Vanguard Global ex-U.S. Real Estate ETF
ALTAR
Score™
9.3% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
14.9x P/Sales
ratio
2.1x
P/BV
ratio
0.8x Div.
yield
4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Vanguard Global ex-U.S. Real Estate ETF seeks to track the S&P Global ex-US Property Index, which includes real estate companies in both developed and emerging markets.

FUND BASICS
Category Global Equities
Fund Sponsor Vanguard Group
Website www.vanguard.com
Inception date Nov 01, 2010
Assets (mns) $4,971
Currency USD
Expense ratio 12 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Brown Brothers Harriman & Co
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 664
Wgt avg mkt cap (mns) $8,920
Large cap (>$10bn) 38.3%
Mid cap ($2-10bn) 45.0%
Small cap (<$2bn) 13.1%
Developed mkts 83.3%
Emerging mkts 16.2%

TOP TEN HOLDINGS
DEUTSCHE ANNINGTON IMMOBILIE 3.1 %
GOODMAN GROUP 1.9 %
MITSUBISHI ESTATE CO LTD 1.8 %
SUN HUNG KAI PROPERTIES 1.8 %
DAIWA HOUSE INDUSTRY CO LTD 1.6 %
MITSUI FUDOSAN CO LTD 1.5 %
DEUTSCHE WOHNEN AG 1.5 %
LINK REIT 1.5 %
SEGRO PLC 1.3 %
SUMITOMO REALTY & DEVELOPMNT 1.1 %
Total 17.1 %

TOP COUNTRY EXPOSURE
JAPAN 16.1 %
HONG KONG 11.6 %
AUSTRALIA 7.8 %
GERMANY 6.2 %
CHINA 6.1 %
BRITAIN 5.6 %
SINGAPORE 5.2 %
SWEDEN 2.3 %
FRANCE 1.7 %
SWITZERLAND 1.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-7.2% -7.2% 5.7% 4.9% 5.6%

Market Correlations
versus... Beta R-squared
S&P500 0.79 62%
MSCI EAFE 0.90 78%
MSCI Emg. Mkts. 0.75 70%

Technical Indicators
Recent close $53.91
30d moving avg. $54.00
Annualized volatility 18.9%
Short interest (ETF) 0.4%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 518
Turnover 0.6%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $5,213

