USRT vs VNQ: Grades, Fees and Holdings Compared

iShares Core U.S. REIT ETF

USRTANYSE Arca

Vanguard Real Estate ETF

VNQANYSE Arca

Overlap

80.6%by weight

Expense ratio

USRT −0.05pt a year

USRT0.08%VNQ0.13%

Avg volume · 30D

VNQ 4.7×the volume

USRT787KVNQ3.67M

10Y return · a year

USRT +1.0pt

USRT+6.5%VNQ+5.5%

USRT vs VNQ Performance

Oct 29, 2021 – Oct 30, 2026

+17.7%USRT+4.6%VNQ

Expense ratio: USRT 0.08%, better; VNQ 0.13%
Fund size: USRT $4.29B; VNQ $66.4B
1Y total return: USRT +13.9%, better; VNQ +9.3%
Yield (12M): USRT 2.75%; VNQ 3.63%, better
Holdings: USRT 126; VNQ 145
Avg volume (30D): USRT 787K sh; VNQ 3.67M sh, better
NAV per share: USRT $63.78; VNQ $93.92
52W range

ETF.net Grade

Pillar letters and Scores for USRT, VNQ, with each pillar’s weight
Pillar	USRT	VNQ
Cost30% weight	A93Higher	A76
Mission25% weight	A100	A100
Risk15% weight	B61Higher	C48
Tradability15% weight	A81Higher	B57
Holdings10% weight	C53	B65Higher
Durability5% weight	A78	A92Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. USRT and VNQ are both graded against the same 21 US Real Estate funds, so their Grades compare head to head.

US Real Estate⁠

Category · 21 funds

See all 21 ›

USRT ranks 1st and VNQ 6th of 21 funds in the US Real Estate Category.

Rank 1ASCHHSchwab U.S. REIT ETFScore 83
Rank 1AUSRTiShares Core U.S. REIT ETFScore 83
Rank 3AFRELFidelity MSCI Real Estate Index ETFScore 80
Rank 5ADFARDFA Real Estate Securities Portfolio ETF Class SharesScore 75
Rank 6AVNQVanguard Real Estate ETFScore 74
Rank 7ARWRState Street SPDR Dow Jones REIT ETFScore 73

Our read on each fund

ETF.net Research

USRTAiShares Core U.S. REIT ETF

VNQAVanguard Real Estate ETF

In short

USRT Cheap, plain-vanilla ownership of U.S. landlords: roughly 130 equity REITs for eight basis points, running since 2007. One of the least expensive doors into the real estate aisle.

VNQ The 2004 original in US listed real estate: one ticker for nearly the whole property market, from the biggest landlords down to small ones, at a fraction of the typical sector fee.

Stated mandate

USRT The fund seeks to track an index composed of U.S. real estate equities.

VNQ The fund seeks high income and moderate long-term capital appreciation by tracking an index of publicly traded equity REITs and other U.S. real-estate-related investments.

Why people hold it

USRT 0.08% a year against a 0.37% median for U.S. real estate funds. Among the category's heavyweights, only SCHH (0.07%) is cheaper.
Tracks the FTSE Nareit Equity REITs 40 Act Capped Index with very little drift, one of the tightest index jobs in its peer group.ishares.com
Live since 2007, a multi-billion-dollar fund from iShares, holding about 130 REITs across the U.S. property market.ishares.com

VNQ 0.13% a year versus a peer-group median of 0.37%. On a sector fund, the fee is the part you actually control.
Full replication of the MSCI US IM Real Estate 25/50 Index: about 160 names, and the 25/50 rules cap how big any single issuer can get.vanguard.com
A multi-tens-of-billions fund and one of the most actively traded in its category, so entering and exiting rarely means fighting the spread.
Income is the stated mandate: high income plus moderate long-term capital appreciation from listed REITs, paid out quarterly, with Vanguard running it since 2004.vanguard.com

