VNQ vs VNQI: returns, risk and drawdowns compared
Vanguard Real Estate ETF against Vanguard Global ex-U.S. Real Estate ETF, over the same 6 years (July 2020 to October 2026) with dividends reinvested.
Data updated October 2026
From July 2020 to October 2026, VNQ returned 6.5% a year and VNQI 2.0% a year on average, so VNQ came out ahead by 4.5% a year. VNQ was the more volatile of the two (18.3% against 16.8% a year), and the deepest falls from a month-end high were 32.7% for VNQ and 32.7% for VNQI.
The correlation of monthly returns was 0.80: they usually moved together. Over 41 rolling 3-year periods, VNQ did better in 73% and VNQI in 27%.
Side by side
| VNQ | VNQI | |
|---|---|---|
| Annual return (CAGR) | +6.5% | +2.0% |
| Total return | +49% | +13% |
| Annual volatility | 18.3% | 16.8% |
| Maximum drawdown (month-end) | −32.7% | −32.7% |
| Worst month | −12.9% | −12.4% |
| Best month | +12.1% | +13.2% |
| Positive months | 61% | 53% |
| Best year | 2021: +40.5% | 2025: +21.4% |
| Worst year | 2022: −26.2% | 2022: −22.9% |
| 1-year return | +4.0% | −6.5% |
| 5 years, a year | +0.7% | −2.1% |
| 10 years, a year | — | +1.8% |
| Trading currency | USD | USD |
First nine rows: the same 76 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: VNQ vs VNQI
Returns by calendar year
| Year | VNQ | VNQI |
|---|---|---|
| 2025 | +3.2% | +21.4% |
| 2024 | +4.8% | −2.2% |
| 2023 | +11.8% | +7.0% |
| 2022 | −26.2% | −22.9% |
| 2021 | +40.5% | +5.9% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, VNQ or VNQI?
From July 2020 to October 2026, VNQ returned +6.5% a year and VNQI +2.0% a year, with dividends reinvested. Over rolling 3-year periods VNQ did better in 73% of cases. Past returns do not predict future returns.
Which is riskier, VNQ or VNQI?
Over the same months annual volatility was 18.3% for VNQ and 16.8% for VNQI; the deepest fall from a month-end high was 32.7% and 32.7%, and the worst single month −12.9% and −12.4%.
How correlated are VNQ and VNQI?
The correlation of their monthly returns was 0.80: they usually moved together. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.