Z vs. VNQ

Last updated Apr 1, 2026

Compare and contrast key facts about Zillow Group, Inc. (Z) and Vanguard Real Estate ETF (VNQ).

VNQ is a passively managed fund by Vanguard that tracks the performance of the MSCI US Investable Market Real Estate 25/50 Index. It was launched on Sep 23, 2004.

Performance

Z vs. VNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zillow Group, Inc. (Z) and Vanguard Real Estate ETF (VNQ). The values are adjusted to include any dividend payments, if applicable.

Z vs. VNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
Z Zillow Group, Inc.	-39.34%	-7.87%	27.98%	79.63%	-49.55%	-50.81%	182.54%	45.47%	-22.83%	12.20%
VNQ Vanguard Real Estate ETF	1.31%	3.24%	4.81%	11.85%	-26.25%	40.54%	-4.61%	28.91%	-6.03%	4.90%

Returns By Period

In the year-to-date period, Z achieves a -39.34% return, which is significantly lower than VNQ's 1.31% return. Over the past 10 years, Z has outperformed VNQ with an annualized return of 5.84%, while VNQ has yielded a comparatively lower 4.65% annualized return.

Z

• 1D: 1.45%
• 1M: -7.26%
• YTD: -39.34%
• 6M: -46.29%
• 1Y: -39.64%
• 3Y*: -2.37%
• 5Y*: -20.87%
• 10Y*: 5.84%

VNQ

• 1D: 1.57%
• 1M: -6.31%
• YTD: 1.31%
• 6M: -1.04%
• 1Y: 1.86%
• 3Y*: 6.44%
• 5Y*: 2.79%
• 10Y*: 4.65%

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

Return for Risk

Z vs. VNQ — Risk / Return Rank

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

Z

Z Risk / Return Rank: 10
Z Sharpe Ratio Rank: 7
Z Sortino Ratio Rank: 9
Z Omega Ratio Rank: 10
Z Calmar Ratio Rank: 17
Z Martin Ratio Rank: 6

VNQ

VNQ Risk / Return Rank: 16
VNQ Sharpe Ratio Rank: 15
VNQ Sortino Ratio Rank: 15
VNQ Omega Ratio Rank: 15
VNQ Calmar Ratio Rank: 18
VNQ Martin Ratio Rank: 19

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.

Z vs. VNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zillow Group, Inc. (Z) and Vanguard Real Estate ETF (VNQ). 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.

	Z	VNQ	Difference
Sharpe ratio Return per unit of total volatility	-0.89	0.11	-1.01
Sortino ratio Return per unit of downside risk	-1.17	0.27	-1.44
Omega ratio Gain probability vs. loss probability	0.86	1.04	-0.18
Calmar ratio Return relative to maximum drawdown	-0.72	0.23	-0.95
Martin ratio Return relative to average drawdown	-1.68	0.88	-2.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Z vs. VNQ - Sharpe Ratio Comparison

The current Z Sharpe Ratio is -0.89, which is lower than the VNQ Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of Z and VNQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	Z	VNQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	0.11	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	0.15	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.23	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.26	-0.18

Correlation

The correlation between Z and VNQ is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

Z vs. VNQ - Dividend Comparison

Z has not paid dividends to shareholders, while VNQ's dividend yield for the trailing twelve months is around 3.93%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Z Zillow Group, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNQ Vanguard Real Estate ETF	3.93%	3.92%	3.85%	3.95%	3.91%	2.56%	3.93%	3.39%	4.74%	4.23%	4.82%	3.92%

Drawdowns

Z vs. VNQ - Drawdown Comparison

The maximum Z drawdown since its inception was -86.51%, which is greater than VNQ's maximum drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for Z and VNQ.

Drawdown Indicators

	Z	VNQ	Difference
Max Drawdown Largest peak-to-trough decline	-86.51%	-73.07%	-13.44%
Max Drawdown (1Y) Largest decline over 1 year	-55.23%	-12.44%	-42.79%
Max Drawdown (5Y) Largest decline over 5 years	-81.62%	-34.48%	-47.14%
Max Drawdown (10Y) Largest decline over 10 years	-86.51%	-42.40%	-44.11%
Current Drawdown Current decline from peak	-79.30%	-9.57%	-69.73%
Average Drawdown Average peak-to-trough decline	-43.84%	-13.71%	-30.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.73%	3.18%	+20.55%

Volatility

Z vs. VNQ - Volatility Comparison

Zillow Group, Inc. (Z) has a higher volatility of 15.77% compared to Vanguard Real Estate ETF (VNQ) at 4.52%. This indicates that Z's price experiences larger fluctuations and is considered to be riskier than VNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	Z	VNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.77%	4.52%	+11.25%
Volatility (6M) Calculated over the trailing 6-month period	35.57%	9.29%	+26.28%
Volatility (1Y) Calculated over the trailing 1-year period	44.59%	16.33%	+28.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.38%	18.81%	+33.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.07%	20.71%	+32.36%