Worth knowing

USRT One sector, one country. Real estate swings with rates and property cycles, so expect a bumpier ride than a broad U.S. stock fund.
Actively traded, but the aisle's largest funds (VNQ, SCHH) turn over more shares. Worth watching the spread on chunky orders.
Income arrives quarterly, not monthly.ishares.com

VNQ Not the cheapest shelf in the aisle. SCHH charges 0.07% and USRT, FREL and XLRE 0.08%, so a few basis points separate it from its closest rivals.
One sector, and a rate-sensitive one. REIT borrowing costs and valuations track interest rates, so the ride is bumpier than a total-market fund.vanguard.com
The index reaches past classic landlords into data-center and other specialized REITs plus real estate services and development firms. Broader than pure property.vanguard.com

Full USRT profile⁠

Full VNQ profile⁠

USRT vs VNQ Holdings

How USRT and VNQ differ

Overlap by weight

80.6%

Shared holdings make up 99.4% of USRT and 83.9% of VNQ.

Level by level

Sector14 Sectors0.0%
Holdings114 in both80.6%
Asset classReal Estate100%
Countryby domicile100%

Sector

Sector weights in USRT and VNQ, widest gap first
Sector	More in USRTMore in VNQ	USRT	VNQ
Real Estate	VNQ +99.5 points	0.0%	99.5%
Health Care REITs	USRT +21.2 points	21.2%	0.0%
Retail Reits	USRT +19.3 points	19.3%	0.0%
Industrial REITs	USRT +12.7 points	12.7%	0.0%
Data Center REITs	USRT +11.5 points	11.5%	0.0%
Multi-Family Residential REITs	USRT +9.9 points	9.9%	0.0%
Self Storage REITs	USRT +8.8 points	8.8%	0.0%
Single-Family Residential REITs	USRT +5.2 points	5.2%	0.0%
Hotel & Resort REITs	USRT +4.5 points	4.5%	0.0%
Office REITs	USRT +4.1 points	4.1%	0.0%
Diversified REIT's	USRT +2.7 points	2.7%	0.0%
Communication	VNQ +0.4 points	0.0%	0.4%
Energy	VNQ +0.2 points	0.0%	0.1%
Industrials	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in USRT and VNQ, widest gap first
Country	More in USRTMore in VNQ	USRT	VNQ
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

USRT50.3%
VNQ51.2%

Securities held

USRT123
VNQ140

Asset class

USRT: Real Estate
VNQ: Real Estate

Holdings

Only in USRT9
In both114
Only in VNQ26

Only in USRT

9 securities, 0.4% of USRT by weight

Janus Living Inc Class A0.18%
Postal Realty Trust Class A0.05%
National Healthcare Properties0.04%
Frontview Reit0.03%
Alpine Income Property Trust Inc0.02%
Nexpoint Diversified Real Estate T0.01%
Net Lease Office Properties0.01%
Brt Apartments Corp0.01%
Braemar Hotels Resorts Inc<0.01%

Only in VNQ

26 securities, 15.8% of VNQ by weight

American Tower Corp5.07%
CBRE Group Inc2.50%
Crown Castle Inc1.93%
SBA Communications Corp1.13%
Jones Lang LaSalle Inc0.94%
Weyerhaeuser Co0.91%
CoStar Group Inc0.74%
SLCMT11420.43%
Compass Inc0.41%
Rayonier Inc0.33%
Zillow Group Inc0.28%
Cushman & Wakefield Ltd0.18%
St Joe Co/The0.17%
Howard Hughes Holdings Inc0.15%
Landbridge Co LLC0.15%
Newmark Group Inc0.12%
Opendoor Technologies Inc0.11%
Zillow Group Inc0.07%
Marcus & Millichap Inc0.04%
Forestar Group Inc0.03%
Tejon Ranch Co0.02%
AGNT Inc0.02%
RMR Group Inc/The0.02%
Apartment Investment and Management Co0.02%
Seaport Entertainment Group Inc0.01%
New York Reit In0.00%

Weight gaps

The 100 widest of 114 Holdings in both funds.

