VNQI vs. VGRNX
VNQI (Vanguard Global ex-U.S. Real Estate ETF) and VGRNX (Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares) are both REIT funds from Vanguard. Over the past 10 years, VNQI returned 2.21%/yr vs 2.30%/yr for VGRNX. Their correlation of 0.94 suggests significant overlap in exposure. VNQI charges 0.12%/yr vs 0.11%/yr for VGRNX.
Performance
VNQI vs. VGRNX - Performance Comparison
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Returns By Period
In the year-to-date period, VNQI achieves a -2.14% return, which is significantly higher than VGRNX's -2.58% return. Both investments have delivered pretty close results over the past 10 years, with VNQI having a 2.21% annualized return and VGRNX not far ahead at 2.30%.
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%
VGRNX
- 1D
- -1.46%
- 1M
- -5.03%
- YTD
- -2.58%
- 6M
- -1.17%
- 1Y
- 5.55%
- 3Y*
- 8.11%
- 5Y*
- -1.62%
- 10Y*
- 2.30%
VNQI vs. VGRNX - 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% |
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares | -2.58% | 22.02% | -2.40% | 6.35% | -22.47% | 5.63% | -6.90% | 21.50% | -9.54% | 26.55% |
Correlation
The correlation between VNQI and VGRNX 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 3, 2010 | 0.94 |
The correlation between VNQI and VGRNX has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.
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Return for Risk
VNQI vs. VGRNX — Risk / Return Rank
VNQI
VGRNX
VNQI vs. VGRNX - 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 Institutional Shares (VGRNX). 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 | VGRNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.09 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | 0.40 | -0.01 |
| Martin ratioReturn 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. | |||
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Sharpe Ratios by Period
| VNQI | VGRNX | 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 | 0.22 | -0.02 |
Drawdowns
VNQI vs. VGRNX - Drawdown Comparison
The maximum VNQI drawdown since its inception was -38.35%, roughly equal to the maximum VGRNX drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for VNQI and VGRNX.
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Drawdown Indicators
| VNQI | VGRNX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -15.82% | -0.53% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | -35.59% | -0.16% |
Max Drawdown (10Y)Largest decline over 10 years | -38.35% | -38.77% | +0.42% |
Current DrawdownCurrent decline from peak | -11.62% | -11.73% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -10.89% | -10.71% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.84% | 4.66% | +0.18% |
Volatility
VNQI vs. VGRNX - 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 Institutional Shares (VGRNX) at 4.00%. This indicates that VNQI's price experiences larger fluctuations and is considered to be riskier than VGRNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNQI | VGRNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 4.00% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 11.44% | 10.23% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.43% | 12.10% | +1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.50% | 14.01% | +1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.06% | 14.79% | +1.27% |
VNQI vs. VGRNX - Expense Ratio Comparison
VNQI has a 0.12% expense ratio, which is higher than VGRNX's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VNQI vs. VGRNX - Dividend Comparison
VNQI's dividend yield for the trailing twelve months is around 4.81%, which matches VGRNX's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares | 4.83% | 4.71% | 5.21% | 3.76% | 0.58% | 6.50% | 0.94% | 7.81% | 4.64% | 3.87% | 5.19% | 2.86% |
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
With a correlation of 0.94, VNQI and VGRNX 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.
VNQI has higher volatility (4.58%) compared to VGRNX (4.00%). In terms of maximum drawdown, VNQI dropped -38.35% vs VGRNX's -38.77%.
VGRNX 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.
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