VNQI vs. GLD

Last updated Jun 9, 2026

VNQI (Vanguard Global ex-U.S. Real Estate ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - VNQI is a REIT fund tracking the S&P Global ex-U.S. Property Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, VNQI returned 2.19%/yr vs 12.56%/yr for GLD. At a 0.20 correlation, their price movements are largely independent. VNQI charges 0.12%/yr vs 0.40%/yr for GLD.

Performance

VNQI vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global ex-U.S. Real Estate ETF (VNQI) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNQI achieves a -3.93% return, which is significantly lower than GLD's 0.24% return. Over the past 10 years, VNQI has underperformed GLD with an annualized return of 2.19%, while GLD has yielded a comparatively higher 12.56% annualized return.

VNQI

• 1D: 0.18%
• 1M: -7.71%
• YTD: -3.93%
• 6M: -1.82%
• 1Y: 3.28%
• 3Y*: 7.32%
• 5Y*: -2.20%
• 10Y*: 2.19%

GLD

• 1D: 0.26%
• 1M: -8.41%
• YTD: 0.24%
• 6M: 3.07%
• 1Y: 30.18%
• 3Y*: 29.71%
• 5Y*: 17.55%
• 10Y*: 12.56%

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

VNQI vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNQI Vanguard Global ex-U.S. Real Estate ETF	-3.93%	21.38%	-2.22%	6.99%	-22.94%	5.93%	-7.22%	21.59%	-9.44%	26.91%
GLD SPDR Gold Shares	0.24%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between VNQI and GLD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010	0.20

Over the past year, VNQI and GLD have become more correlated (0.41) than their long-term average of 0.20, meaning their price movements have been converging.

VNQI vs. GLD - Sectors Allocation Comparison

Sectors	VNQI	GLD
Real Estate	91.2%	-
Financial Services	1.9%	-
Consumer Cyclical	1.1%	-
Industrials	0.7%	-
Energy	0.3%	-
Basic Materials	0.3%	100.0%
Technology	0.2%	-
Utilities	0.1%	-
Consumer Defensive	0.1%	-
Healthcare	0.0%	-
Communication Services	-	-

Return for Risk

VNQI vs. GLD — Risk / Return Rank

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

VNQI

VNQI Risk / Return Rank: 13
VNQI Sharpe Ratio Rank: 13
VNQI Sortino Ratio Rank: 13
VNQI Omega Ratio Rank: 13
VNQI Calmar Ratio Rank: 12
VNQI Martin Ratio Rank: 13

GLD

GLD Risk / Return Rank: 33
GLD Sharpe Ratio Rank: 34
GLD Sortino Ratio Rank: 31
GLD Omega Ratio Rank: 38
GLD Calmar Ratio Rank: 34
GLD Martin Ratio Rank: 29

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.

VNQI vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global ex-U.S. Real Estate ETF (VNQI) and SPDR Gold Shares (GLD). 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.

	VNQI	GLD	Difference
Sharpe ratio: Return per unit of total volatility	0.24	1.13	-0.89
Sortino ratio: Return per unit of downside risk	0.44	1.51	-1.07
Omega ratio: Gain probability vs. loss probability	1.05	1.23	-0.18
Calmar ratio: Return relative to maximum drawdown	0.22	1.51	-1.29
Martin ratio: Return relative to average drawdown	0.66	3.78	-3.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNQI vs. GLD - Sharpe Ratio Comparison

The current VNQI Sharpe Ratio is 0.24, which is lower than the GLD Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of VNQI and GLD, 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

	VNQI	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.24	1.13	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.98	-1.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.79	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.59	-0.40

Drawdowns

VNQI vs. GLD - Drawdown Comparison

The maximum VNQI drawdown since its inception was -38.35%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for VNQI and GLD.

Drawdown Indicators

	VNQI	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-38.35%	-45.56%	+7.21%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-20.10%	+5.32%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	-20.10%	+3.75%
Max Drawdown (5Y) Largest decline over 5 years	-35.75%	-21.03%	-14.72%
Max Drawdown (10Y) Largest decline over 10 years	-38.35%	-22.00%	-16.35%
Current Drawdown Current decline from peak	-13.24%	-19.89%	+6.65%
Average Drawdown Average peak-to-trough decline	-10.89%	-16.16%	+5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.99%	8.01%	-3.02%

Volatility

VNQI vs. GLD - Volatility Comparison

The current volatility for Vanguard Global ex-U.S. Real Estate ETF (VNQI) is 3.90%, while SPDR Gold Shares (GLD) has a volatility of 5.68%. This indicates that VNQI experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNQI	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	5.68%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	11.61%	23.47%	-11.86%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	26.87%	-13.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.52%	18.07%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.07%	15.99%	+0.08%

VNQI vs. GLD - Expense Ratio Comparison

VNQI has a 0.12% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

VNQI vs. GLD - Dividend Comparison

VNQI's dividend yield for the trailing twelve months is around 4.90%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNQI Vanguard Global ex-U.S. Real Estate ETF	4.90%	4.70%	5.16%	3.74%	0.57%	6.48%	0.93%	7.58%	4.62%	3.86%	5.18%	2.86%

Frequently Asked Questions

Can I hold both VNQI and GLD in my portfolio?

VNQI and GLD have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNQI or GLD?

GLD has higher volatility (5.68%) compared to VNQI (3.90%). In terms of maximum drawdown, VNQI dropped -38.35% vs GLD's -45.56%.

Which ETF is better, VNQI or GLD?

On 10-year performance, GLD leads with 12.56% vs 2.19% for VNQI. On fees, VNQI is cheaper at 0.12% per year. On volatility, VNQI has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNQI or GLD?

Over the 10-year period, GLD has performed better with a 12.56% return vs 2.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNQI or GLD?

VNQI is cheaper with a 0.12% expense ratio, compared with 0.40% for GLD.

Which ETF pays a higher dividend yield, VNQI or GLD?

VNQI has the higher dividend yield at 4.90%, compared with 0.00% for GLD.

What is the main difference between VNQI and GLD?

VNQI is categorized as REIT, while GLD is Gold. VNQI tracks S&P Global ex-U.S. Property Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.12% for VNQI and 0.40% for GLD.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (1.13 vs 0.24), 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.