Summary
Vanguard Real Estate Index Fund Admiral Shares is a mutual fund run by Vanguard. It does not trade on an exchange: you buy it from the fund company at a price set once a day. Positions inside: 146. The ten largest make up 56% of the fund.
- Yearly costs
- 0.13%
- Fund size
- $66.4B
- Positions
- 146
- Dividend yield
- 3.71%
- Running since
- 2001
What speaks for it
- Low costs: 0.13% a year.
- A large fund with $66.4B under management.
- It has been running since 2001.
What to watch
- The ten largest positions make up 56% of the fund, so its result rests on a few names.
- 84% of the fund is in one sector (Real estate).
- 99% of the fund is in one country (United States).
- In the last five years its price once dropped by 39% from its high.
A fund has no Bulios Score and no Fair Price of its own - both are computed from the results of a single company. This page shows what is inside the fund and what it costs instead.
Price
Performance
- 1 month
- -2.4%
- 3 months
- -8.8%
- This year
- +2.5%
- 1 year
- -1.5%
- 3 years
- +25%
- 5 years
- -16%
- 10 years
- +8.2%
- Avg. market cap
- $64.7B
- P/E
- 31.3x
- Forward P/E
- 36.1x
- P/S
- 5.7x
- P/B
- 2.7x
- P/FCF
- 23.9x
- EV/EBITDA
- 18.9x
- Dividend yield
- 3.57%
- ROIC
- 0.5%
- ROE
- 19.1%
- Gross margin
- 46.2%
- Operating margin
- 29.4%
- Net margin
- 25.3%
- Payout ratio
- 111.8%
- Net debt/EBITDA
- 14.7x
- Beta
- 0.99
Weighted average of the 50 largest companies, which make up 74% of the fund. Banks and insurers are left out of the gross margin, the ROIC and the EBITDA figures.
What is inside?
Concentrated- 1 VNVanguard Real Estate Index Fund VNQ 15%
- 2 WEWelltower WELL 9.1%
- 3 PLPrologis PLD 6.9%
- 4 EQEquinix EQIX 5.7%
- 5 AMAmerican Tower AMT 4.3%
- 6 SPSimon Property Group, Inc. SPG 3.7%
- 7 DLDigital Realty DLR 3.7%
- 8 ORealty Income O 2.8%
- 9 PSPublic Storage PSA 2.7%
- 10 VMEquity Residential VMRK 2.5%
Positions in the fund: 146. The ten largest make up 56% of it.
Composition as of Oct 18, 2026.
Where is it spread?
One sector dominatesBy sector
- Real estate 84%
- Financials 15%
- Communication services 0.3%
- Energy 0.1%
- Industrials 0.02%
- Other 0.7%
By country
- United States 99%
- Other countries 0.7%
By company size
- Large cap 80%
- Mid cap 17%
- Small cap 2.4%
- Micro cap 0.06%
By the company's market value: Mega cap from $200B, Large cap from $10B, Mid cap from $2B, Small cap from $300M, Micro cap below $300M. Counted from the companies that make up 85% of the fund.
Largest sector: Real estate (84%). Largest country: United States (99%). Largest size group: Large cap (80%).
What does it cost me?
Cheap- Yearly costs
- 0.13%
- A year from $10,000
- $13.00
- Over 20 years
- $649
From every $10,000 invested the fund takes $13.00 a year. You do not pay it separately - it is taken out of the fund's value. Over 20 years at 5% yearly growth that adds up to about $649.
How has it done?
Growing slowly- A year on average, 10 years
- +0.8%
- Deepest drop
- -39%
- Yearly volatility
- 14%
Average yearly growth over the last ten years: 0.8%. Deepest drop in these years: 39% below the earlier high.
Does it pay dividends?
Yes, it pays out- Yield
- 3.71%
- Payments a year
- 4
- Last payment
- $1.14
Over the last 12 months it paid $4.83 per share, which is 3.71% of today's price. The last payment was $1.14 on Sep 23, 2026.
How expensive are the companies inside?
Rather expensive- P/E of the companies inside
- 31.3
- Average Bulios Score
- 65 out of 100
Weight by Bulios Fair Price
- Undervalued 28%
- Fairly valued 13%
- Overvalued 59%
On average the companies inside trade for 31.3 times their yearly profit. By Fair Price, 59% of the rated weight comes out as overvalued.
Counted from its largest companies (50), which make up 74% of the fund. Each company counts by its weight. We use the metrics, the Bulios Score and the Fair Price of the companies themselves.
Can I buy it as an ETF?
A mutual fund is bought from the fund company. These ETFs hold much of the same and trade on an exchange, so an ordinary broker carries them.
| Fund | Domicile | Size | 1-year change | Dividends | ||
|---|---|---|---|---|---|---|
VN VNQ Vanguard Real Estate Index Fund | United States | 0.13% | $66.6B | -1.5% | Pays out | 85% |
FR FREL Fidelity MSCI Real Estate Index ETF | United States | 0.08% | $1.11B | -1.7% | Pays out | 81% |
SC SCHH Schwab U.S. REIT ETF | United States | 0.07% | $10.8B | +2.2% | Pays out | 78% |
DF DFAR DFA Real Estate Securities Portfolio ETF Class Shares | United States | 0.22% | $1.60B | +1.7% | Pays out | 75% |
DF DFGR Dimensional - Global Real Estate ETF | United States | 0.22% | $3.78B | -2.0% | Pays out | 74% |
IY IYRI NEOS Real Estate High Income ETF | United States | 0.68% | $113.1M | -11% | Pays out | 73% |