VNQ vs VNQI: Returns, Drawdowns and Dividends Since 2016
VNQ (Vanguard Real Estate ETF) and VNQI (Vanguard Global ex-U.S. Real Estate ETF) often moved differently: their daily returns had a correlation of 0.700, where 1 would mean identical. VNQ came out ahead, returning 6.1% a year with dividends reinvested from January 2016 to November 2026, against 2.7% for VNQI.
Bought on any day and held five years, VNQ finished ahead 99% of the time. The extra return came with deeper falls: VNQ dropped 42.4% at its worst, VNQI 38.3%. VNQI paid more in dividends, 4.9% over the past 12 months against 3.5%, yet its total return was 3.4 points a year lower.
| Measure | VNQ | VNQI |
|---|---|---|
| Annual return | 6.1% | 2.7% |
| $10,000 grew to | $19,024 | $13,342 |
| Worst decline | −42.4%Mar 2020 | −38.3%Mar 2020 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 20.4% | 16.0% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.29 | 0.11 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 3.5% | 4.9% |
| Best year | +40.5%2021 | +26.9%2017 |
| Worst year | −26.2%2022 | −22.9%2022 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.700 | |
VNQ: Vanguard Real Estate ETFVNQI: Vanguard Global ex-U.S. Real Estate ETF
Jan 4, 2016 to Nov 4, 2026, dividends reinvested.
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Worst declines
VNQ fell 42.4% from Feb 21, 2020 to Mar 23, 2020 and was back at its high on Apr 15, 2021. VNQI fell 38.3% from Jan 17, 2020 to Mar 23, 2020 and was back at its high on Jun 1, 2021.
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Year by year
VNQ was ahead in 8 of the 11 calendar years.
| Year | VNQ | VNQI | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +14.0% | −3.7% | VNQ+17.6 |
| 2025 | +3.3% | +21.4% | VNQI+18.1 |
| 2024 | +4.8% | −2.3% | VNQ+7.1 |
| 2023 | +11.8% | +7.0% | VNQ+4.8 |
| 2022 | −26.2% | −22.9% | VNQI+3.3 |
| 2021 | +40.5% | +5.9% | VNQ+34.6 |
| 2020 | −4.7% | −7.2% | VNQ+2.5 |
| 2019 | +28.9% | +21.6% | VNQ+7.3 |
| 2018 | −6.0% | −9.4% | VNQ+3.4 |
| 2017 | +4.9% | +26.9% | VNQI+22.0 |
| 2016 (from Jan 4) | +9.9% | +3.1% | VNQ+6.8 |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from Jan 4, 2016, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 2,474 | VNQ67% | +3.5 |
| 3 years | 1,970 | VNQ77% | +13.7 |
| 5 years | 1,466 | VNQ99% | +29.5 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Over the past 12 months VNQ paid 3.5% of its price in dividends and VNQI 4.9%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | VNQ | VNQI |
|---|---|---|
| 2026 (to Nov 4) | $2.61 3 payments | — |
| 2025 | $3.47 4 payments | $2.16 1 payment |
| 2024 | $3.43 4 payments | $2.04 1 payment |
| 2023 | $3.49 4 payments | $1.59 1 payment |
| 2022 | $3.23 4 payments | $0.24 1 payment |
| 2021 | $2.96 4 payments | $3.50 2 payments |
| 2020 | $3.33 4 payments | $0.51 1 payment |
| 2019 | $3.14 4 payments | $4.48 3 payments |
| 2018 | $3.53 4 payments | $2.42 4 payments |
| 2017 | $3.51 4 payments | $2.34 3 payments |
| 2016 (from Jan 4) | $3.98 4 payments | $2.57 4 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- VNQ
- Vanguard Real Estate ETF, an ETF launched Sep 29, 2004. FinLab prices start Jan 4, 2016.
- VNQ price and signal backtests
- VNQI
- Vanguard Global ex-U.S. Real Estate ETF, an ETF launched Nov 1, 2010. FinLab prices start Jan 4, 2016.
More comparisons
Source: FinLab U.S. fund prices, Jan 4, 2016 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.