Vanguard REIT Index Fund
ALTAR
Score™
6.9% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
17.5x P/Sales
ratio
5.2x
P/BV
ratio
2.2x Div.
yield
4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Vanguard REIT ETF seeks to track the performance of the MSCI REIT Index. The Fund invests in the stocks that make up the Index, holding each stock in the same proportion as its weighting in the

FUND BASICS
Category US Equities
Fund Sponsor Vanguard Group Inc/The
Website www.vanguard.com
Inception date Sep 29, 2004
Assets (mns) $27,434
Currency USD
Expense ratio 12 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian JPMorgan Chase Bank
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 182
Wgt avg mkt cap (mns) $27,524
Large cap (>$10bn) 66.7%
Mid cap ($2-10bn) 25.7%
Small cap (<$2bn) 7.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
AMERICAN TOWER CORP-CL A 9.4 %
CROWN CASTLE INTL CORP 5.7 %
PROLOGIS INC 5.6 %
EQUINIX INC 5.0 %
DIGITAL REALTY TRUST INC 3.0 %
SBA COMMUNICATIONS CORP. CLASS A 2.9 %
PUBLIC STORAGE 2.5 %
AVALONBAY COMMUNITIES INC 1.9 %
EQUITY RESIDENTIAL 1.9 %
WELLTOWER, INC. 1.7 %
Total 39.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 88.3 %
BRITAIN 0.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-15.8% -7.5% 3.9% 8.8% 7.6%

Market Correlations
versus... Beta R-squared
S&P500 0.77 54%
MSCI EAFE 0.78 47%
MSCI Emg. Mkts. 0.57 38%

Technical Indicators
Recent close $77.43
30d moving avg. $73.51
Annualized volatility 17.9%
Short interest (ETF) 3.4%
Short interest (Underlying) 3.2%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 7,239
Turnover 2.0%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $9,188

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Vanguard REIT Index Fund ETF based on the alternatives' overlap in portfolio holdings with VNQ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: VNQ Expense: 12 bp ALTAR Score™: 6.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VNQ
Ticker Fund
Name
Overlap1
vs VNQ
(%)
Expense
ratio
(bp)
Savings
vs VNQ
(bp)
ALTAR
Score™
(%)
ALTAR
vs VNQ
(%)
FREL Fidelity MSCI Real Estate Index ETF 87.9 8 4 7.0 +0.0
IYR iShares U.S. Real Estate ETF 82.1 42 -30 6.9 -0.1
PSR Invesco Active U.S. Real Estate Fund 77.2 35 -23 6.5 -0.5
BBRE JPMorgan BetaBuilders MSCI U.S. REIT ETF 65.3 11 1 7.8 +0.9
USRT iShares Core U.S. REIT ETF 65.1 8 4 7.8 +0.9
FRI First Trust S&P REIT Index Fund 64.8 50 -38 7.4 +0.5
XLRE The Real Estate Select Sector SPDR Fund 58.9 13 -1 5.7 -1.2
REET iShares Global REIT ETF 58.0 14 -2 7.8 +0.9
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 54.2 60 -48 7.6 +0.7
PPTY PPTY-U.S. Diversified Real Estate ETF 53.6 53 -41 6.7 -0.2
ICF iShares Cohen & Steers REIT ETF 51.2 34 -22 6.2 -0.7
EWRE Invesco S&P 500 Equal Weight Real Estate ETF 46.3 40 -28 7.5 +0.6
