VGSR vs VNQI: Grades, Fees and Holdings Compared

Vert Global Sustainable Real Estate ETF

VGSRBNasdaq

Vanguard Global ex-U.S. Real Estate ETF

VNQIANasdaq

Overlap

27.8%by weight

Expense ratio

VNQI −0.33pt a year

VGSR0.45%VNQI0.12%

Avg volume · 30D

VNQI 2.2×the volume

VGSR131KVNQI293K

VGSR vs VNQI Performance

Oct 31, 2025 – Nov 2, 2026

+8.8%VGSR−4.5%VNQI

Expense ratio: VGSR 0.45%; VNQI 0.12%, better
Fund size: VGSR $495M; VNQI $3.6B
1Y total return: VGSR +8.8%, better; VNQI −4.5%
Yield (12M): VGSR 2.85%; VNQI 5.02%, better
Holdings: VGSR 161; VNQI 799
Avg volume (30D): VGSR 131K sh; VNQI 293K sh, better
NAV per share: VGSR $10.95; VNQI $42.63
52W range

ETF.net Grade

Pillar letters and Scores for VGSR, VNQI, with each pillar’s weight
Pillar	VGSR	VNQI
Cost30% weight	B68	A94Higher
Mission25% weight	Not scored	A85
Risk15% weight	B66Higher	C41
Tradability15% weight	B58	B59Higher
Holdings10% weight	B57	A84Higher
Durability5% weight	B58	A91Higher

Rank among Global & International Real Estate funds

How we build Categories ›

Same Category. VGSR and VNQI are both graded against the same 18 Global & International Real Estate funds, so their Grades compare head to head.

Global & International Real Estate⁠

Category · 18 funds

See all 18 ›

VNQI ranks 4th and VGSR 6th of 18 funds in the Global & International Real Estate Category.

Rank 1AREETiShares Global REIT ETFScore 78
Rank 2ADFGRDimensional Global Real Estate ETFScore 77
Rank 3AHAUZXtrackers International Real Estate ETFScore 76
Rank 4AVNQIVanguard Global ex-U.S. Real Estate ETFScore 74
Rank 5BGQRENorthern Trust Global Quality Real Estate ETFScore 67
Rank 6BVGSRVert Global Sustainable Real Estate ETFScore 63
Rank 7BRWOState Street SPDR Dow Jones Global Real Estate ETFScore 57

Our read on each fund

ETF.net Research

VGSRBVert Global Sustainable Real Estate ETF

VNQIAVanguard Global ex-U.S. Real Estate ETF

In short

VGSR One firm, one idea: global REITs screened on emissions, energy, water and green buildings, then held at roughly market-cap weights with Dimensional sub-advising. 0.45% net of a waiver through October 31, 2028.

VNQI Everything outside the US property market in one ticker: roughly 700 REITs, landlords and developers across 30-plus countries, developed and emerging, for 0.12% a year.

Stated mandate

VGSR The Fund seeks long-term capital appreciation through an actively managed portfolio of sustainable real estate companies.

VNQI The Fund seeks to track the S&P Global ex-U.S. Property Index, an index of international real estate stocks in developed and emerging markets. It generally uses full replication and invests at least 80% of assets in index securities.

Why people hold it

VGSR Vert wrote the screen for real estate itself: emissions, energy, water, green buildings, green leasing, disclosure. It avoids third-party ESG ratings where it can.vertfunds.com vertfunds.com 2
Dimensional Fund Advisors sub-advises. Positions sit near market-cap weights and portfolio turnover runs low, a buy-and-hold book rather than a trading one.vertfunds.com vertfunds.com 2
Launched in 2017 as a mutual fund and converted to an ETF in December 2023, keeping the same manager, sub-adviser and strategy. Long history for a boutique shop.vertfunds.com sec.gov
Fee is 0.45% net of a waiver through October 31, 2028 (0.51% gross), near the median of its 18-fund global real estate group, and the fund sits in that group's upper half.

VNQI At 0.12% a year, it costs about a quarter of the typical global real estate fund and lands within two basis points of the cheapest in its peer group (HAUZ, 0.10%).
Full replication across roughly 700 names in more than 30 countries, so no single Tokyo landlord or Sydney mall owner carries the portfolio.vanguard.com
The benchmark reaches past pure REITs into companies that own, manage and develop property, which is how it covers markets where the REIT structure barely exists.spindices.com
Trading since 2010 and one of the tighter index trackers in its cohort, which is the whole job for a fund like this.

