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Vanguard Real Estate (VNQ)Overvalued or undervalued?
Look-through valuation · Sector · Expense ratio 0.12 % · ISIN US9229085538
Price history (since 2004)
Monthly close since 2004. Price shows performance, the valuation verdict is in the look-through above.
Top holdings
| Holding | Weight | vs fair value | Quality |
|---|---|---|---|
| Vanguard REIT II Index Fund Institutional Plus Shares VRTPX | 14.5 % | n/a | n/a |
| Welltower Inc WELL | 8.7 % | −71.8 % | 42 |
| Prologis Inc PLD | 6.9 % | n/a | n/a |
| Equinix Inc EQIX | 5.5 % | −86.8 % | 48 |
| American Tower Corp AMT | 4.3 % | −2.6 % | 60 |
| Simon Property Group Inc SPG | 3.6 % | −45.2 % | 57 |
| Digital Realty Trust Inc DLR | 3.6 % | −29.7 % | 47 |
| Realty Income Corporation O | 3.0 % | +59.7 % | 48 |
| Public Storage PSA | 2.7 % | −19.4 % | 67 |
| Equity Residential EQR | 2.5 % | n/a | n/a |
| Ventas Inc VTR | 2.3 % | −64.4 % | 41 |
| CBRE Group Inc Class A CBRE | 2.3 % | −34.4 % | 53 |
| Iron Mountain Incorporated IRM | 1.8 % | −64.9 % | 38 |
| Crown Castle CCI | 1.8 % | +18.0 % | 61 |
| Extra Space Storage Inc EXR | 1.6 % | +50.2 % | 48 |
| VICI Properties Inc VICI | 1.5 % | +153.0 % | 60 |
| SBA Communications Corp SBAC | 1.1 % | +5.0 % | 64 |
| Essex Property Trust Inc ESS | 1.0 % | +5.4 % | 63 |
| Jones Lang LaSalle Incorporated JLL | 0.9 % | +63.6 % | 66 |
| Weyerhaeuser Company WY | 0.9 % | −64.6 % | 50 |
| Kimco Realty Corporation KIM | 0.8 % | −23.0 % | 56 |
| W P Carey Inc WPC | 0.8 % | +4.8 % | 57 |
| Invitation Homes Inc INVH | 0.8 % | n/a | n/a |
| Host Hotels & Resorts Inc HST | 0.8 % | −14.3 % | 61 |
| Mid-America Apartment Communities Inc MAA | 0.8 % | +2.3 % | 58 |
Fair value and quality per position come from the same valuation as our stock pages. Showing the 25 largest of 49 disclosed positions. "n/a" means the position is not (yet) in our stock universe and does not enter the average.
The 10 most cheaply valued ETFs
Measured against the look-through fair value of the holdings (sufficiently covered funds only). Green means below fair value, red above. Not financial advice.
- 1 CHIU Global X MSCI China Utilities ETF +87.2 % below FV
- 2 FXI iShares China Large-Cap ETF +57.2 % below FV
- 3 FCFY First Trust S&P 500 Diversified Free Cash Flow ETF +43.7 % below FV
- 4 MCHI iShares MSCI China ETF +41.9 % below FV
- 5 ITB iShares U.S. Home Construction ETF +31.4 % below FV
- 6 TAN Invesco Solar ETF +26.0 % below FV
- 7 C003 Amundi Index Solutions - Amundi DivDAX I UCITS ETF EUR Distributing +19.4 % below FV
- 8 FDNI First Trust Dow Jones International Internet ETF +19.3 % below FV
- 9 ESPO VanEck Video Gaming and eSports ETF +18.3 % below FV
- 10 XIDV Franklin International Dividend Booster Index ETF +17.9 % below FV
Frequently asked about VNQ
Is VNQ overvalued?
What is the fair value of VNQ?
How do you calculate the fair value of an ETF?
Which stocks drive the valuation of VNQ?
What is the expense ratio of VNQ?
How we value this ETF
An ETF has no fair value of its own like a single stock. We build it bottom up: every holding has a fair value and a quality score on our pages. Weighted by portfolio share, that gives Vanguard Real Estate Index Fund ETF Shares an average of how cheap or expensive its companies currently sit versus fair value, and how high their average quality is.
As of: Sep 25, 2026
The look-through is a computed summary of public fundamentals and is no substitute for your own research.