VNQI
Vanguard Global ex-U.S. Real Estate ETF
Vanguard Global ex-U.S. Real Estate ETF seeks to track the S&P Global ex-US Property Index, which includes real estate companies in both developed and emerging markets.
Global
EQUITY
Passive
MANAGEMENT STYLE
3.4 B
ASSETS UNDER MGMT
12 bp
EXPENSES
Fund Basics
| Fund sponsor | Vanguard Group |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 01, 2010 |
| Assets (mns) | $3,364 |
| Expense ratio | 12 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Delayed |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| GOODMAN GROUP | 4.5 % |
| MITSUI FUDOSAN CO LTD | 3.0 % |
| MITSUBISHI ESTATE CO LTD | 2.8 % |
| DEUTSCHE ANNINGTON IMMOBILIE | 2.5 % |
| EMAAR PROPERTIES PJSC | 2.3 % |
| DAIWA HOUSE INDUSTRY CO LTD | 2.2 % |
| SUMITOMO REALTY & DEVELOPMNT | 2.0 % |
| SUN HUNG KAI PROPERTIES | 1.8 % |
| SCENTRE GROUP | 1.4 % |
| LINK REIT | 1.4 % |
Constituent Breakdown
| Number of holdings | 682 |
| Herfindahl-Hirschman Index | 93 |
| Wgt avg mkt cap (mns) | $10,821 |
| Large cap (>$10bn) | 31.3% |
| Mid cap ($2-10bn) | 39.2% |
| Small cap (<$2bn) | 16.0% |
| Developed mkts. | 77.5% |
| Emerging mkts. | 14.4% |
Country Exposure
 |
JAPAN | 22.8 % |
 |
AUSTRALIA | 11.9 % |
 |
HONG KONG | 9.2 % |
 |
BRITAIN | 5.4 % |
 |
SINGAPORE | 5.3 % |
 |
UAE | 3.7 % |
 |
GERMANY | 3.6 % |
 |
SWEDEN | 2.8 % |
 |
SWITZERLAND | 2.7 % |
 |
CHINA | 2.5 % |
Historical Performance
Standardized Performance (as of 08/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 19.1% | 5.7% | 7.7% | 2.8% | -1.1% | -0.8% | -- | -0.4% |
| Dividend Yield | 0.0% | 0.0% | 2.1% | 1.5% | 2.3% | 3.5% | -- | 3.6% |
| Total Returns | 19.1% | 5.7% | 9.7% | 4.3% | 1.3% | 2.7% | -- | 3.2% | Ann. Volatility | 14.6% | 15.0% | 15.1% | 16.2% | 15.6% | 16.3% | -- | 16.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.80 | 40% |
| MSCI EAFE | 0.89 | 56% |
| MSCI Emg Mkts | 0.89 | 61% |
Liquidity Measures
| Avg. volume (000) | 215 |
| ADV traded (mns) | $10 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.15% |
Technical Indicators
| Recent close | $48.25 |
| 30d moving avg. | $47.09 |
| Annualized volatility | 19.2% |
| Relative strength (RSI) | 62 |
| Short interest | 0.9% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| HAUZ | DBX ETF Trust - Xtrackers International Real Estate ETF | 73.8% | -2 bp | +6.6% |
| IFGL | iShares International Developed Real Estate ETF | 63.8% | +36 bp | +7.0% |
| RWX | SPDR Dow Jones International Real Estate ETF | 40.1% | +47 bp | +6.9% |
| ERET | iShares Environmentally Aware Real Estate ETF | 35.6% | +18 bp | +7.3% |
| VGSR | Vert Global Sustainable Real Estate ETF | 29.5% | +35 bp | +7.4% |
| RWO | SPDR Dow Jones Global Real Estate ETF | 27.4% | +38 bp | +7.0% |
| REET | iShares Global REIT ETF | 26.0% | +2 bp | +7.5% |
| AVRE | Avantis Real Estate ETF | 25.9% | +5 bp | +7.2% |
| DFGR | Dimensional Global Real Estate ETF | 24.2% | +10 bp | +7.6% |
| GQRE | FlexShares Global Quality Real Estate Index Fund | 22.3% | +33 bp | +7.8% |
Risk and Returns: VNQI vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/17/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
VNQI
7.9%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 369 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
3.2%. VNQI's ALTAR Score™ is approximately
1.1 standard deviations
above
the category average. This places VNQI in the 87th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
VNQISELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive Global Equity ETFs |
| # of ETFs | 53 |
| Avg. Expense Ratio | 50.8 bp |
| Std. Deviation | 22.4 bp |
| (12 bp) Percentile rank | 4 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| VNQI | 12.0 | 0.0 | 12 |
| Peer Avg. | 43.4 | 14.2 | 57.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .