Vanguard Global ex-US Real Estate Index Fund
ALTAR
Score™
10.2% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
12.3x P/Sales
ratio
1.9x
P/BV
ratio
0.8x Div.
yield
4.4%


  • 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) $4,580
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 627
Wgt avg mkt cap (mns) $9,093
Large cap (>$10bn) 37.9%
Mid cap ($2-10bn) 45.3%
Small cap (<$2bn) 14.5%
Developed mkts 83.3%
Emerging mkts 15.6%

TOP TEN HOLDINGS
DEUTSCHE ANNINGTON IMMOBILIE 3.6 %
MITSUBISHI ESTATE CO LTD 2.0 %
GOODMAN GROUP 2.0 %
SUN HUNG KAI PROPERTIES 1.8 %
DEUTSCHE WOHNEN AG 1.8 %
LINK REIT 1.6 %
MITSUI FUDOSAN CO LTD 1.5 %
SEGRO PLC 1.5 %
DAIWA HOUSE INDUSTRY CO LTD 1.5 %
CK ASSET HOLDINGS LIMITED 1.4 %
Total 18.7 %

TOP COUNTRY EXPOSURE
JAPAN 16.9 %
HONG KONG 12.9 %
CHINA 7.4 %
AUSTRALIA 7.3 %
GERMANY 7.1 %
SINGAPORE 5.7 %
BRITAIN 5.4 %
SWEDEN 2.2 %
FRANCE 1.7 %
SWITZERLAND 1.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-19.8% -12.3% 1.5% -- 4.3%

Market Correlations
versus... Beta R-squared
S&P500 0.74 55%
MSCI EAFE 0.92 72%
MSCI Emg. Mkts. 0.71 71%

Technical Indicators
Recent close $48.33
30d moving avg. $47.74
Annualized volatility 17.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 406
Turnover 0.4%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $4,577

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Vanguard Global ex-US Real Estate Index Fund 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™: 10.2%


