ETF Evaluator:
Vanguard Global ex-US Real Est ETF (VNQI)
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(as of Jul 31)
Best Performing in Global Real Estate Over the Last Year
| 31.7% | WisdomTree New Economy Real Estate ETF (WTRE) |
| 16.2% | State Street® SPDR® Dow Jones® GlbRE ETF (RWO) |
| 15.7% | iShares Global REIT ETF (REET) |
| 15.2% | Cambria Global Real Estate ETF (BLDG) |
| 13.7% | NYLI CBRE Real Assets ETF (IQRA) |
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ETF Details
Vanguard Global ex-US Real Est ETF Overview
Vanguard Global ex-US Real Est ETF (VNQI) is a passively managed Sector Equity Global Real Estate exchange-traded fund (ETF). Vanguard launched the ETF in 2010.
The investment seeks to track the performance of the S&P Global ex-U.S. Property Index that measures the investment return of international real estate stocks.
The fund employs an indexing investment approach designed to track the performance of the index, a float-adjusted, market-capitalization-weighted index that measures the equity market performance of international real estate stocks in both developed and emerging markets. The index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs) and certain real estate management and development companies (REMDs).
About Vanguard Global ex-US Real Est ETF (VNQI)
There are 3 members of the management team with an average tenure of 5.40 years: Scott Geiger (2022), John Kraynak (2025) and Michael Perre (2015). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and S&P Global Ex US Property NR USD index with a weighting of 100%. Vanguard Global ex-US Real Est ETF has 748 securities in its portfolio. The top 10 holdings constitute 21.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Vanguard Global ex-US Real Est ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Vanguard Global ex-US Real Est ETF has 96.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 96.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Vanguard Global ex-US Real Est ETF has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is above the $1 billion average for the Global Real Estate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VNQI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Vanguard Global ex-US Real Est ETF expense ratio is low compared to funds in the Global Real Estate category. Vanguard Global ex-US Real Est ETF has an expense ratio of 0.12%, which is 70% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Vanguard Global ex-US Real Est ETF has a portfolio turnover rate of 10%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 28% for the Global Real Estate category.
Recently, in the month of June 2026, Vanguard Global ex-US Real Est ETF returned -2.9%, which earned it a grade of D, as the Global Real Estate category had an average return of -0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Vanguard Global ex-US Real Est ETF has a trailing yield of 4.81%, which is above the 3.69% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Vanguard Global ex-US Real Est ETF Grades
Year to date, the ETF has returned -2.4%, 9.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.9% over the past year (grade of F), 8.5% over the past three years (grade of D) and -1.2% per year over the past five years (grade of F) and 2.3% per year over the past 10 years (grade of D).
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VNQI Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VNQI Return (NAV) | -2.9% | 1.2% | 1.9% | 8.5% | -1.2% | 2.3% |
| VNQI Return (Price) | -2.5% | 0.9% | 1.8% | 8.5% | -1.2% | 2.3% |
| NAV +/- Price Return | -0.383% | 0.297% | 0.100% | 0.003% | 0.001% | 0.015% |
| Global Real Estate Avg | -0.4% | 7.7% | 11.4% | 9.6% | 0.9% | 2.8% |
| VNQI Grade (NAV) | D | F | F | D | F | D |
| +/- Category (NAV) | -2.5% | -6.5% | -9.5% | -1.1% | -2.0% | -0.5% |
| VNQI Tax-Cost Ratio | na | na | 1.7% | 1.7% | 1.5% | 1.6% |
VNQI Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VNQI Return (NAV) | -2.4% | 22.0% | -2.5% | 6.4% | -22.5% | 5.6% | -6.9% | 21.3% | -9.5% | 26.5% | 1.8% |
| VNQI Return (Price) | -2.2% | 21.4% | -2.3% | 7.0% | -22.9% | 5.9% | -7.2% | 21.6% | -9.4% | 26.9% | 2.0% |
| NAV +/- Price Ret | -0.115% | -0.028% | -0.078% | 0.094% | 0.021% | 0.047% | 0.049% | 1.6% | -0.6% | 1.5% | 14.4% |
| Global Real Estate Avg | 7.3% | 13.8% | -0.6% | 9.2% | -24.1% | 18.9% | -9.3% | 21.8% | -8.1% | 18.5% | 3.3% |
| VNQI Grade (NAV) | F | B | D | F | B | F | A | D | D | B | D |
| +/- Category | -9.7% | 8.2% | -1.8% | -2.8% | 1.6% | -13.3% | 2.5% | -0.6% | -1.4% | 8.1% | -1.6% |
| Risk Measures | |
| Beta: | 0.95 |
| R-Squared: | 53% |
| Standard Deviation: | 16.5% |
| Category Risk Index: | 1.00 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.36 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 4.8% |
| Total Assets: | $ 3,722 Mil |
| Share Class Assets: | $ 3,408 Mil |
| Turnover: | 10.0% |
| Expense Ratio: | 0.12% |
| Index Fund: | Yes |
| Index Tracked: | MSCI ACWI Ex USA NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.8 years | |||
| Average Tenure: 5.4 years | |||
| Managers (Year): Perre Michael (2015), Geiger Scott (2022), Kraynak John (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 748 |
| % in Top 10 Holdings: | 21.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 96.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 96.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.1% |
| Cash: | 2.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Vanguard |
| Phone Number: | 800-662-7447 |
| Website: | www.vanguard.com |
| Inception Date: | November 1, 2010 |
Expenses and Fees
| Expense Ratio (%): | 0.12% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.40% |