Worth knowing

VGSR Index peers cost much less: HAUZ at 0.10%, REET at 0.14%. The fee here buys the sustainability screen and the engagement work, not wider exposure.
The screen disqualifies REITs for things like rising emissions or poor disclosure, so country and property-type weights can sit well away from a broad global REIT index.vertfunds.com vertfunds.com 2
It trades more lightly than the giant index REIT funds, so spreads can run wider at times. Distributions are paid quarterly.

VNQI Currency exposure is unhedged, so moves in the dollar against the yen, euro and other local currencies feed straight into results.vanguard.com
Emerging markets and China-linked property companies are in the mix, a risk set the prospectus calls out separately from developed-market investing.vanguard.com
Distributions land annually or semiannually rather than monthly, so the income arrives in lumps.

Full VGSR profile⁠

Full VNQI profile⁠

VGSR vs VNQI Holdings

How VGSR and VNQI differ

Overlap by weight

27.8%

Shared holdings make up 29.5% of VNQI and 28.4% of VGSR.

Level by level

Holdings88 in both27.8%
Countryby domicile29.1%
Asset classEquity100%

Sector

No Sector split for VGSR.

Country, concentration and asset class

Country by domicile

Country weights in VGSR and VNQI, widest gap first
Country	More in VGSRMore in VNQI	VGSR	VNQI
United States	VGSR +70.8 points	70.8%	0.0%
Japan	VNQI +16.6 points	5.3%	21.9%
Hong Kong	VNQI +8.5 points	0.0%	8.5%
South Africa	VNQI +8.3 points	0.5%	8.8%
China	VNQI +5.1 points	0.0%	5.1%
India	VNQI +3.9 points	0.0%	3.9%
Israel	VNQI +3.5 points	0.0%	3.5%
Singapore	VNQI +3.2 points	2.9%	6.1%
Other countries (27)	VNQI +21.7 points	20.4%	42.1%

Outside the US: VGSR 97% developed, 3% emerging. VNQI 71% developed, 29% emerging.

Concentration

Weight in the 10 largest Holdings

VGSR44.9%
VNQI21.4%

Securities held

VGSR150
VNQI767

Asset class

VGSR: Equity
VNQI: Equity

Holdings

Only in VGSR62
In both88
Only in VNQI679

Only in VGSR

62 securities, 71.5% of VGSR by weight

Simon Property Group Inc5.26%
American Tower Corp5.04%
Welltower Inc4.97%
Prologis Inc4.75%
Digital Realty Trust Inc4.64%
Equinix Inc4.59%
Vivmark Residential4.40%
Ventas Inc4.27%
Iron Mountain Inc3.39%
Extra Space Storage Inc3.26%
Host Hotels & Resorts Inc1.70%
Essex Property Trust Inc1.69%
Kimco Realty Corp1.69%
Mid-America Apartment Communities Inc1.35%
Omega Healthcare Investors Inc1.34%
Healthpeak Properties Inc.1.33%
Regency Centers Corp1.23%
Equity LifeStyle Properties Inc1.10%
UDR Inc1.03%
BXP Inc0.96%
Camden Property Trust0.93%
Federal Realty Investment Trust0.86%
Brixmor Property Group Inc0.85%
Rexford Industrial Realty Inc0.84%
CareTrust REIT Inc0.78%
STAG Industrial Inc0.71%
Macerich Co/The0.69%
Alexandria Real Estate Equities Inc0.65%
Vornado Realty Trust0.54%
Healthcare Realty Trust Inc0.54%
Kite Realty Group Trust0.51%
Phillips Edison & Co Inc0.50%
Cousins Properties Inc0.49%
Sabra Health Care REIT Inc0.44%
Americold Realty Trust Inc0.41%
Kilroy Realty Corp0.38%
SL Green Realty Corp0.35%
Invesco Government & Agency Portfolio 12/31/20310.34%
DiamondRock Hospitality Co0.30%
Park Hotels & Resorts Inc0.24%
Urban Edge Properties0.23%
RioCan Real Estate Investment Trust0.22%
First Capital Real Estate Investment Trust0.18%
Choice Properties Real Estate Investment Trust0.17%
Pebblebrook Hotel Trust0.16%
SmartCentres Real Estate Investment Trust0.14%
UMH Properties Inc0.12%
Dream Industrial Real Estate Investment Trust0.12%
RLJ Lodging Trust0.10%
American Assets Trust Inc0.10%