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 94 potential alternatives to the Vanguard Global ex-U.S. Real Estate ETF ETF based on the alternatives' overlap in portfolio holdings with VNQI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: VNQI Expense: 12 bp ALTAR Score™: 9.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VNQI
Ticker Fund
Name
Overlap1
vs VNQI
(%)
Expense
ratio
(bp)
Savings
vs VNQI
(bp)
ALTAR
Score™
(%)
ALTAR
vs VNQI
(%)
HAUZ Xtrackers International Real Estate ETF 67.2 10 2 8.5 -0.8
WPS iShares International Developed Property ETF 62.2 48 -36 7.2 -2.2
IFGL iShares International Developed Real Estate ETF 52.2 48 -36 7.0 -2.4
DRW WisdomTree Global ex-US Real Estate Fund 48.0 58 -46 9.5 +0.2
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 40.0 60 -48 6.5 -2.9
RWX SPDR Dow Jones International Real Estate ETF 38.5 59 -47 6.2 -3.2
RWO SPDR Dow Jones Global Real Estate ETF 36.3 50 -38 6.3 -3.0
REET iShares Global REIT ETF 28.0 14 -2 6.6 -2.7
GQRE FlexShares Global Quality Real Estate Index Fund 18.1 45 -33 6.2 -3.2
DFAE Dimensional Emerging Core Equity Market ETF 13.5 35 -23 7.0 -2.4
EPP iShares MSCI Pacific ex-Japan ETF 10.6 48 -36 5.5 -3.8
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF 10.2 19 -7 5.9 -3.5
DWX SPDR S&P International Dividend ETF 8.8 45 -33 7.5 -1.9
DIM WisdomTree International MidCap Dividend Fund 8.8 58 -46 7.1 -2.2
FLHK Franklin FTSE Hong Kong ETF 8.4 9 3 6.8 -2.5
CHIR Global X MSCI China Real Estate ETF 8.1 65 -53 18.9 +9.6
SCZ iShares MSCI Eafe Small-Cap ETF 8.0 40 -28 6.3 -3.0
EWH iShares MSCI Hong Kong ETF 7.5 51 -39 6.1 -3.2
SCHC Schwab International Small-Cap Equity ETF 7.3 11 1 5.9 -3.4
IEUS iShares MSCI Europe Small-Cap ETF 7.2 40 -28 6.7 -2.7
UIVM VictoryShares USAA MSCI International Value Momentum ETF 7.2 35 -23 7.7 -1.6
IDLB Invesco FTSE International Low Beta Equal Weight ETF 7.0 45 -33 6.1 -3.2
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 6.8 24 -12 6.5 -2.8
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 6.6 11 1 5.8 -3.6
DOO WisdomTree International Dividend ex-Financials Fund 6.5 58 -46 7.7 -1.7
FLAU Franklin FTSE Australia ETF 6.5 9 3 5.7 -3.6
EWJV iShares MSCI Japan Value ETF 6.4 15 -3 8.9 -0.4
ZHOK SPDR Solactive Hong Kong ETF 6.3 14 -2 5.7 -3.7
PQIN PGIM QMA Strategic Alpha International Equity ETF 6.3 29 -17 7.1 -2.3
EWA iShares MSCI Australia ETF 6.2 51 -39 5.1 -4.2
IPAC iShares Core MSCI Pacific ETF 6.2 9 3 6.3 -3.0
ISZE iShares Edge MSCI Intl Size Factor ETF 6.1 30 -18 6.3 -3.1
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 5.6 30 -18 7.7 -1.6
RFAP First Trust Riverfront Dynamic Asia Pacific ETF 5.4 83 -71 5.0 -4.3
DFAI Dimensional International Core Equity Market ETF 5.3 18 -6 6.4 -3.0
EWJE iShares MSCI Japan Equal Weighted ETF 5.3 15 -3 6.4 -2.9
DTH WisdomTree International High Dividend Fund 5.2 58 -46 8.7 -0.7
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 5.2 49 -37 5.5 -3.8
RODM Hartford Multifactor Developed Markets (ex-US) ETF 5.2 29 -17 7.3 -2.1
FDT First Trust Developed Markets ex-US Alphadex Fund 5.1 80 -68 7.6 -1.8
GWX SPDR S&P International Small Cap ETF 5.1 40 -28 6.3 -3.1
FGM First Trust Germany AlphaDEX Fund 5.0 80 -68 5.2 -4.1
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 4.9 80 -68 7.5 -1.9
FLGR Franklin FTSE Germany ETF 4.8 9 3 7.0 -2.4
VPL Vanguard FTSE Pacific ETF 4.7 8 4 6.4 -2.9
EFV iShares MSCI EAFE Value ETF 4.6 39 -27 8.4 -1.0
EWG iShares MSCI Germany ETF 4.6 51 -39 6.4 -2.9
DBGR Xtrackers MSCI Germany Hedged Equity ETF 4.5 45 -33 6.4 -2.9
IDLV Invesco S&P International Developed Low Volatility ETF 4.5 25 -13 6.2 -3.1
VSGX Vanguard ESG International Stock ETF 4.4 17 -5 6.3 -3.0
DWM WisdomTree International Equity Fund 4.3 48 -36 7.2 -2.2
DEM WisdomTree Emerging Markets High Dividend Fund 4.3 63 -51 12.9 +3.6
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 4.3 40 -28 7.2 -2.1
DMXF iShares ESG Advanced MSCI EAFE ETF 4.2 12 0 6.2 -3.1
EWX SPDR S&P Emerging Markets Small Cap ETF 4.2 65 -53 6.1 -3.2
FXI iShares China Large-Cap ETF 4.1 74 -62 10.5 +1.2
WWJD Inspire International ESG ETF 4.1 80 -68 6.0 -3.4
FNDC Schwab Fundamental International Small Co. Index ETF 4.1 39 -27 6.2 -3.2
ZDEU SPDR Solactive Germany ETF 4.1 14 -2 7.1 -2.2
BLDG Cambria Global Real Estate ETF 4.0 59 -47 8.2 -1.2
FEUZ First Trust Eurozone AlphaDEX ETF 3.9 80 -68 7.0 -2.3
DAX Global X DAX Germany ETF 3.9 21 -9 7.0 -2.4
EEMS iShares MSCI Emerging Markets Small Cap ETF 3.8 71 -59 7.3 -2.0
TPIF Timothy Plan International ETF 3.8 62 -50 6.1 -3.3
IGRO iShares International Dividend Growth ETF 3.7 15 -3 7.0 -2.3
IEFA iShares Core MSCI EAFE ETF 3.7 7 5 6.5 -2.9
SCJ iShares MSCI Japan Small-Cap ETF 3.7 51 -39 6.0 -3.3
FEP First Trust Europe AlphaDEX Fund 3.7 80 -68 7.4 -1.9
SDG iShares Sustainable MSCI Global Impact ETF 3.7 49 -37 5.6 -3.8
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 3.7 40 -28 7.5 -1.8
DWMF WisdomTree International Multifactor Fund 3.6 38 -26 6.2 -3.1
FLAX Franklin FTSE Asia Ex Japan ETF 3.6 19 -7 6.2 -3.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 3.6 39 -27 7.4 -1.9
BBJP JPMorgan BetaBuilders Japan ETF 3.5 19 -7 6.4 -2.9
IQDY FlexShares International Quality Dividend Dynamic Index Fund 3.3 47 -35 8.1 -1.2
IDEV iShares Core MSCI International Developed Markets ETF 3.3 5 7 6.5 -2.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 3.3 68 -56 5.7 -3.7
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 3.3 80 -68 6.0 -3.3
KESG KraneShares MSCI China ESG Leaders Index ETF 3.3 59 -47 8.1 -1.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 3.3 59 -47 10.6 +1.2
EWJ iShares MSCI Japan ETF 3.2 51 -39 6.1 -3.3
SPDW SPDR Portfolio Developed World ex-US ETF 3.2 4 8 6.2 -3.1
VEA Vanguard FTSE Developed Markets ETF 3.1 5 7 6.6 -2.8
DBJP Xtrackers MSCI Japan Hedged Equity ETF 3.1 45 -33 6.1 -3.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 3.1 20 -8 6.4 -3.0
JPIN JPMorgan Diversified Return International Equity ETF 3.1 37 -25 7.1 -2.3
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.1 32 -20 7.4 -1.9
FLCH Franklin FTSE China ETF 3.1 19 -7 7.0 -2.4
IQSI IQ Candriam ESG International Equity ETF 3.1 15 -3 6.4 -3.0
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 3.1 61 -49 7.7 -1.6
EWUS iShares MSCI United Kingdom Small Cap ETF 3.1 59 -47 6.3 -3.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 3.1 95 -83 7.1 -2.2
EWS iShares MSCI Singapore ETF 3.1 51 -39 7.2 -2.1
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 3.0 14 -2 6.1 -3.2

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 Global ex-U.S. Real Estate ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 7.6 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 12 bp
Equals: ALTAR Score 9.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.48
 
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.