SCHH Schwab U.S. REIT ETF 45.7 7 5 8.1 +1.1
RWR SPDR Dow Jones REIT ETF 45.7 25 -13 7.9 +1.0
RWO SPDR Dow Jones Global Real Estate ETF 45.7 50 -38 7.5 +0.5
GQRE FlexShares Global Quality Real Estate Index Fund 32.0 45 -33 7.9 +0.9
SRVR Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF 28.7 60 -48 3.0 -3.9
REZ iShares Residential Real Estate Capped ETF 24.5 48 -36 6.4 -0.5
RORE Hartford Multifactor REIT ETF 23.3 45 -33 16.0 +9.1
GRI ALPS REIT Dividend Dogs ETF 22.8 35 -23 16.3 +9.3
IYF iShares U.S. Financials ETF 21.6 42 -30 7.2 +0.3
HOMZ Hoya Capital Housing ETF 19.5 45 -33 7.4 +0.4
GLIF AGFiQ Global Infrastructure ETF 19.4 45 -33 5.2 -1.7
NURE Nuveen Short-Term REIT ETF 19.0 35 -23 8.3 +1.4
PFI Invesco DWA Financial Momentum ETF 18.9 60 -48 3.5 -3.5
JKG iShares Morningstar Mid-Cap ETF 18.4 25 -13 6.3 -0.6
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 17.9 46 -34 5.5 -1.4
DON WisdomTree U.S. MidCap Dividend Fund 14.2 38 -26 8.1 +1.1
SPYD SPDR S&P 500 High Dividend ETF 13.9 7 5 10.5 +3.5
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 13.8 35 -23 6.0 -1.0
LGLV SPDR Russell 1000 Low Volatility ETF 13.4 12 0 5.7 -1.2
IWS iShares Russell Mid-Cap Value ETF 13.0 24 -12 7.5 +0.6
LVHD Legg Mason Low Volatility High Dividend ETF 12.8 27 -15 8.8 +1.8
FIVG Defiance Next Gen Connectivity ETF 12.0 30 -18 4.4 -2.5
NXTG First Trust Indxx NextG ETF 11.4 70 -58 6.2 -0.7
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 10.7 60 -48 5.4 -1.6
VRAI Virtus Real Asset Income ETF 10.6 55 -43 11.7 +4.8
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 10.5 30 -18 9.7 +2.8
DHS WisdomTree U.S. High Dividend Fund 10.5 38 -26 8.6 +1.6
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 10.2 7 5 5.8 -1.2
INDS Pacer Benchmark Industrial Real Estate SCTR ETF 10.1 60 -48 4.3 -2.6
VOT Vanguard Mid-Cap Growth Index Fund 9.8 7 5 3.7 -3.2
FCTR First Trust Lunt U.S. Factor Rotation ETF 9.6 65 -53 5.7 -1.2
BIBL Inspire ETF 9.5 35 -23 4.8 -2.1
VBR Vanguard Small Cap Value Index Fund 9.3 7 5 8.9 +2.0
MDY SPDR S&P Midcap 400 ETF Trust 9.2 23 -11 6.5 -0.5
SPMD SPDR Portfolio Mid Cap ETF 9.1 5 7 6.7 -0.3
IJH iShares Core S&P Mid-Cap ETF 9.1 6 6 6.6 -0.3
SCHM Schwab U.S. Mid-Cap ETF 9.1 4 8 6.6 -0.3
MDYV SPDR S&P 400 Mid Cap Value ETF 8.9 15 -3 8.8 +1.9
IJJ iShares S&P Mid-Cap 400 Value ETF 8.9 25 -13 8.7 +1.7
JHSC John Hancock Multifactor Small Cap ETF 8.9 50 -38 6.1 -0.8
NUMV Nuveen ESG Mid-Cap Value ETF 8.9 40 -28 9.0 +2.1
IVOV Vanguard S&P Mid-Cap 400 Value ETF 8.7 15 -3 8.8 +1.9
PBSM Invesco PureBeta MSCI USA Small Cap ETF 8.7 6 6 5.4 -1.5
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 8.7 39 -27 6.4 -0.5
IVOO Vanguard S&P Mid-Cap 400 ETF 8.7 10 2 6.5 -0.4
FNDA Schwab Fundamental U.S. Small Co. Index ETF 8.6 25 -13 6.8 -0.1