Only in VNQI

679 securities, 71.3% of VNQI by weight

Mitsubishi Estate Co Ltd2.74%
Emaar Properties PJSC2.73%
Mitsui Fudosan Co Ltd2.51%
Sun Hung Kai Properties Ltd2.06%
Sumitomo Realty & Development Co Ltd1.88%
SLBBH11421.80%
Daiwa House Industry Co Ltd1.68%
Vonovia SE1.39%
Link REIT1.23%
CK Asset Holdings Ltd1.16%
Swiss Prime Site AG1.15%
China Resources Land Ltd1.10%
PSP Swiss Property AG0.78%
Hongkong Land Holdings Ltd0.77%
Hulic Co Ltd0.73%
Wharf Real Estate Investment Co Ltd0.62%
China Overseas Land & Investment Ltd0.62%
Charter Hall Group0.61%
Daito Trust Construction Co Ltd0.60%
NEPI Rockcastle NV0.55%
Sino Land Co Ltd0.54%
LondonMetric Property PLC0.53%
Henderson Land Development Co Ltd0.46%
Tokyu Fudosan Holdings Corp0.45%
DLF Ltd0.45%
Fibra Uno Administracion SA de CV0.44%
Azrieli Group Ltd0.43%
Tokyo Tatemono Co Ltd0.43%
Castellum AB0.40%
LEG Immobilien SE0.40%
Embassy Office Parks REIT0.39%
Mega Or Holdings Ltd0.39%
Phoenix Mills Ltd/The0.38%
Keppel DC REIT0.38%
Lodha Developers Ltd0.37%
Big Shopping Centers Ltd0.35%
Sagax AB0.35%
Fibra MTY SAPI de CV0.34%
Umm Al Qura for Development & Construction Co0.32%
MSCI EAFE Dec260.32%
Fastighets AB Balder0.32%
Allreal Holding AG0.31%
Mapletree Industrial Trust0.31%
China Resources Mixc Lifestyle Services Ltd0.31%
Usd/Jpy Fwd 202612160.31%
United Urban Investment Corp0.31%
Plaza SA0.30%
Swire Properties Ltd0.30%
Emaar Development PJSC0.30%
UOL Group Ltd0.30%

Weight gaps

All 88 Holdings in both funds, largest gap first.