Holding weights in USRT and VNQ, widest gap first
Holding	More in USRTMore in VNQ	USRT	VNQ
WelltowerWELL	VNQ +1.67 points	9.03%	10.70%
Public Storage ReitPSA	USRT +1.32 points	4.47%	3.15%
Prologis ReitPLD	VNQ +1.12 points	6.93%	8.05%
Ventas ReitVTR	USRT +1.02 points	3.77%	2.75%
Vivmark ResidentialVMRK	USRT +0.97 points	3.86%	2.89%
Extra Space Storage ReitEXR	USRT +0.91 points	2.76%	1.85%
Iron Mountain IncIRM	USRT +0.81 points	3.00%	2.19%
Realty Income ReitO	USRT +0.69 points	4.03%	3.34%
Vici Pptys IncVICI	USRT +0.64 points	2.31%	1.67%
Equinix ReitEQIX	VNQ +0.51 points	6.12%	6.63%
Host Hotels & Resorts ReitHST	USRT +0.48 points	1.50%	1.02%
Invitation HomesINVH	USRT +0.43 points	1.37%	0.94%
Kimco Realty Reit CorpKIM	USRT +0.41 points	1.41%	1.00%
Regency Centers Reit CorpREG	USRT +0.40 points	1.19%	0.79%
Simon Property Group Reit IncSPG	USRT +0.39 points	4.72%	4.33%
Lamar Advertising Company ClasLAMR	USRT +0.34 points	1.17%	0.83%
Udr ReitUDR	USRT +0.34 points	0.99%	0.65%
Omega Healthcare Investors ReitOHI	USRT +0.32 points	1.24%	0.92%
Essex Property Trust ReitESS	USRT +0.32 points	1.47%	1.15%
W. P. Carey ReitWPC	USRT +0.30 points	1.26%	0.96%
Ryman Hospitality Properties ReitRHP	USRT +0.29 points	0.77%	0.48%
Cubesmart ReitCUBE	USRT +0.28 points	0.84%	0.56%
Sun Communities Reit IncSUI	USRT +0.28 points	1.19%	0.91%
American Homes Rent Reit Class AAMH	USRT +0.28 points	0.91%	0.63%
Equity Lifestyle Properties Reit IELS	USRT +0.28 points	0.99%	0.71%
BxpBXP	USRT +0.27 points	0.87%	0.60%
Mid America Apartment CommunitiesMAA	USRT +0.27 points	1.18%	0.91%
Gaming and Leisure Properties ReitGLPI	USRT +0.27 points	0.95%	0.68%
Camden Property Trust ReitCPT	USRT +0.26 points	0.86%	0.60%
Federal Realty Investment Trust ReFRT	USRT +0.26 points	0.82%	0.56%
Brixmor Property Group Reit IncBRX	USRT +0.24 points	0.77%	0.53%
Healthpeak Properties IncDOC	USRT +0.23 points	1.15%	0.92%
American Healthcare ReitAHR	USRT +0.23 points	0.89%	0.66%
Eastgroup Properties ReitEGP	USRT +0.21 points	0.92%	0.71%
Rexford Industrial Realty ReitREXR	USRT +0.21 points	0.75%	0.54%
Macerich ReitMAC	USRT +0.19 points	0.61%	0.42%
Agree Realty ReitADC	USRT +0.19 points	0.72%	0.53%
Caretrust ReitCTRE	USRT +0.17 points	0.74%	0.57%
Vornado Realty Trust ReitVNO	USRT +0.17 points	0.53%	0.36%
Stag Industrial ReitSTAG	USRT +0.15 points	0.61%	0.46%
Nnn ReitNNN	USRT +0.16 points	0.68%	0.52%
Kilroy Realty ReitKRC	USRT +0.14 points	0.36%	0.22%
Healthcare Realty Trust Inc ClassHR	USRT +0.14 points	0.53%	0.39%
Terreno Realty ReitTRNO	USRT +0.14 points	0.60%	0.46%
Outfront MediaOUT	USRT +0.14 points	0.44%	0.30%
Essential Properties Realty TrustEPRT	USRT +0.13 points	0.50%	0.37%
Phillips Edison and CompanyPECO	USRT +0.12 points	0.43%	0.31%
Cousins Properties Reit IncCUZ	USRT +0.12 points	0.42%	0.30%
TangerSKT	USRT +0.11 points	0.37%	0.26%
Alexandria Real Estate Equities ReARE	USRT +0.11 points	0.60%	0.49%
