VNQ vs VNQI: US REITs vs International REITs — Domestic vs Global Real Estate
VNQ holds US real estate investment trusts. VNQI holds REITs from 30+ countries outside the US. Both are Vanguard, both are cheap — the choice is about geography and diversification.
VNQ (Vanguard Real Estate ETF) and VNQI (Vanguard Global ex-U.S. Real Estate ETF) are Vanguard's US and international REIT offerings. VNQ holds ~170 US REITs — from data centers (Equinix, Digital Realty) to apartments (AvalonBay), industrial warehouses (Prologis), and shopping malls. VNQI holds REITs from 30+ countries — Japan, Hong Kong, Australia, UK, France, and others represent large portions. Both charge similar fees: VNQ 0.13%, VNQI 0.12%. VNQ has dramatically outperformed VNQI over the past decade due to US market dominance — but international REITs trade at lower valuations and offer geographic diversification. Many investors hold both: VNQ as the core US real estate allocation and VNQI as a smaller international satellite.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
Both funds trade commission-free at every major brokerage. Where to buy them →
📋 VNQ vs VNQI: Key Facts Side by Side
| Metric | VNQ | VNQI |
|---|---|---|
| Fund Name | Vanguard Real Estate Index Fund ETF Shares | Vanguard Global ex-U.S. Real Estate Index Fund ETF Shares |
| Issuer | Vanguard | Vanguard |
| Tracks Index | MSCI US Investable Market Real Estate 25/50 | S&P Global ex-U.S. Property |
| Expense Ratio | 0.13% | 0.12% ✓ |
| Cost per $10K/yr | $13.00 | $12.00 |
| AUM | $69.9B | $3.9B |
| Holdings | 170 | 680 |
| Inception | 2004 | 2010 |
| 1-Year Return | +0.26% | -11.72% |
| 3-Year Return | +10.75% | +7.97% |
| 5-Year Return | +1.03% | -2.13% |
| Dividend Yield | 3.80% | 5.05% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.01% | 0.03% |
AUM and returns updated Oct 15, 2026 from ETF BFF database; expense ratios verified against issuer filings. Returns are annualised. Not investment advice.
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📊 VNQ vs VNQI: Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- want the specific exposure defined by the MSCI US Investable Market Real Estate 25/50
- want the lowest fees: saves ~$1/yr per $10K vs VNQ
- want broader diversification (680 holdings vs 170)
- want geographic diversification beyond US stocks
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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