VNQI vs. VGRLX

Last updated Jun 5, 2026

VNQI (Vanguard Global ex-U.S. Real Estate ETF) and VGRLX (Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares) are both REIT funds from Vanguard. Over the past 10 years, VNQI returned 2.21%/yr vs 2.29%/yr for VGRLX. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.

Performance

VNQI vs. VGRLX - 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 Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares (VGRLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNQI achieves a -2.14% return, which is significantly higher than VGRLX's -2.59% return. Both investments have delivered pretty close results over the past 10 years, with VNQI having a 2.21% annualized return and VGRLX not far ahead at 2.29%.

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%

VGRLX

• 1D: -1.45%
• 1M: -5.01%
• YTD: -2.59%
• 6M: -1.16%
• 1Y: 5.56%
• 3Y*: 8.10%
• 5Y*: -1.63%
• 10Y*: 2.29%

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

VNQI vs. VGRLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VGRLX Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares	-2.59%	22.00%	-2.42%	6.19%	-22.36%	5.65%	-6.91%	21.44%	-9.55%	26.53%

Correlation

The correlation between VNQI and VGRLX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 2, 2010	0.94

The correlation between VNQI and VGRLX has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

VNQI vs. VGRLX - Sectors Allocation Comparison

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

Return for Risk

VNQI vs. VGRLX — Risk / Return Rank

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

VNQI

VNQI Risk / Return Rank: 15
VNQI Sharpe Ratio Rank: 16
VNQI Sortino Ratio Rank: 15
VNQI Omega Ratio Rank: 16
VNQI Calmar Ratio Rank: 14
VNQI Martin Ratio Rank: 15

VGRLX

VGRLX Risk / Return Rank: 6
VGRLX Sharpe Ratio Rank: 6
VGRLX Sortino Ratio Rank: 6
VGRLX Omega Ratio Rank: 6
VGRLX Calmar Ratio Rank: 5
VGRLX Martin Ratio Rank: 5

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. VGRLX - 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 Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares (VGRLX). 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	VGRLX	Difference
Sharpe ratio: Return per unit of total volatility	0.42	0.47	-0.05
Sortino ratio: Return per unit of downside risk	0.69	0.77	-0.08
Omega ratio: Gain probability vs. loss probability	1.09	1.09	-0.01
Calmar ratio: Return relative to maximum drawdown	0.39	0.40	-0.01
Martin ratio: Return relative to average drawdown	1.17	1.22	-0.05
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. VGRLX - Sharpe Ratio Comparison

The current VNQI Sharpe Ratio is 0.42, which is comparable to the VGRLX Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of VNQI and VGRLX, 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	VGRLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	0.47	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	-0.12	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.16	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.21	-0.01

Drawdowns

VNQI vs. VGRLX - Drawdown Comparison

The maximum VNQI drawdown since its inception was -38.35%, roughly equal to the maximum VGRLX drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for VNQI and VGRLX.

Drawdown Indicators

	VNQI	VGRLX	Difference
Max Drawdown Largest peak-to-trough decline	-38.35%	-38.77%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-14.35%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	-15.81%	-0.54%
Max Drawdown (5Y) Largest decline over 5 years	-35.75%	-35.54%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-38.35%	-38.77%	+0.42%
Current Drawdown Current decline from peak	-11.62%	-11.71%	+0.09%
Average Drawdown Average peak-to-trough decline	-10.89%	-10.85%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.84%	4.65%	+0.19%

Volatility

VNQI vs. VGRLX - Volatility Comparison

Vanguard Global ex-U.S. Real Estate ETF (VNQI) has a higher volatility of 4.58% compared to Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares (VGRLX) at 4.01%. This indicates that VNQI's price experiences larger fluctuations and is considered to be riskier than VGRLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNQI	VGRLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.01%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	11.44%	10.24%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	12.12%	+1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	14.00%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	14.79%	+1.27%

VNQI vs. VGRLX - Expense Ratio Comparison

Both VNQI and VGRLX have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VNQI vs. VGRLX - Dividend Comparison

VNQI's dividend yield for the trailing twelve months is around 4.81%, which matches VGRLX's 4.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGRLX Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares	4.82%	4.69%	5.17%	3.74%	0.56%	6.49%	0.92%	7.76%	4.62%	3.86%	5.17%	2.84%
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

Can I hold both VNQI and VGRLX in my portfolio?

With a correlation of 0.94, VNQI and VGRLX 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.

Which is riskier, VNQI or VGRLX?

VNQI has higher volatility (4.58%) compared to VGRLX (4.01%). In terms of maximum drawdown, VNQI dropped -38.35% vs VGRLX's -38.77%.

Which has better risk-adjusted returns?

VGRLX currently has the higher Sharpe Ratio (0.47 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.