VNQI vs. RWX
VNQI (Vanguard Global ex-U.S. Real Estate ETF) and RWX (SPDR DJ Wilshire International Real Estate ETF) are both REIT funds - VNQI tracks the S&P Global ex-U.S. Property Index while RWX tracks the Dow Jones Global ex-U.S. Real Estate Securities Index. Both are passively managed. Over the past 10 years, VNQI returned 2.17%/yr vs 0.82%/yr for RWX. Their correlation of 0.92 means they have usually moved in the same direction. VNQI charges 0.12%/yr vs 0.59%/yr for RWX.
Performance
VNQI vs. RWX - Performance Comparison
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Returns By Period
In the year-to-date period, VNQI achieves a 0.92% return, which is significantly lower than RWX's 2.64% return. Over the past 10 years, VNQI has outperformed RWX with an annualized return of 2.17%, while RWX has yielded a comparatively lower 0.82% annualized return.
VNQI
- 1D
- 0.78%
- 1M
- 2.05%
- 6M
- -4.32%
- YTD
- 0.92%
- 1Y
- 4.98%
- 3Y*
- 8.73%
- 5Y*
- -0.87%
- 10Y*
- 2.17%
- ALL TIME*
- 3.47%
RWX
- 1D
- 0.64%
- 1M
- 3.22%
- 6M
- -1.15%
- YTD
- 2.64%
- 1Y
- 7.60%
- 3Y*
- 7.29%
- 5Y*
- -1.97%
- 10Y*
- 0.82%
- ALL TIME*
- 0.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $757.61K | $1.27M | $1.15M | |
| $10.25M | $9.91M | $13.07M |
VNQI vs. RWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNQI Vanguard Global ex-U.S. Real Estate ETF | 0.92% | 21.38% | -2.22% | 6.99% | -22.94% | 5.93% | -7.22% | 21.59% | -9.44% | 26.91% |
RWX SPDR DJ Wilshire International Real Estate ETF | 2.64% | 26.24% | -12.15% | 6.25% | -21.84% | 9.34% | -9.03% | 19.88% | -8.25% | 15.50% |
Correlation
The correlation between VNQI and RWX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2010 | 0.92 |
The correlation between VNQI and RWX has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.
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Return for Risk
VNQI vs. RWX — Risk / Return Rank
VNQI
RWX
VNQI vs. RWX - 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 DJ Wilshire International Real Estate ETF (RWX). 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 | RWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.10 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 0.56 | -0.22 |
| Martin ratioReturn relative to average drawdown | 0.77 | 1.31 | -0.54 |
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Drawdowns
VNQI vs. RWX - Drawdown Comparison
The maximum VNQI drawdown since its inception was -38.35%, smaller than the maximum RWX drawdown of -73.62%. Use the drawdown chart below to compare losses from any high point for VNQI and RWX.
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Drawdown Indicators
| VNQI | RWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.35% | -73.62% | +35.27% |
Max Drawdown (1Y)Largest decline over 1 year | -14.78% | -13.58% | -1.20% |
Max Drawdown (3Y)Largest decline over 3 years | -16.35% | -19.05% | +2.70% |
Max Drawdown (5Y)Largest decline over 5 years | -34.92% | -35.84% | +0.92% |
Max Drawdown (10Y)Largest decline over 10 years | -38.35% | -43.37% | +5.02% |
Current DrawdownCurrent decline from peak | -8.87% | -9.48% | +0.61% |
Average DrawdownAverage peak-to-trough decline | -10.88% | -20.23% | +9.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.50% | 5.83% | +0.67% |
Volatility
VNQI vs. RWX - Volatility Comparison
Vanguard Global ex-U.S. Real Estate ETF (VNQI) and SPDR DJ Wilshire International Real Estate ETF (RWX) have volatilities of 3.44% and 3.47%, 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
| VNQI | RWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.44% | 3.47% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 12.08% | 11.47% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.91% | 13.75% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.57% | 15.87% | -0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.92% | 16.26% | -0.34% |
VNQI vs. RWX - Expense Ratio Comparison
VNQI has a 0.12% expense ratio, which is lower than RWX's 0.59% expense ratio.
Dividends
VNQI vs. RWX - Dividend Comparison
VNQI's dividend yield for the trailing twelve months is around 4.66%, more than RWX's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RWX SPDR DJ Wilshire International Real Estate ETF | 3.81% | 3.65% | 4.32% | 3.90% | 4.05% | 4.62% | 2.92% | 8.94% | 5.28% | 2.77% | 8.74% | 2.94% |
VNQI Vanguard Global ex-U.S. Real Estate ETF | 4.66% | 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
With a correlation of 0.91, VNQI and RWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
RWX has higher volatility (3.47%) compared to VNQI (3.44%). In terms of maximum drawdown, VNQI dropped -38.35% vs RWX's -73.62%.
On 10-year performance, VNQI leads with 2.17% vs 0.82% for RWX. 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 2.17% return vs 0.82%. 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 0.59% for RWX.
VNQI has the higher dividend yield at 4.66%, compared with 3.81% for RWX.
VNQI tracks S&P Global ex-U.S. Property Index, while RWX tracks Dow Jones Global ex-U.S. Real Estate Securities Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.12% for VNQI and 0.59% for RWX.
RWX currently has the higher Sharpe Ratio (0.56 vs 0.36), 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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