Holding weights in VGSR and VNQI, widest gap first
Holding	More in VGSRMore in VNQI	VGSR	VNQI
Goodman Group	VNQI +0.21 points	3.61%	3.82%
Land Securities Group PLCLAND.L	VGSR +0.14 points	0.75%	0.61%
Nippon Building Fund Inc	VNQI +0.12 points	0.54%	0.66%
Nomura Real Estate Master Fund Inc	VNQI +0.08 points	0.30%	0.38%
Segro PLCSGRO.L	VGSR +0.09 points	1.61%	1.52%
Merlin Properties Socimi SA	VNQI +0.07 points	0.52%	0.59%
Japan Real Estate Investment Corp	VNQI +0.07 points	0.43%	0.50%
Unibail-Rodamco-Westfield	VNQI +0.06 points	1.11%	1.17%
Klepierre SA	VNQI +0.05 points	0.84%	0.89%
Gecina SA	VNQI +0.06 points	0.31%	0.37%
Vital Healthcare Property Trust	VNQI +0.05 points	0.01%	0.06%
British Land Co PLC/TheBLND.L	VGSR +0.05 points	0.59%	0.54%
KDX Realty Investment Corp	VNQI +0.05 points	0.32%	0.37%
GPT Group/The	VGSR +0.04 points	0.64%	0.60%
CapitaLand Ascendas REIT	VNQI +0.04 points	0.70%	0.74%
Orix JREIT Inc	VNQI +0.04 points	0.28%	0.32%
Growthpoint Properties Ltd	VNQI +0.04 points	0.29%	0.33%
Industrial & Infrastructure Fund Investment Corp	VNQI +0.03 points	0.18%	0.21%
GLP J-Reit	VNQI +0.04 points	0.36%	0.40%
Japan Prime Realty Investment Corp	VNQI +0.04 points	0.20%	0.24%
Vicinity Centres	VGSR +0.03 points	0.67%	0.64%
Nippon Prologis REIT Inc	VNQI +0.03 points	0.34%	0.37%
Aedifica SA	VNQI +0.03 points	0.64%	0.67%
Great Portland Estates PLCGPE.L	VGSR +0.03 points	0.18%	0.15%
Big Yellow Group PLCBYG.L	VGSR +0.03 points	0.24%	0.21%
Sekisui House Reit Inc	VNQI +0.03 points	0.16%	0.19%
Warehouses De Pauw CVA	VNQI +0.02 points	0.42%	0.44%
Colonial SFL Socimi SA	VGSR +0.02 points	0.15%	0.13%
Tokyu REIT Inc	VNQI +0.02 points	0.07%	0.09%
Prologis Property Mexico SA de CV	VGSR +0.02 points	0.46%	0.44%
Keppel REIT	VNQI +0.02 points	0.20%	0.22%
AEON REIT Investment Corp	VNQI +0.02 points	0.10%	0.12%
Custodian Property Income Reit PLCCREI.L	VNQI +0.02 points	0.03%	0.05%
Altarea SCA	VNQI +0.02 points	0.04%	0.06%
Workspace Group PLCWKP.L	VNQI +0.02 points	0.05%	0.07%
Japan Logistics Fund Inc	VNQI +0.02 points	0.14%	0.16%
Japan Metropolitan Fund Invest	VNQI +0.02 points	0.47%	0.49%
Helical PLCHLCL.L	VNQI +0.02 points	<0.01%	0.03%
LaSalle Logiport REIT	VNQI +0.02 points	0.14%	0.16%
CapitaLand Integrated Commercial Trust	VGSR +0.02 points	1.12%	1.10%
Frasers Centrepoint Trust	VNQI +0.02 points	0.19%	0.21%
Mitsubishi Estate Logistics REIT Investment Corp	VNQI +0.01 points	0.09%	0.10%
NewRiver REIT PLCNRR.L	VNQI +0.01 points	0.03%	0.04%
Activia Properties Inc	VNQI +0.02 points	0.15%	0.17%
Primary Health Properties PLCPHP.L	VNQI +0.01 points	0.30%	0.31%
Mori Hills REIT Investment Corp	VNQI +0.01 points	0.10%	0.11%
Eurocommercial Properties NV	VNQI +0.01 points	0.12%	0.13%
Xior Student Housing NV	VGSR +0.02 points	0.12%	0.10%
Covivio SA/France	VNQI +0.01 points	0.27%	0.28%
Charter Hall Long Wale REIT	VGSR +0.01 points	0.16%	0.15%
Care Property Invest NV	VNQI +0.01 points	0.05%	0.06%
Japan Hotel REIT Investment Corp	VGSR +0.01 points	0.31%	0.30%
Redefine Properties Ltd	VNQI +0.01 points	0.25%	0.26%
Hoshino Resorts REIT Inc	VNQI +0.01 points	0.08%	0.09%
Daiwa House REIT Investment Corp	VNQI +0.01 points	0.29%	0.30%
Derwent London PLCDLN.L	VGSR +0.01 points	0.26%	0.25%
Shaftesbury Capital PLCSHC.L	VGSR +0.01 points	0.28%	0.27%
Irish Residential Properties REIT PLC	VNQI +0.01 points	0.07%	0.08%
Scentre Group	VNQI +0.01 points	1.25%	1.26%
CLS Holdings PLCCLI.L	VNQI +0.01 points	<0.01%	<0.01%
Charter Hall Retail REIT	VGSR +0.01 points	0.13%	0.12%
Dexus Property Group	VGSR +0.01 points	0.43%	0.42%
Immobiliare Grande Distribuzione SIIQ SpA	Same weight	0.02%	0.02%
Icade	VNQI +0.01 points	0.05%	0.06%
Hulic Reit Inc	Same weight	0.11%	0.11%
Mirvac Group	Same weight	0.50%	0.50%
CapitaLand Ascott Trust	Same weight	0.18%	0.18%
Nsi NV	VGSR +0.01 points	0.03%	0.02%
Tritax Big Box REIT PLCBBOX.L	Same weight	0.52%	0.52%
Mori Trust Reit Inc	Same weight	0.11%	0.11%
UNITE Group PLC/TheUTG.L	VNQI +0.01 points	0.26%	0.27%
Safestore Holdings PLCSAFE.L	Same weight	0.15%	0.15%
Mercialys SA	Same weight	0.10%	0.10%
Growthpoint Properties Australia Ltd	VNQI +0.01 points	0.03%	0.04%
Carmila SA	Same weight	0.10%	0.10%
Stockland	Same weight	0.72%	0.72%
Shurgard Self Storage Ltd	VGSR +0.01 points	0.09%	0.08%
Suntec Real Estate Investment Trust	Same weight	0.19%	0.19%
Frasers Logistics & Commercial Trust	Same weight	0.20%	0.20%
Lendlease Global Commercial REIT	Same weight	0.11%	0.11%
Montea NV	Same weight	0.14%	0.14%
Charter Hall Social Infrastructure REIT	Same weight	0.05%	0.05%
Hammerson PLCHMSO.L	Same weight	0.26%	0.26%
Wereldhave NV	Same weight	0.07%	0.07%
Vastned NV	Same weight	0.02%	0.02%
Cromwell Property Group	Same weight	0.04%	0.04%
Dexus Industria REIT	Same weight	0.04%	0.04%
Goodman New Zealand Ltd & Goodman Property Services NZ Ltd	Same weight	0.11%	0.11%

