VNQ vs SPY
Comparison between VANGUARD REAL ESTATE INDEX FUND ETF SHARES (VNQ, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed VNQ, delivering a return of +13.2% compared to +2.8%
VNQ vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
VNQ
$70B
Winner
SPY
$784B
Expense Ratio
VNQ
0.13%
Winner
SPY
0.09%
Max Drawdown
VNQ
75.76%
Winner
SPY
56.47%
Sharpe Ratio
VNQ
0.70
Winner
SPY
1.54
5Y Beta
Winner
VNQ
0.51
SPY
1.00
P/E Ratio
VNQ
34.74
Winner
SPY
27.62
Forward P/E
VNQ
32.74
Winner
SPY
21.11
5Y Dividends CAGR
Winner
VNQ
10.46%
SPY
6.00%
5Y EPS CAGR
VNQ
9.71%
Winner
SPY
25.30%
Debt to Equity
VNQ
45.46%
Winner
SPY
31.11%
P/S Ratio
VNQ
5.31
Winner
SPY
3.49
P/B Ratio
Winner
VNQ
2.66
SPY
5.30
VNQ vs SPY - Holdings Comparison
VNQ and SPY have 32 common holdings. Overlap is 1.88%
VNQ's top 25 holdings weight is 73.44%. SPY's top 25 holdings weight is 51.24%.
| Rank | VNQ | SPY |
|---|---|---|
| #1 | VANGUARD REAL ESTATE II INDEX (VRTPX) - 14.49% | NVIDIA CORP (NVDA) - 7.81% |
| #2 | WELLTOWER INC (WELL) - 7.65% | APPLE INC (AAPL) - 6.81% |
| #3 | PROLOGIS INC (PLD) - 7.14% | MICROSOFT CORP (MSFT) - 4.53% |
| #4 | EQUINIX INC (EQIX) - 5.63% | AMAZON.COM INC (AMZN) - 3.72% |
| #5 | AMERICAN TOWER CORP (AMT) - 4.65% | ALPHABET INC CLASS A (GOOGL) - 3.39% |
| #6 | SIMON PROPERTY GROUP INC (SPG) - 3.56% | BROADCOM INC (AVGO) - 2.77% |
| #7 | DIGITAL REALTY TRUST INC (DLR) - 3.49% | ALPHABET INC CLASS C (GOOG) - 2.72% |
| #8 | REALTY INCOME CORP (O) - 3.03% | META PLATFORMS INC CLASS A (META) - 2.03% |
| #9 | PUBLIC STORAGE (PSA) - 2.56% | MICRON TECHNOLOGY INC (MU) - 1.78% |
| #10 | VENTAS INC (VTR) - 2.14% | TESLA INC (TSLA) - 1.76% |
| #11 | CROWN CASTLE INC (CCI) - 2.13% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.41% |
| #12 | IRON MOUNTAIN INC (IRM) - 2.04% | JPMORGAN CHASE & CO (JPM) - 1.38% |
| #13 | CBRE GROUP INC CLASS A (CBRE) - 1.97% | ELI LILLY AND CO (LLY) - 1.38% |
| #14 | EXTRA SPACE STORAGE INC (EXR) - 1.63% | ADVANCED MICRO DEVICES INC (AMD) - 1.28% |
| #15 | VICI PROPERTIES INC ORDINARY SHARES (VICI) - 1.53% | EXXON MOBIL CORP (XOM) - 0.92% |
| #16 | AVALONBAY COMMUNITIES INC (AVB) - 1.36% | JOHNSON & JOHNSON (JNJ) - 0.88% |
| #17 | EQUITY RESIDENTIAL (EQR) - 1.18% | VISA INC CLASS A (V) - 0.87% |
| #18 | SBA COMMUNICATIONS CORP CLASS A (SBAC) - 1.15% | INTEL CORP (INTC) - 0.85% |
| #19 | WEYERHAEUSER CO (WY) - 0.94% | WALMART INC (WMT) - 0.82% |
| #20 | ESSEX PROPERTY TRUST INC (ESS) - 0.94% | CISCO SYSTEMS INC (CSCO) - 0.73% |
| #21 | KIMCO REALTY CORP (KIM) - 0.87% | LAM RESEARCH CORP (LRCX) - 0.71% |
| #22 | W.P. CAREY INC (WPC) - 0.87% | APPLIED MATERIALS INC (AMAT) - 0.70% |
| #23 | INVITATION HOMES INC (INVH) - 0.84% | CATERPILLAR INC (CAT) - 0.68% |
| #24 | HOST HOTELS & RESORTS INC (HST) - 0.84% | COSTCO WHOLESALE CORP (COST) - 0.68% |
| #25 | SUN COMMUNITIES INC (SUI) - 0.81% | MASTERCARD INC CLASS A (MA) - 0.63% |
| Total Holdings | 159 | 505 |
VNQ vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
VNQ
+1.13%
SPY
-1.37%
3M
VNQ
+10.59%
Winner
SPY
+12.22%
6M
Winner
VNQ
+12.17%
SPY
+7.20%
1Y
VNQ
+11.61%
Winner
SPY
+23.58%
5Y(CAGR)
VNQ
+2.78%
Winner
SPY
+13.19%
10Y(CAGR)
VNQ
+5.34%
Winner
SPY
+15.12%
Max(CAGR)
VNQ
+7.65%
Winner
SPY
+8.44%