Kite Realty Group Trust ReitKRG	USRT +0.11 points	0.44%	0.33%
Apple Hospitality Reit IncAPLE	USRT +0.11 points	0.35%	0.24%
First Industrial Realty TrustFR	USRT +0.11 points	0.63%	0.52%
Sabra Health Care ReitSBRA	USRT +0.10 points	0.43%	0.33%
Americold Realty Inc TrustCOLD	USRT +0.09 points	0.36%	0.27%
Epr Properties ReitEPR	USRT +0.09 points	0.38%	0.29%
Sl Green Realty Reit CorpSLG	USRT +0.09 points	0.31%	0.22%
Highwoods Properties ReitHIW	USRT +0.09 points	0.29%	0.20%
Diamondrock HospitalityDRH	USRT +0.08 points	0.25%	0.17%
Copt Defense PropertiesCDP	USRT +0.08 points	0.33%	0.25%
Curbline PropertiesCURB	USRT +0.08 points	0.26%	0.18%
Millrose Properties Inc Class AMRP	USRT +0.07 points	0.34%	0.27%
Independence RealtyIRT	USRT +0.07 points	0.30%	0.23%
Lxp Industrial TrustLXP	USRT +0.07 points	0.31%	0.24%
National Health Investors ReitNHI	USRT +0.07 points	0.28%	0.21%
Pebblebrook Hotel Trust ReitPEB	USRT +0.07 points	0.21%	0.14%
Park Hotels Resorts IncPK	USRT +0.07 points	0.27%	0.20%
Sunstone Hotel Investors Reit IncSHO	USRT +0.07 points	0.20%	0.13%
LineageLINE	USRT +0.07 points	0.22%	0.15%
Acadia Realty Trust ReitAKR	USRT +0.06 points	0.23%	0.17%
Smartstop Self Storage Reit IncSMA	USRT +0.06 points	0.18%	0.12%
Urban Edge PropertiesUE	USRT +0.06 points	0.22%	0.16%
Four Corners Property Inc TrustFCPT	USRT +0.05 points	0.21%	0.16%
Xenia Hotels Resorts ReitXHR	USRT +0.05 points	0.16%	0.11%
Ltc Properties ReitLTC	USRT +0.05 points	0.20%	0.15%
Broadstone Net LeaseBNL	USRT +0.04 points	0.28%	0.24%
Rlj Lodging Trust ReitRLJ	USRT +0.04 points	0.14%	0.10%
Diversified Healthcare TrustDHC	USRT +0.05 points	0.15%	0.10%
Inventrust PropertiesIVT	USRT +0.04 points	0.20%	0.16%
Getty Realty ReitGTY	USRT +0.03 points	0.14%	0.11%
Digital Realty Trust ReitDLR	USRT +0.03 points	4.35%	4.32%
Piedmont Realty Trust Class APDM	USRT +0.03 points	0.10%	0.07%
Medical Properties Trust ReitMPT	USRT +0.03 points	0.10%	0.07%
Innovative Industrial Properties IIIPR	USRT +0.03 points	0.13%	0.10%
NetstreitNTST	USRT +0.03 points	0.14%	0.11%
American Assets Trust ReitAAT	USRT +0.02 points	0.09%	0.07%
Douglas Emmett ReitDEI	USRT +0.03 points	0.13%	0.10%
CenterspaceCSR	USRT +0.03 points	0.09%	0.06%
Umh Properties IncUMH	USRT +0.03 points	0.11%	0.08%
Empire State Realty Reit Class AESRT	USRT +0.02 points	0.06%	0.04%
Summit Hotel Properties ReitINN	USRT +0.02 points	0.06%	0.04%
Jbg Smith PropertiesJBGS	USRT +0.02 points	0.06%	0.04%
Cbl Associates PropertiesCBL	USRT +0.02 points	0.09%	0.07%
Service Properties TrustSVC	USRT +0.02 points	0.07%	0.05%
Cto Realty GrowthCTO	USRT +0.02 points	0.06%	0.04%
Safehold IncSAFE	USRT +0.01 points	0.05%	0.04%
Chatham Lodging Trust ReitCLDT	USRT +0.02 points	0.06%	0.04%
Easterly Government Properties IncDEA	USRT +0.02 points	0.09%	0.07%
Brandywine Realty Trust ReitBDN	USRT +0.01 points	0.04%	0.03%
Alexanders Reit IncALX	USRT +0.01 points	0.05%	0.04%