All VGSR holdings⁠All 682 VNQI 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.

VGSR vs VNQI Cost

Overpaying VGSR vs VNQI

$6,521

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

VGSR 0.45%
$9,041
VNQI 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

VGSR 0.45%
VNQI 0.12%
Overpaying

Year by year

Year	VGSR	VNQI	Overpaying
10	$812	$220	$592
20	$3,128	$859	$2,269
30	$9,041	$2,520	$6,521

Expense ratio

0.45%VGSR
0.12%VNQI, cheaper

VNQI0.12%VGSR0.45%

0.10%0.60%

Middle half of Global & International Real Estate funds
Median 0.49%

VNQI 2nd cheapest of 18 funds

VGSR 6th cheapest of 18 funds

VGSR vs VNQI Dividends

Last 12 months to Nov 2, 2026

Yield (12M): VGSR 2.85%; VNQI 5.02%, better
Payout (12M): VGSR $0.32; VNQI $2.16
Last payment: VGSR $0.06; VNQI $2.16
Ex-dividend: VGSR Sep 24, 2026; VNQI Dec 19, 2025
Paid on: VGSR Sep 25, 2026; VNQI Dec 23, 2025
Frequency: VGSR Quarterly; VNQI Annual

Distribution history

Per share, 2017 to 2026, same scale for both

VGSRQuarterly · 12 paymentsAll VGSR payments⁠

VNQIAnnual · 17 paymentsAll VNQI payments⁠

VGSR vs VNQI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: VGSR 13.7%since Jan 2024VNQI 15.9%
Return per unit of riskSharpe ratio, 3 years: VGSR 0.23since Jan 2024VNQI 0.36
Worst fallMax drawdown, 5 years: VGSR −18.3%since Dec 2023VNQI −33.4%
Market sensitivityBeta, 5 years: VGSR 1.03VNQI 0.95; Market = 1

VGSR and VNQI in the news

All news⁠

Deep Dive
Global real estate ETFs that are up for 2026 are built mostly of U.S. REITs
Oct 14, 2026VNQI
Deep Dive
The 10-year is back at 5.01%. Listed REIT funds fell 2%
Sep 19, 2026VNQI
Deep Dive
Equity REIT funds fell 1.3%. VanEck's mortgage REIT fund hit a 52-week low
Sep 12, 2026VNQI
Deep Dive
September's $2.74 billion CMBS wall is half of August's, with more already in special servicing
Sep 5, 2026VNQI

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VGSR vs VNQI

In short

Stated mandate

Why people hold it