Vanguard Global ex-US Real Estate Index Fund
ALTAR
Score™
11.1% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
10.3x P/Sales
ratio
1.7x
P/BV
ratio
0.8x Div.
yield
5.0%


  • 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) $4,183
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 619
Wgt avg mkt cap (mns) $8,556
Large cap (>$10bn) 36.9%
Mid cap ($2-10bn) 45.8%
Small cap (<$2bn) 16.5%
Developed mkts 84.4%
Emerging mkts 15.3%

TOP TEN HOLDINGS
DEUTSCHE ANNINGTON IMMOBILIE 3.3 %
MITSUBISHI ESTATE CO LTD 2.4 %
MITSUI FUDOSAN CO LTD 1.9 %
SUN HUNG KAI PROPERTIES 1.9 %
LINK REIT 1.8 %
DAIWA HOUSE INDUSTRY CO LTD 1.7 %
DEUTSCHE WOHNEN AG 1.7 %
GOODMAN GROUP 1.7 %
CK ASSET HOLDINGS LIMITED 1.6 %
SUMITOMO REALTY & DEVELOPMNT 1.4 %
Total 19.5 %

TOP COUNTRY EXPOSURE
JAPAN 19.3 %
HONG KONG 13.7 %
AUSTRALIA 7.1 %
CHINA 7.0 %
GERMANY 6.7 %
SINGAPORE 5.4 %
BRITAIN 5.1 %
SWEDEN 2.2 %
SWITZERLAND 1.9 %
FRANCE 1.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-24.4% -17.8% -1.0% -- 3.7%

Market Correlations
versus... Beta R-squared
S&P500 0.75 54%
MSCI EAFE 0.94 73%
MSCI Emg. Mkts. 0.77 76%

Technical Indicators
Recent close $43.46
30d moving avg. $43.91
Annualized volatility 17.2%
Short interest (ETF) 0.7%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 1,197
Turnover 1.2%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $3,973

