -6.27 |
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 | SPG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 1.77 | -1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.57 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.25 | 0.15 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.38 | -0.12 |
Drawdowns
VNQ vs. SPG - Drawdown Comparison
The maximum VNQ drawdown since its inception was -73.07%, smaller than the maximum SPG drawdown of -77.00%. Use the drawdown chart below to compare losses from any high point for VNQ and SPG.
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Drawdown Indicators
| VNQ | SPG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.07% | -77.00% | +3.93% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -11.54% | +3.20% |
Max Drawdown (3Y)Largest decline over 3 years | -17.46% | -24.32% | +6.86% |
Max Drawdown (5Y)Largest decline over 5 years | -34.48% | -45.84% | +11.36% |
Max Drawdown (10Y)Largest decline over 10 years | -42.40% | -77.00% | +34.60% |
Current DrawdownCurrent decline from peak | -3.75% | -1.93% | -1.82% |
Average DrawdownAverage peak-to-trough decline | -13.63% | -13.85% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 3.20% | -0.56% |
Volatility
VNQ vs. SPG - Volatility Comparison
The current volatility for Vanguard Real Estate ETF (VNQ) is 3.72%, while Simon Property Group, Inc. (SPG) has a volatility of 5.45%. This indicates that VNQ experiences smaller price fluctuations and is considered to be less risky than SPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNQ | SPG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.72% | 5.45% | -1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 9.26% | 13.61% | -4.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.16% | 18.25% | -5.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.80% | 26.50% | -7.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.70% | 37.06% | -16.36% |
Dividends
VNQ vs. SPG - Dividend Comparison
VNQ's dividend yield for the trailing twelve months is around 3.69%, less than SPG's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPG Simon Property Group, Inc. | 4.25% | 4.62% | 4.70% | 5.22% | 5.87% | 3.66% | 7.04% | 5.57% | 4.70% | 4.16% | 3.66% | 3.11% |
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
VNQ and SPG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPG has higher volatility (5.45%) compared to VNQ (3.72%). In terms of maximum drawdown, VNQ dropped -73.07% vs SPG's -77.00%.
SPG currently has the higher Sharpe Ratio (1.77 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.
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