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VNQI vs. KBWY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VNQI vs. KBWY

Last updated Jun 5, 2026

VNQI (Vanguard Global ex-U.S. Real Estate ETF) and KBWY (Invesco KBW Premium Yield Equity REIT ETF) are both REIT funds - VNQI tracks the S&P Global ex-U.S. Property Index while KBWY tracks the KBW Premium Yield Equity REIT Index. Both are passively managed. Over the past 10 years, VNQI returned 2.21%/yr vs 1.43%/yr for KBWY. A 0.54 correlation means they provide meaningful diversification when combined. VNQI charges 0.12%/yr vs 0.35%/yr for KBWY.

Performance

VNQI vs. KBWY - 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 Invesco KBW Premium Yield Equity REIT ETF (KBWY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VNQI achieves a -2.14% return, which is significantly lower than KBWY's 19.61% return. Over the past 10 years, VNQI has outperformed KBWY with an annualized return of 2.21%, while KBWY has yielded a comparatively lower 1.43% annualized return.

VNQI

1D
0.45%
1M
-4.57%
YTD
-2.14%
6M
-0.84%
1Y
5.67%
3Y*
8.33%
5Y*
-1.57%
10Y*
2.21%

KBWY

1D
2.17%
1M
5.12%
YTD
19.61%
6M
21.19%
1Y
25.66%
3Y*
10.27%
5Y*
2.59%
10Y*
1.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VNQI vs. KBWY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VNQI
Vanguard Global ex-U.S. Real Estate ETF		-2.14%21.38%-2.22%6.99%-22.94%5.93%-7.22%21.59%-9.44%26.91%
KBWY
Invesco KBW Premium Yield Equity REIT ETF		19.61%-5.30%-3.49%12.88%-19.00%31.22%-25.83%23.36%-18.20%0.81%

Correlation

The correlation between VNQI and KBWY is 0.55, 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

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (5Y)
Calculated over the trailing 5-year period

0.61

Correlation (10Y)
Calculated over the trailing 10-year period

0.54

Correlation (All Time)
Calculated using the full available price history since Dec 3, 2010

0.54

The correlation between VNQI and KBWY has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Global ex-U.S. Real Estate ETF

Invesco KBW Premium Yield Equity REIT ETF

Often compared with VNQI:
VNQI vs. VNQVNQI vs. REETVNQI vs. SCHHVNQI vs. HAUZVNQI vs. SCHDVNQI vs. RWXVNQI vs. RWO
Often compared with KBWY:
KBWY vs. SPYDKBWY vs. VNQKBWY vs. OKBWY vs. SRETKBWY vs. JEPIKBWY vs. SCHHKBWY vs. VOO

Return for Risk

VNQI vs. KBWY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VNQI
VNQI Risk / Return Rank: 1515
Overall Rank
VNQI Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
VNQI Sortino Ratio Rank: 1515
Sortino Ratio Rank
VNQI Omega Ratio Rank: 1616
Omega Ratio Rank
VNQI Calmar Ratio Rank: 1414
Calmar Ratio Rank
VNQI Martin Ratio Rank: 1515
Martin Ratio Rank
KBWY
KBWY Risk / Return Rank: 4646
Overall Rank
KBWY Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
KBWY Sortino Ratio Rank: 4646
Sortino Ratio Rank
KBWY Omega Ratio Rank: 4141
Omega Ratio Rank
KBWY Calmar Ratio Rank: 5858
Calmar Ratio Rank
KBWY Martin Ratio Rank: 4242
Martin Ratio Rank
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. KBWY - 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 Invesco KBW Premium Yield Equity REIT ETF (KBWY). 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.

VNQIKBWYDifference
Sharpe ratioReturn per unit of total volatility
0.42
1.56

-1.13

Sortino ratioReturn per unit of downside risk
0.69
2.24

-1.55

Omega ratioGain probability vs. loss probability

1.09

1.26

-0.18

Calmar ratioReturn relative to maximum drawdown

0.39

2.79

-2.40

Martin ratioReturn relative to average drawdown

1.17

6.63

-5.46

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. KBWY - Sharpe Ratio Comparison

The current VNQI Sharpe Ratio is 0.42, which is lower than the KBWY Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of VNQI and KBWY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VNQIKBWYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.42

1.56

-1.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.10

0.12

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.14

0.05

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.20

0.20

0.00

Drawdowns

VNQI vs. KBWY - Drawdown Comparison

The maximum VNQI drawdown since its inception was -38.35%, smaller than the maximum KBWY drawdown of -57.68%. Use the drawdown chart below to compare losses from any high point for VNQI and KBWY.

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Drawdown Indicators

VNQIKBWYDifference

Max Drawdown

Largest peak-to-trough decline

-38.35%

-57.68%

+19.33%

Max Drawdown (1Y)

Largest decline over 1 year

-14.78%

-9.24%

-5.54%

Max Drawdown (3Y)

Largest decline over 3 years

-16.35%

-29.93%

+13.58%

Max Drawdown (5Y)

Largest decline over 5 years

-35.75%

-32.29%

-3.46%

Max Drawdown (10Y)

Largest decline over 10 years

-38.35%

-57.68%

+19.33%

Current Drawdown

Current decline from peak

-11.62%

-8.88%

-2.74%

Average Drawdown

Average peak-to-trough decline

-10.89%

-14.18%

+3.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.84%

3.88%

+0.96%

Volatility

VNQI vs. KBWY - Volatility Comparison

Vanguard Global ex-U.S. Real Estate ETF (VNQI) and Invesco KBW Premium Yield Equity REIT ETF (KBWY) have volatilities of 4.58% and 4.49%, 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

VNQIKBWYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.58%

4.49%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

11.44%

11.79%

-0.35%

Volatility (1Y)

Calculated over the trailing 1-year period

13.43%

16.56%

-3.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.50%

21.63%

-6.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.06%

27.05%

-10.99%

VNQI vs. KBWY - Expense Ratio Comparison

VNQI has a 0.12% expense ratio, which is lower than KBWY's 0.35% expense ratio.

Dividends

VNQI vs. KBWY - Dividend Comparison

VNQI's dividend yield for the trailing twelve months is around 4.81%, less than KBWY's 8.46% yield.

PositionTTM20252024202320222021202020192018201720162015
KBWY
Invesco KBW Premium Yield Equity REIT ETF		8.46%9.79%8.74%7.90%7.41%5.05%10.35%6.19%8.64%7.25%6.55%5.72%
VNQI
Vanguard Global ex-U.S. Real Estate ETF		4.81%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

VNQI and KBWY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VNQI has higher volatility (4.58%) compared to KBWY (4.49%). In terms of maximum drawdown, VNQI dropped -38.35% vs KBWY's -57.68%.

On 10-year performance, VNQI leads with 2.21% vs 1.43% for KBWY. On fees, VNQI is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VNQI has performed better with a 2.21% return vs 1.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VNQI is cheaper with a 0.12% expense ratio, compared with 0.35% for KBWY.

KBWY has the higher dividend yield at 8.46%, compared with 4.81% for VNQI.

VNQI tracks S&P Global ex-U.S. Property Index, while KBWY tracks KBW Premium Yield Equity REIT Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.12% for VNQI and 0.35% for KBWY.

KBWY currently has the higher Sharpe Ratio (1.56 vs 0.42), 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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