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 11.1%


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 70.5 10 2 10.0 -1.1
WPS iShares International Developed Property ETF 65.7 48 -36 8.7 -2.5
IFGL iShares International Developed Real Estate ETF 55.0 48 -36 8.5 -2.6
DRW WisdomTree Global ex-US Real Estate Fund 53.4 58 -46 11.9 +0.8
RWX SPDR Dow Jones International Real Estate ETF 40.0 59 -47 7.6 -3.5
RWO SPDR Dow Jones Global Real Estate ETF 38.9 50 -38 7.9 -3.2
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 38.8 60 -48 8.0 -3.1
REET iShares Global REIT ETF 26.2 14 -2 8.2 -2.9
GQRE FlexShares Global Quality Real Estate Index Fund 22.9 45 -33 8.3 -2.8
IFEU iShares Europe Development Real Estate ETF 20.5 48 -36 7.6 -3.5
SCIX Global X Scientific Beta Asia ex-Japan ETF 13.0 38 -26 7.4 -3.7
EPP iShares MSCI Pacific ex-Japan ETF 11.6 48 -36 7.7 -3.4
DWX SPDR S&P International Dividend ETF 11.0 45 -33 8.7 -2.4
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF 10.5 19 -7 7.9 -3.2
CHIR Global X MSCI China Real Estate ETF 10.0 65 -53 19.4 +8.3
FLHK Franklin FTSE Hong Kong ETF 9.5 9 3 9.6 -1.5
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 9.1 24 -12 8.0 -3.1
SCZ iShares MSCI Eafe Small-Cap ETF 8.8 40 -28 7.4 -3.7
EWH iShares MSCI Hong Kong ETF 8.8 49 -37 8.3 -2.8
IEUS iShares MSCI Europe Small-Cap ETF 8.3 40 -28 7.9 -3.2
UIVM VictoryShares USAA MSCI International Value Momentum ETF 7.6 35 -23 9.6 -1.5
ZHOK SPDR Solactive Hong Kong ETF 7.5 14 -2 8.1 -3.0
FHK First Trust Hong Kong AlphaDEX Fund 7.3 80 -68 11.5 +0.4
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 7.1 30 -18 8.2 -2.9
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 7.0 80 -68 9.0 -2.1
SCHC Schwab International Small-Cap Equity ETF 6.8 12 0 7.9 -3.2
IPAC iShares Core MSCI Pacific ETF 6.6 9 3 8.4 -2.7
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 6.5 11 1 7.7 -3.4
IDLB Invesco FTSE International Low Beta Equal Weight ETF 6.4 45 -33 7.8 -3.3
EFAV iShares Edge MSCI Min Vol EAFE ETF 6.3 20 -8 6.3 -4.8
FLAU Franklin FTSE Australia ETF 6.3 9 3 7.5 -3.6
PQIN PGIM QMA Strategic Alpha International Equity ETF 6.2 29 -17 8.9 -2.2
OEUR O'shares FTSE Europe Quality Dividend ETF 6.0 48 -36 7.1 -4.0
MVIN Natixis Seeyond International Minimum Volatility ETF 5.9 55 -43 6.1 -5.0
EWA iShares MSCI Australia ETF 5.8 50 -38 7.2 -3.9
RNDM Developed International Equity Select ETF 5.8 65 -53 7.0 -4.1
SCID Global X Scientific Beta Europe ETF 5.7 38 -26 7.8 -3.4
INTF iShares Edge MSCI Multifactor Intl ETF 5.7 30 -18 9.1 -2.0
ISZE iShares Edge MSCI Intl Size Factor ETF 5.7 30 -18 7.8 -3.3
SCIJ Global X Scientific Beta Japan ETF 5.5 39 -27 7.9 -3.2
IDLV Invesco S&P International Developed Low Volatility ETF 5.5 25 -13 7.4 -3.7
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 5.4 49 -37 7.9 -3.2
FLGR Franklin FTSE Germany ETF 5.3 9 3 8.3 -2.8
FXI iShares China Large-Cap ETF 5.3 74 -62 14.5 +3.4
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 5.2 80 -68 6.4 -4.7
DIM WisdomTree International MidCap Dividend Fund 5.1 58 -46 8.7 -2.4
JPMV iShares Edge MSCI Min Vol Japan ETF 5.0 30 -18 7.6 -3.5
DDEZ WisdomTree Europe Multifactor Fund 4.9 43 -31 7.5 -3.6
FLAX Franklin FTSE Asia Ex Japan ETF 4.8 19 -7 9.2 -1.9
SCJ iShares MSCI Japan Small-Cap ETF 4.8 47 -35 7.1 -4.0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 4.8 29 -17 9.7 -1.4
AAXJ iShares MSCI All Country Asia ex Japan ETF 4.7 68 -56 8.7 -2.4
GWX SPDR S&P International Small Cap ETF 4.7 40 -28 6.8 -4.3
FDT First Trust Developed Markets ex-US Alphadex Fund 4.7 80 -68 8.6 -2.5
FCA First Trust China AlphaDEX Fund 4.7 80 -68 16.0 +4.9
EWG iShares MSCI Germany ETF 4.7 49 -37 8.2 -2.9
VPL Vanguard FTSE Pacific ETF 4.6 8 4 8.7 -2.4
FDEV Fidelity Targeted International Factor ETF 4.6 39 -27 7.1 -4.0
FLCH Franklin FTSE China ETF 4.6 19 -7 9.9 -1.2
DBGR Xtrackers MSCI Germany Hedged Equity ETF 4.5 45 -33 8.2 -2.9
MCHI iShares MSCI China ETF 4.5 59 -47 9.7 -1.5
EWJE iShares MSCI Japan Equal Weighted ETF 4.5 15 -3 7.9 -3.2
EUMV iShares Edge MSCI Min Vol Europe ETF 4.5 25 -13 6.0 -5.1
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 4.5 60 -48 9.4 -1.7
QDEU SPDR MSCI Germany Quality Mix ETF 4.4 14 -2 8.5 -2.6
GXC SPDR S&P China ETF 4.4 59 -47 9.5 -1.6
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 4.3 32 -20 10.4 -0.7
FEUZ First Trust Eurozone AlphaDEX ETF 4.3 80 -68 8.8 -2.3
CHIL Global X MSCI China Large-Cap 50 ETF 4.3 29 -17 10.1 -1.0
RFAP First Trust Riverfront Dynamic Asia Pacific ETF 4.2 83 -71 7.9 -3.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 4.2 39 -27 7.4 -3.7
TPIF Timothy Plan International ETF 4.2 62 -50 7.8 -3.3
IQDY FlexShares International Quality Dividend Dynamic Index Fund 4.1 47 -35 15.2 +4.1
FNDC Schwab Fundamental International Small Co. Index ETF 4.1 39 -27 8.1 -3.1
WWJD Inspire International ESG ETF 4.0 80 -68 8.9 -2.3
DWMF WisdomTree International Multifactor Fund 4.0 38 -26 7.4 -3.7
JHMD John Hancock Multifactor Developed International ETF 4.0 45 -33 8.3 -2.8
IEFA iShares Core MSCI EAFE ETF 3.9 7 5 8.1 -3.0
CXSE WisdomTree China ex-State-Owned Enterprises Fund 3.9 32 -20 7.5 -3.6
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 3.9 25 -13 8.5 -2.6
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 3.9 40 -28 9.7 -1.4
FGM First Trust Germany AlphaDEX Fund 3.9 80 -68 7.9 -3.2
BBJP JPMorgan BetaBuilders Japan ETF 3.9 19 -7 8.6 -2.5
EFV iShares MSCI EAFE Value ETF 3.9 39 -27 11.5 +0.4
KALL KraneShares FTSE Emerging Markets Plus ETF 3.9 49 -37 9.7 -1.4
JPIN JPMorgan Diversified Return International Equity ETF 3.8 38 -26 8.8 -2.3
AVEM Avantis Emerging Markets Equity ETF 3.8 33 -21 10.5 -0.7
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 3.7 32 -20 6.9 -4.2
VSGX Vanguard ESG International Stock ETF 3.7 17 -5 8.2 -2.9
IGRO iShares International Dividend Growth ETF 3.6 22 -10 9.0 -2.1
EWJ iShares MSCI Japan ETF 3.5 49 -37 8.3 -2.8
FIVA Fidelity International Value Factor ETF 3.5 39 -27 11.7 +0.6
DBJP Xtrackers MSCI Japan Hedged Equity ETF 3.5 45 -33 8.4 -2.7
QEFA SPDR MSCI EAFE Quality Mix ETF 3.4 30 -18 7.4 -3.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 3.4 59 -47 12.1 +1.0
AXJL WisdomTree Asia Pacific ex-Japan Fund 3.4 48 -36 10.3 -0.8
IXUS ishares Core MSCI Total International Stock ETF 3.4 9 3 8.4 -2.7
IDEV iShares Core MSCI International Developed Markets ETF 3.4 5 7 8.1 -3.0
JHEM John Hancock Multifactor Emerging Markets ETF 3.4 55 -43 9.7 -1.4
SPDW SPDR Portfolio Developed World ex-US ETF 3.4 4 8 8.1 -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 8.4 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 12 bp
Equals: ALTAR Score 11.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 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.