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VNQI vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VNQI vs. SPAXX

Last updated Jun 18, 2026

VNQI (Vanguard Global ex-U.S. Real Estate ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - VNQI is a REIT fund tracking the S&P Global ex-U.S. Property Index, while SPAXX is a Money Market fund actively managed by Fidelity. VNQI is passively managed, while SPAXX is actively managed. Over the past 5 years, VNQI returned -1.19%/yr vs 1.45%/yr for SPAXX. At a 0.00 correlation, their price movements are largely independent. VNQI charges 0.12%/yr vs 0.42%/yr for SPAXX.

Performance

VNQI vs. SPAXX - 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 Fidelity Government Money Market Fund (SPAXX). 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 -2.07% return, which is significantly lower than SPAXX's 1.37% return.

VNQI

1D
-1.77%
1M
-2.09%
YTD
-2.07%
6M
-0.50%
1Y
4.96%
3Y*
7.58%
5Y*
-1.19%
10Y*
2.53%

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VNQI vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VNQI
Vanguard Global ex-U.S. Real Estate ETF		-2.07%21.38%-2.22%6.99%-22.94%-1.10%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between VNQI and SPAXX is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.02

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

-0.01

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

0.00

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.00

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Vanguard Global ex-U.S. Real Estate ETF

Fidelity Government Money Market Fund

Often compared with VNQI:
VNQI vs. VNQVNQI vs. REETVNQI vs. SCHHVNQI vs. HAUZVNQI vs. SCHDVNQI vs. RWXVNQI vs. RWO
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

VNQI vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VNQI
VNQI Risk / Return Rank: 1313
Overall Rank
VNQI Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
VNQI Sortino Ratio Rank: 1313
Sortino Ratio Rank
VNQI Omega Ratio Rank: 1313
Omega Ratio Rank
VNQI Calmar Ratio Rank: 1212
Calmar Ratio Rank
VNQI Martin Ratio Rank: 1313
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPAXX - 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 Fidelity Government Money Market Fund (SPAXX). 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.

VNQISPAXXDifference
Sharpe ratioReturn per unit of total volatility
0.36
3.65

-3.29

Sortino ratioReturn per unit of downside risk
0.61

—

—

Omega ratioGain probability vs. loss probability

1.08

—

—

Calmar ratioReturn relative to maximum drawdown

0.34

—

—

Martin ratioReturn relative to average drawdown

0.94

—

—

VNQI vs. SPAXX - Sharpe Ratio Comparison

The current VNQI Sharpe Ratio is 0.36, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of VNQI and SPAXX, 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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Drawdowns

VNQI vs. SPAXX - Drawdown Comparison

The maximum VNQI drawdown since its inception was -38.35%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VNQI and SPAXX.

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Drawdown Indicators

VNQISPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-38.35%

0.00%

-38.35%

Max Drawdown (1Y)

Largest decline over 1 year

-14.78%

0.00%

-14.78%

Max Drawdown (3Y)

Largest decline over 3 years

-16.35%

0.00%

-16.35%

Max Drawdown (5Y)

Largest decline over 5 years

-34.92%

0.00%

-34.92%

Max Drawdown (10Y)

Largest decline over 10 years

-38.35%

—

—

Current Drawdown

Current decline from peak

-11.56%

0.00%

-11.56%

Average Drawdown

Average peak-to-trough decline

-10.89%

0.00%

-10.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.31%

0.00%

+5.31%

Volatility

VNQI vs. SPAXX - Volatility Comparison

Vanguard Global ex-U.S. Real Estate ETF (VNQI) has a higher volatility of 4.57% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that VNQI's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VNQISPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.57%

0.28%

+4.29%

Volatility (6M)

Calculated over the trailing 6-month period

11.89%

0.66%

+11.23%

Volatility (1Y)

Calculated over the trailing 1-year period

13.78%

1.03%

+12.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.56%

0.69%

+14.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.08%

0.69%

+15.39%

VNQI vs. SPAXX - Expense Ratio Comparison

VNQI has a 0.12% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

VNQI vs. SPAXX - Dividend Comparison

VNQI's dividend yield for the trailing twelve months is around 4.80%, more than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%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		4.80%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 SPAXX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VNQI has higher volatility (4.57%) compared to SPAXX (0.28%). In terms of maximum drawdown, VNQI dropped -38.35% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 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.

Portfolio Optimizer

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