CZA Invesco Zacks Mid-Cap ETF 8.6 76 -64 6.4 -0.5
VB Vanguard Small-Cap ETF 8.5 5 7 5.8 -1.2
FDVV Fidelity Core Dividend ETF 8.3 29 -17 7.6 +0.7
IWR iShares Russell Midcap ETF 8.2 19 -7 5.9 -1.0
RNMC Mid Cap US Equity Select ETF 8.1 60 -48 8.3 +1.4
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 8.1 20 -8 6.2 -0.7
ONEY SPDR Russell 1000 Yield Focus ETF 7.9 20 -8 8.8 +1.9
JDIV JPMorgan U.S. Dividend ETF 7.9 12 0 8.3 +1.4
FSMD Fidelity Small-Mid Factor ETF 7.9 29 -17 7.3 +0.4
VBK Vanguard Small-Cap Growth Index Fund 7.8 7 5 2.7 -4.3
VFLQ Vanguard U.S. Liquidity Factor ETF 7.8 13 -1 3.7 -3.2
RTL Pacer Benchmark Retail Real Estate SCTR ETF 7.7 60 -48 13.2 +6.3
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 7.6 20 -8 7.9 +1.0
VO Vanguard Mid-Cap Index Fund 7.5 4 8 5.7 -1.2
MDYG SPDR S&P 400 Mid Cap Growth ETF 7.5 15 -3 5.0 -2.0
IJK iShares S&P Mid-Cap 400 Growth ETF 7.5 24 -12 4.9 -2.1
VXF Vanguard Extended Market Index Fund 7.5 7 5 4.1 -2.9
SFYX Sofi Next 500 ETF 7.5 0 12 6.2 -0.8
DTN WisdomTree U.S. Dividend ex-Financials Fund 7.5 38 -26 8.1 +1.2
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 7.3 17 -5 5.2 -1.8
EWMC Invesco S&P MidCap 400 Equal Weight ETF 7.3 40 -28 7.2 +0.3
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 7.3 15 -3 6.9 -0.0
NETL NETLease Corporate Real Estate ETF 7.3 60 -48 8.9 +2.0
USMV iShares Edge MSCI Min Vol USA ETF 7.2 15 -3 5.7 -1.2
LSLT Salt Low truBeta US Market ETF 7.2 0 12 7.3 +0.4
NUSC Nuveen ESG Small-Cap ETF 7.1 40 -28 5.3 -1.6
DTD WisdomTree U.S.Total Dividend Fund 7.1 28 -16 6.7 -0.2
MILN Global X Millennials Thematic ETF 7.1 50 -38 3.2 -3.7
IWN iShares Russell 2000 Value ETF 7.1 24 -12 7.6 +0.7
VTWV Vanguard Russell 2000 Value Index Fund 7.1 15 -3 7.7 +0.8
VSL Volshares Large Capital ETF 7.0 65 -53 5.8 -1.1
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 7.0 15 -3 4.9 -2.0
SCHA Schwab U.S. Small-Cap ETF 7.0 4 8 5.1 -1.8
AUSF Global X Adaptive U.S. Factor ETF 6.8 27 -15 8.6 +1.6
IWM iShares Russell 2000 ETF 6.6 19 -7 3.9 -3.1
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 6.6 30 -18 6.2 -0.7
JKJ iShares Morningstar Small-Cap ETF 6.6 25 -13 6.6 -0.3
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 6.5 9 3 6.1 -0.8
LRGF iShares Edge MSCI Multifactor USA ETF 6.4 20 -8 7.1 +0.2
VTWO Vanguard Russell 2000 Index Fund 6.4 10 2 3.9 -3.0
QDIV Global X S&P 500 Quality Dividend ETF 6.4 20 -8 8.4 +1.4
ONEV SPDR Russell 1000 Low Volatility Focus ETF 6.3 20 -8 7.2 +0.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Vanguard REIT Index Fund
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.0 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 12 bp
Equals: ALTAR Score 6.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.52
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.