All 123 USRT holdings⁠All 158 VNQ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

USRT vs VNQ Cost

Overpaying VNQ vs USRT

$1,037

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

USRT 0.08%
$1,689
VNQ 0.13%
$2,726

Amount$10,000

Years30 years

Cost over time

USRT 0.08%
VNQ 0.13%
Overpaying

Year by year

Year	USRT	VNQ	Overpaying
10	$147	$238	$91
20	$575	$930	$355
30	$1,689	$2,726	$1,037

Expense ratio

0.08%USRT, cheaper
0.13%VNQ

USRT0.08%VNQ0.13%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

USRT 2nd cheapest of 21 funds

VNQ 6th cheapest of 21 funds

USRT vs VNQ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): USRT 2.75%; VNQ 3.63%, better
Payout (12M): USRT $1.75; VNQ $3.41
Last payment: USRT $0.47; VNQ $0.80
Ex-dividend: USRT Sep 15, 2026; VNQ Sep 23, 2026
Paid on: USRT Sep 18, 2026; VNQ Sep 25, 2026
Frequency: USRT Quarterly; VNQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

USRTQuarterly · 39 paymentsAll USRT payments⁠

VNQQuarterly · 39 paymentsAll VNQ payments⁠

USRT vs VNQ Risk

Fall from peak · 5 years

USRT
VNQ

Risk facts

VolatilityStd dev, 3 years: USRT 16.1%, betterVNQ 16.5%
Return per unit of riskSharpe ratio, 3 years: USRT 0.70, betterVNQ 0.56
Worst fallMax drawdown, 5 years: USRT −31.0%, betterVNQ −34.5%
Market sensitivityBeta, 5 years: USRT 0.96VNQ 0.99; Market = 1

USRT and VNQ in the news

All news⁠

Category Review
Vanguard's property fund lost a first-half lead over stocks
Updated Oct 8, 2026USRTVNQ
Deep Dive
Vanguard's property fund is up 4% this year. Mortgage funds are down 15%
Oct 5, 2026USRTVNQ
ETF Filings
PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%
Sep 28, 2026USRTVNQ
Deep Dive
Equity REIT funds fell 1.3%. VanEck's mortgage REIT fund hit a 52-week low
Sep 12, 2026USRTVNQ
Deep Dive
September's $2.74 billion CMBS wall is half of August's, with more already in special servicing
Sep 5, 2026USRTVNQ
Deep Dive
Global real estate ETFs that are up for 2026 are built mostly of U.S. REITs
Oct 14, 2026VNQ

Popular comparisons

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USRT vs VNQ

In short

Stated mandate

Why people hold it