VNQ vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | VNQ | SPY |
|---|---|---|
| 2026 | +11.74% | +7.95% |
| 2025 | +4.19% | +18.00% |
| 2024 | +3.91% | +25.59% |
| 2023 | +11.68% | +26.72% |
| 2022 | -25.66% | -18.64% |
| 2021 | +45.24% | +30.52% |
| 2020 | -3.55% | +17.28% |
| 2019 | +31.73% | +31.09% |
| 2018 | -5.67% | -5.24% |
| 2017 | +4.57% | +20.78% |
| 2016 | +9.93% | +13.59% |
| 2015 | +0.90% | +1.31% |
| 2014 | +30.34% | +14.56% |
| 2013 | +1.05% | +29.00% |
| 2012 | +16.64% | +14.17% |
| 2011 | +6.63% | +0.85% |
| 2010 | +28.91% | +13.14% |
| 2009 | +34.35% | +22.67% |
| 2008 | -36.80% | -36.25% |
| 2007 | -16.63% | +5.32% |
| 2006 | +32.63% | +13.85% |
| 2005 | +13.26% | +5.32% |
| 2004 | +15.98% | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
VNQ vs SPY Drawdown Comparison
The maximum drawdown for VNQ was -73.07%, occurring on Mar 6, 2009. Recovery took 1412 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current VNQ drawdown is -0.66%. The current SPY drawdown is -3.18%.
| Rank | VNQ | SPY |
|---|---|---|
| #1 | -73.07% Feb 7, 2007 - Sep 13, 2012 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -42.42% Feb 21, 2020 - Apr 15, 2021 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -34.50% Dec 31, 2021 - Jun 12, 2026 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -17.97% May 21, 2013 - Jun 5, 2014 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -17.24% Jan 27, 2015 - May 4, 2016 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -16.23% Aug 1, 2016 - Jan 31, 2019 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -11.10% Aug 2, 2005 - Jan 4, 2006 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -9.62% Mar 17, 2006 - Jul 19, 2006 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -9.02% Sep 14, 2012 - Jan 15, 2013 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -8.92% Dec 22, 2004 - May 18, 2005 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -7.67% Sep 3, 2021 - Oct 28, 2021 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -7.58% Sep 5, 2014 - Oct 27, 2014 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -5.94% May 9, 2016 - Jun 28, 2016 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -5.50% Nov 24, 2021 - Dec 7, 2021 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -5.36% Oct 21, 2019 - Jan 16, 2020 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between VNQ and SPY is 0.92 which considered as a very strong positive correlation - the stocks move almost identically together.
0.92
-101
Dividend Comparison (1999 - 2026)
VNQ vs SPY dividend yield comparison.
| Year | VNQ | SPY |
|---|---|---|
| 2026 | 0.97% | 0.50% |
| 2025 | 3.92% | 1.07% |
| 2024 | 3.85% | 1.21% |
| 2023 | 3.95% | 1.40% |
| 2022 | 3.91% | 1.65% |
| 2021 | 2.56% | 1.20% |
| 2020 | 3.93% | 1.52% |
| 2019 | 3.39% | 1.75% |
| 2018 | 4.74% | 2.04% |
| 2017 | 4.23% | 1.80% |
| 2016 | 4.82% | 2.03% |
| 2015 | 3.92% | 2.06% |
| 2014 | 3.60% | 1.87% |
| 2013 | 4.32% | 1.81% |
| 2012 | 3.56% | 2.18% |
| 2011 | 3.53% | 2.05% |
| 2010 | 3.42% | 1.80% |
| 2009 | 4.39% | 1.95% |
| 2008 | 8.23% | 3.02% |
| 2007 | 5.06% | 1.85% |
| 2006 | 4.23% | 1.73% |
| 2005 | 5.98% | 1.73% |
| 2004 | 2.25% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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