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
(%)
DBAP Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF 69.7 10 2 9.3 -0.9
WPS iShares International Developed Property ETF 64.2 48 -36 8.0 -2.2
IFGL iShares International Developed Real Estate ETF 54.6 48 -36 7.8 -2.4
DRW WisdomTree Global ex-US Real Estate Fund 52.6 58 -46 10.9 +0.7
RWX SPDR Dow Jones International Real Estate ETF 41.2 59 -47 6.8 -3.4
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 38.9 60 -48 7.2 -3.0
RWO SPDR Dow Jones Global Real Estate ETF 35.5 50 -38 7.0 -3.2
REET iShares Global REIT ETF 26.8 14 -2 7.4 -2.8
GQRE FlexShares Global Quality Real Estate Index Fund 23.0 45 -33 6.9 -3.3
IFEU iShares Europe Development Real Estate ETF 22.2 48 -36 6.5 -3.7
SCIX Global X Scientific Beta Asia ex-Japan ETF 12.1 38 -26 6.6 -3.6
EPP iShares MSCI Pacific ex-Japan ETF 10.9 48 -36 6.5 -3.7
DWX SPDR S&P International Dividend ETF 10.8 45 -33 8.1 -2.1
CHIR Global X MSCI China Real Estate ETF 10.3 65 -53 17.5 +7.3
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF 9.7 19 -7 6.8 -3.3
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 9.2 24 -12 7.2 -3.0
SCZ iShares MSCI Eafe Small-Cap ETF 8.5 40 -28 7.2 -3.0
FLHK Franklin FTSE Hong Kong ETF 8.3 9 3 8.2 -2.0
IEUS iShares MSCI Europe Small-Cap ETF 8.1 40 -28 7.7 -2.5
EWH iShares MSCI Hong Kong ETF 7.5 49 -37 7.1 -3.1
SCHC Schwab International Small-Cap Equity ETF 7.4 11 1 6.6 -3.5
SCID Global X Scientific Beta Europe ETF 7.3 39 -27 6.4 -3.8
UIVM VictoryShares USAA MSCI International Value Momentum ETF 7.0 35 -23 8.6 -1.5
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 6.9 30 -18 7.5 -2.7
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 6.6 11 1 6.4 -3.7
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 6.6 80 -68 7.4 -2.8
IPAC iShares Core MSCI Pacific ETF 6.5 9 3 7.4 -2.8
FLAU Franklin FTSE Australia ETF 6.4 9 3 6.6 -3.6
ZHOK SPDR Solactive Hong Kong ETF 6.4 14 -2 6.9 -3.3
OEUR O'shares FTSE Europe Quality Dividend ETF 6.4 48 -36 6.7 -3.5
ISZE iShares Edge MSCI Intl Size Factor ETF 6.3 30 -18 7.3 -2.9
IDLB Invesco FTSE International Low Beta Equal Weight ETF 6.3 45 -33 7.2 -3.0
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 6.2 80 -68 6.6 -3.5
EWA iShares MSCI Australia ETF 6.0 50 -38 6.1 -4.1
RNDM Developed International Equity Select ETF 5.9 65 -53 6.3 -3.9
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 5.7 49 -37 6.6 -3.6
EWJV iShares MSCI Japan Value ETF 5.5 15 -3 10.6 +0.4
PQIN PGIM QMA Strategic Alpha International Equity ETF 5.4 29 -17 7.7 -2.5
FLGR Franklin FTSE Germany ETF 5.4 9 3 7.2 -3.0
EWJE iShares MSCI Japan Equal Weighted ETF 5.3 15 -3 7.4 -2.8
FXI iShares China Large-Cap ETF 5.3 74 -62 13.0 +2.8
DBGR Xtrackers MSCI Germany Hedged Equity ETF 5.2 45 -33 6.9 -3.3
EWG iShares MSCI Germany ETF 5.2 49 -37 6.8 -3.4
SCIJ Global X Scientific Beta Japan ETF 5.2 40 -28 7.3 -2.9
GWX SPDR S&P International Small Cap ETF 5.1 40 -28 6.5 -3.7
IDLV Invesco S&P International Developed Low Volatility ETF 5.1 25 -13 6.8 -3.4
FDT First Trust Developed Markets ex-US Alphadex Fund 4.9 80 -68 7.3 -2.9
RODM Hartford Multifactor Developed Markets (ex-US) ETF 4.8 29 -17 8.7 -1.5
DIM WisdomTree International MidCap Dividend Fund 4.6 58 -46 7.7 -2.5
QDEU SPDR MSCI Germany Quality Mix ETF 4.6 14 -2 7.4 -2.8
DAX Global X DAX Germany ETF 4.5 21 -9 7.5 -2.7
VPL Vanguard FTSE Pacific ETF 4.5 8 4 7.7 -2.5
FEUZ First Trust Eurozone AlphaDEX ETF 4.4 80 -68 7.4 -2.8
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 4.3 32 -20 8.8 -1.4
FLAX Franklin FTSE Asia Ex Japan ETF 4.3 19 -7 7.5 -2.7
WWJD Inspire International ESG ETF 4.3 80 -68 7.5 -2.7
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 4.3 60 -48 8.7 -1.5
CHIL Global X MSCI China Large-Cap 50 ETF 4.2 29 -17 8.1 -2.1
FNDC Schwab Fundamental International Small Co. Index ETF 4.2 39 -27 7.3 -2.9
EFV iShares MSCI EAFE Value ETF 4.1 39 -27 9.7 -0.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 4.1 68 -56 6.9 -3.3
MCHI iShares MSCI China ETF 4.1 59 -47 7.5 -2.7
FLCH Franklin FTSE China ETF 4.0 19 -7 8.0 -2.2
GXC SPDR S&P China ETF 4.0 59 -47 7.7 -2.5
SDG iShares Sustainable MSCI Global Impact ETF 4.0 49 -37 5.6 -4.6
FDEV Fidelity Targeted International Factor ETF 4.0 39 -27 6.6 -3.6
JHMD John Hancock Multifactor Developed International ETF 3.9 39 -27 7.5 -2.7
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 3.9 40 -28 8.6 -1.5
IEFA iShares Core MSCI EAFE ETF 3.9 7 5 7.3 -2.9
DWMF WisdomTree International Multifactor Fund 3.8 38 -26 6.8 -3.4
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 3.8 39 -27 6.5 -3.7
SCJ iShares MSCI Japan Small-Cap ETF 3.8 49 -37 6.7 -3.5
CXSE WisdomTree China ex-State-Owned Enterprises Fund 3.8 32 -20 5.8 -4.4
MVIN Natixis Seeyond International Minimum Volatility ETF 3.8 56 -44 5.4 -4.8
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 3.7 20 -8 11.1 +1.0
JPIN JPMorgan Diversified Return International Equity ETF 3.7 37 -25 7.9 -2.2
BBJP JPMorgan BetaBuilders Japan ETF 3.7 19 -7 7.6 -2.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 3.7 59 -47 10.8 +0.6
EFAV iShares Edge MSCI Min Vol EAFE ETF 3.7 20 -8 5.5 -4.7
FEP First Trust Europe AlphaDEX Fund 3.6 80 -68 7.4 -2.8
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 3.6 20 -8 9.6 -0.6
EWS iShares MSCI Singapore ETF 3.6 50 -38 8.6 -1.6
IGRO iShares International Dividend Growth ETF 3.6 22 -10 8.1 -2.1
KALL KraneShares FTSE Emerging Markets Plus ETF 3.6 49 -37 7.8 -2.4
FHK First Trust Hong Kong AlphaDEX Fund 3.6 80 -68 8.8 -1.3
EUMV iShares Edge MSCI Min Vol Europe ETF 3.5 25 -13 5.0 -5.2
NUDM Nuveen ESG International Developed Markets Equity ETF 3.5 40 -28 6.8 -3.3
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 3.5 39 -27 8.4 -1.8
FIVA Fidelity International Value Factor ETF 3.5 39 -27 10.0 -0.2
FAUS First Trust Australia AlphaDEX Fund 3.5 80 -68 6.2 -4.0
VSGX Vanguard ESG International Stock ETF 3.5 17 -5 7.1 -3.1
EWJ iShares MSCI Japan ETF 3.4 49 -37 7.3 -2.9
INTF iShares Edge MSCI Multifactor Intl ETF 3.4 30 -18 7.7 -2.5
EEMS iShares MSCI Emerging Markets Small Cap ETF 3.4 69 -57 7.5 -2.7
AVEM Avantis Emerging Markets Equity ETF 3.4 33 -21 8.6 -1.6
DBJP Xtrackers MSCI Japan Hedged Equity ETF 3.4 45 -33 7.4 -2.8
IDEV iShares Core MSCI International Developed Markets ETF 3.4 5 7 7.2 -3.0
EWUS iShares MSCI United Kingdom Small Cap ETF 3.3 59 -47 8.5 -1.7
SPDW SPDR Portfolio Developed World ex-US ETF 3.3 4 8 7.1 -3.0

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-US Real Estate Index Fund
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 8.1 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 12 bp
Equals: ALTAR Score 10.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 CATEGORY
AVERAGE
1.51
 
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.