Vanguard Real Estate ETF (VNQ)
Description
The Vanguard Real Estate ETF provides broad exposure to the U.S. real estate market by investing in a wide range of REITs and real estate operating companies. As the largest fund in its category, it covers multiple property types without favoring any particular sector or strategy. With a relatively low expense ratio, the ETF offers investors a cost-effective entry point into the market. Its historical returns, closely aligning with the category average, illustrate the relatively small performance gaps that exist between competing funds in this industry.
Index: MSCI US Investable Market Real Estate 25/50
The MSCI US IMI Real Estate 25/50 Index represents large, mid, and small-cap segments of the U.S. equity market. It includes only securities classified within the Real Estate sector according to the Global Industry Classification Standard (GICS®).
Sectors
?Real estate sectors vary in risk and opportunity based on market conditions. The financial ratios highlight pricing and leverage in each sector, helping you evaluate the ETF’s diversification and potential risks.
Click here for further information about real estate sectors.
Click here for further information about real estate sectors.
Average Ratios
?These metrics reveal key insights about the ETF's financial profile. The FFO Multiple shows how the market values the ETF’s cash flow, while Debt/EBITDA and Debt Ratio highlight its leverage and financial stability. Together, they help you evaluate the ETF’s valuation and risk profile.
Click here for further information about FFO Multiples.
Click here for further information about FFO Multiples.
FFO Multiple 2025
18.5
FFO Multiple 2026
17.4
Debt/EBITDA
7.7
Debt Ratio
29.4%
Last updated at 2025-06-23, calculated using 90% of holdings.
Top Holdings
| # | Name | Ticker | Sector | Holding Percentage | Dividend Yield | FFO Multiple 2025 | FFO Multiple 2026 | Debt/EBITDA | Debt Ratio |
|---|---|---|---|---|---|---|---|---|---|
| 1 | VNQ Replicator | VRTPX | 13.88% | ||||||
| 2 | Prologis | PLD | Industrial REITs | 6.48% | 3.63% | 18.2 | 16.8 | 3.94 | 23.50% |
| 3 | American Tower Corp | AMT | Telecom Tower REITs | 5.07% | 3.53% | 20.8 | 20.7 | 32.58 | 34.30% |
| 4 | Equinix Inc | EQIX | Data Center REITs | 4.95% | 1.81% | 22.3 | 20.6 | 5.72 | 17.40% |
| 5 | Welltower Inc. | WELL | Health Care REITs | 4.85% | 2.13% | 35.4 | 31.8 | 7.93 | 14.80% |
| 6 | Simon Property Group | SPG | Retail REITs | 3.32% | 4.88% | 12.6 | 12.8 | 4.71 | 28.80% |
| 7 | Digital Realty Trust | DLR | Data Center REITs | 3.15% | 2.75% | 25.5 | 24.1 | 8.80 | 23.40% |
| 8 | Realty Income | O | Retail REITs | 2.79% | 5.92% | 13.7 | 13.0 | 5.49 | 37.80% |
| 9 | Public Storage | PSA | Self Storage REITs | 2.76% | 4.01% | 17.4 | 16.8 | 2.51 | 15.20% |
| 10 | CBRE Group Inc | CBRE | Real Estate Services | 2.60% | |||||
| 11 | Crown Castle Inc | CCI | Telecom Tower REITs | 2.28% | 6.90% | 14.5 | 14.5 | 6.71 | 42.90% |
| 12 | Extra Space Storage | EXR | Self Storage REITs | 1.91% | 4.33% | 18.0 | 17.6 | 4.94 | 27.20% |
| 13 | Avalonbay Communities | AVB | Residential REITs | 1.85% | 3.09% | 18.5 | 17.7 | 4.06 | 21.50% |
| 14 | CoStar Group Inc | CSGP | Real Estate Services | 1.84% | |||||
| 15 | Iron Mountain | IRM | Specialized REITs | 1.75% | 2.72% | 22.6 | 20.8 | 6.95 | 34.40% |
| 16 | VICI Properties | VICI | Specialized REITs | 1.67% | 5.92% | 14.3 | 13.9 | 4.63 | 36.70% |
| 17 | Ventas Inc | VTR | Health Care REITs | 1.47% | 3.06% | 19.8 | 18.4 | 6.98 | 35.90% |
| 18 | Equity Residential | EQR | Residential REITs | 1.41% | 3.76% | 17.3 | 16.8 | 4.34 | 23.60% |
| 19 | Weyerhaeuser | WY | Timberland REITs | 1.31% | 2.84% | 29.7 | 20.5 | 8.43 | 19.90% |
| 20 | SBA Communications | SBAC | Telecom Tower REITs | 1.25% | 1.92% | 17.4 | 17.9 | 8.69 | 35.90% |
Related Articles
Yields
Relative Performance
| Name | Expense Ratio |
Sharpe Ratio ? The Sharpe Ratio measures risk-adjusted returns, showing how much return the ETF generates for each unit of risk. Comparing Sharpe Ratios helps you evaluate whether the ETF offers better returns relative to its risk compared to other investments. Usually, the higher the number, the better the risk-reward balance. |
FFO Multiple 2025 | FFO Multiple 2026 | Distribution Yield | Debt/EBITDA | Debt Ratio |
|---|---|---|---|---|---|---|---|
| Vanguard Real Estate ETF | 0.13% | 0.31 | 18.5 | 17.4 | 2.89% | 7.7 | 29.4% |
| FTSE NAREIT Equity REIT Index | - | 0.31 | - | - | - | - | - |
* Note that financial ratios are not calculated using all the holdings of the ETFs.
Yield Histograms
?The histograms show the range and frequency of annual returns for the ETF and a comparable benchmark. They help investors assess the ETF’s historical performance, volatility, and risk profile, offering insights into how it may behave in different market conditions.
Vanguard Real Estate ETF
(2005-2024)
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