VNQI vs. O

Last updated Jun 13, 2026

VNQI (Vanguard Global ex-U.S. Real Estate ETF) is REIT fund tracking the S&P Global ex-U.S. Property Index, while O (Realty Income Corporation) is a stock. Over the past 10 years, VNQI returned 2.74%/yr vs 4.89%/yr for O. At a 0.41 correlation, their price movements are largely independent.

Performance

VNQI vs. O - 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 Realty Income Corporation (O). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNQI achieves a -0.33% return, which is significantly lower than O's 13.70% return. Over the past 10 years, VNQI has underperformed O with an annualized return of 2.74%, while O has yielded a comparatively higher 4.89% annualized return.

VNQI

• 1D: 0.68%
• 1M: -3.12%
• YTD: -0.33%
• 6M: 0.85%
• 1Y: 5.87%
• 3Y*: 8.59%
• 5Y*: -1.50%
• 10Y*: 2.74%

O

• 1D: 1.31%
• 1M: 2.40%
• YTD: 13.70%
• 6M: 11.57%
• 1Y: 14.25%
• 3Y*: 6.59%
• 5Y*: 3.49%
• 10Y*: 4.89%

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

VNQI vs. O - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNQI Vanguard Global ex-U.S. Real Estate ETF	-0.33%	21.38%	-2.22%	6.99%	-22.94%	5.93%	-7.22%	21.59%	-9.44%	26.91%
O Realty Income Corporation	13.70%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.67%

Correlation

The correlation between VNQI and O is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010	0.41

Return for Risk

VNQI vs. O — Risk / Return Rank

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

VNQI

VNQI Risk / Return Rank: 16
VNQI Sharpe Ratio Rank: 17
VNQI Sortino Ratio Rank: 16
VNQI Omega Ratio Rank: 16
VNQI Calmar Ratio Rank: 15
VNQI Martin Ratio Rank: 15

O

O Risk / Return Rank: 66
O Sharpe Ratio Rank: 71
O Sortino Ratio Rank: 62
O Omega Ratio Rank: 61
O Calmar Ratio Rank: 68
O Martin Ratio Rank: 69

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. O - 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 Realty Income Corporation (O). 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.

	VNQI	O	Difference
Sharpe ratio: Return per unit of total volatility	0.43	0.88	-0.45
Sortino ratio: Return per unit of downside risk	0.70	1.26	-0.56
Omega ratio: Gain probability vs. loss probability	1.09	1.15	-0.07
Calmar ratio: Return relative to maximum drawdown	0.40	1.29	-0.89
Martin ratio: Return relative to average drawdown	1.13	3.12	-1.98

VNQI vs. O - Sharpe Ratio Comparison

The current VNQI Sharpe Ratio is 0.43, which is lower than the O Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of VNQI and O, 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

VNQI vs. O - Drawdown Comparison

The maximum VNQI drawdown since its inception was -38.35%, smaller than the maximum O drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for VNQI and O.

Drawdown Indicators

	VNQI	O	Difference
Max Drawdown Largest peak-to-trough decline	-38.35%	-48.45%	+10.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-11.10%	-3.68%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	-26.49%	+10.14%
Max Drawdown (5Y) Largest decline over 5 years	-35.55%	-34.48%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-38.35%	-48.28%	+9.93%
Current Drawdown Current decline from peak	-9.99%	-5.94%	-4.05%
Average Drawdown Average peak-to-trough decline	-10.89%	-9.20%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.19%	4.58%	+0.61%

Volatility

VNQI vs. O - Volatility Comparison

The current volatility for Vanguard Global ex-U.S. Real Estate ETF (VNQI) is 4.62%, while Realty Income Corporation (O) has a volatility of 5.29%. This indicates that VNQI experiences smaller price fluctuations and is considered to be less risky than O based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNQI	O	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	5.29%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	11.98%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.73%	16.21%	-2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.54%	18.92%	-3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.07%	25.64%	-9.57%

Dividends

VNQI vs. O - Dividend Comparison

VNQI's dividend yield for the trailing twelve months is around 4.72%, less than O's 5.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
O Realty Income Corporation	5.16%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%
VNQI Vanguard Global ex-U.S. Real Estate ETF	4.72%	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 O in my portfolio?

VNQI and O have a correlation of 0.39, 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 O?

O has higher volatility (5.29%) compared to VNQI (4.62%). In terms of maximum drawdown, VNQI dropped -38.35% vs O's -48.45%.

Which has better risk-adjusted returns?

O currently has the higher Sharpe Ratio (0.88 vs 0.43), 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.