VNQvsFRIETF Comparison
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Vanguard Real Estate ETF (VNQ) and First Trust S&P REIT Index Fund ETF (FRI) belong to the same industry segment: US Real Estate. VNQ's top 3 sector exposures are Real Estate and Industrials. In contrast, FRI's top sector exposures are Real Estate VNQ is less expensive with a Total Expense Ratio (TER) of 0.13%, versus 0.49% for FRI. VNQ is up 9.25% year-to-date (YTD) with +$203M in YTD flows. FRI performs better with 11.39% YTD performance, and -$3M in YTD flows. Run a side-by-side ETF comparison of VNQ and FRI below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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VNQ vs FRI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/28/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VNQ FRI | +9.46%+8.56% | +8.06%+9.23% | +9.25%+11.39% | +13.52%+16.92% | +29.51%+37.40% | +18.16%+29.03% |
| Flows | VNQ FRI | -$157M-$3M | +$80M-$8M | +$203M-$3M | +$713M-$4M | -$330M+$10M | +$1.04B+$74M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VNQ FRI | +14.68%+14.22% | +13.39%+13.16% | +16.81%+16.99% | +18.83%+18.97% |
| Max drawdown | VNQ FRI | -8.32%-7.64% | -8.32%-7.64% | -17.41%-18.74% | -34.43%-31.41% |
| Max drawdown duration | VNQ FRI | 44d44d | 44d44d | 141d434d | 1577d1496d |
Trading data
VNQ | FRI | |
Last sale 4/29/2026 at 1:30 PM | $94.89 | $30.51 |
| Previous close 04/28/2026 | $95.65 | $30.60 |
| Consolidated volume 04/28/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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VNQ | FRI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/29/2026 at 1:30 PM
Live
Closed
VNQ | FRI | |
|---|---|---|
| Last price | $94.89 | $30.51 |
| 1D performance | -0.80% | -0.29% |
| AuM | $36.81 B | $162.27 M |
| E/R | 0.13% | 0.49% |
Characteristics
VNQ | FRI | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | First Trust |
| Benchmark | MSCI US Investable Market Real Estate 25/50 Transition Index | S&P United States REIT Index |
| N° of holdings | 126 | 112 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 23, 2004 | May 8, 2007 |
| ESG | No | No |
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Exposure
Countries
VNQ
USA
98.85%
Other
1.15%
FRI
USA
96.29%
Other
3.71%
Sectors
VNQ
Real Estate
95.02%
Other
4.98%
FRI
Real Estate
93.43%
Other
6.57%
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Diversification
VNQ
Total weight of top 15 holdings out of 15
58.86%
FRI
Total weight of top 15 holdings out of 15
60.4%
Top 15 holdings
Data as of March 31, 2026
VNQ
WELLTOWER INC
9.02%
PROLOGIS REIT
8.23%
EQUINIX INC COMMON STOCK REIT
6.45%
AMERICAN TOWER CL A REIT
5.42%
DIGITAL REALTY REIT
4.15%
SIMON PROPERTY GROUP REIT
4.08%
REALTY INCOME REIT
3.75%
PUBLIC STORAGE REIT
2.87%
CBRE GROUP
2.70%
VENTAS REIT
2.57%
CROWN CASTLE INTERNATIONAL
2.37%
IRON MOUNTAIN
2.02%
EXTRA SPACE STORAGE REIT
1.87%
VICI PROPERTIES INC
1.82%
AVALONBAY COMMUNITIES REIT
1.55%
FRI
WELLTOWER INC
11.30%
PROLOGIS REIT
10.09%
SIMON PROPERTY GROUP REIT
4.86%
EQUINIX INC COMMON STOCK REIT
4.84%
DIGITAL REALTY REIT
4.75%
REALTY INCOME REIT
4.64%
PUBLIC STORAGE REIT
3.55%
VENTAS REIT
3.17%
IRON MOUNTAIN
2.43%
VICI PROPERTIES INC
2.39%
EXTRA SPACE STORAGE REIT
2.29%
AVALONBAY COMMUNITIES REIT
1.90%
EQUITY RESIDENTIAL REIT
1.67%
ESSEX PROPERTY REIT
1.28%
WP CAREY INC
1.24%
Frequently asked questions about VNQ and FRI
How have the VNQ and FRI ETFs performed in 2026?
As of April 28, 2026, VNQ is up 9.25% year-to-date (YTD), while FRI has returned 11.39%. That puts FRI better performer ahead so far this year.
Which ETF is attracting more investor money: VNQ or FRI?
Year-to-date, the VNQ ETF saw +$203M in flows, compared to -$3M for FRI.
Which ETF is more volatile: VNQ or FRI?
Over the past year, VNQ had a volatility of 13.39%, while FRI experienced 13.16%.
Which ETF is bigger: VNQ or FRI?
As of April 28, 2026, VNQ holds $36.81 B in assets under management (AUM), while FRI manages $162.27 M.
What sectors do the VNQ and FRI ETFs invest in?
VNQ leans toward sectors like Real Estate. Meanwhile, FRI focuses on Real Estate.
What are the top holdings of the VNQ ETF and FRI ETF?
VNQ top holdings include WELLTOWER INC, PROLOGIS REIT and EQUINIX INC COMMON STOCK REIT. FRI holds in its top three: WELLTOWER INC, PROLOGIS REIT and SIMON PROPERTY GROUP REIT.
Which ETF is more diversified: VNQ or FRI?
VNQ holds 144 securities with 58.86% of its assets in the top 15. FRI has 128 securities and a top 15 weight of 60.4%.
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Real Estate Sector Hit by Stronger-Than-Expected Inflation Data
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December 19, 2023
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