Vanguard Real Estate Index Fund ETF Shares(VNQ)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards real estate, with approximately three-quarters of its holdings concentrated in this single sector. This concentration is not surprising given the fund's category and investment objective. At the geographic level, there is no explicit mention of specific countries or regions, suggesting a broad global exposure that mirrors the underlying index.
The top holdings reveal a mix of large-cap real estate investment trusts (REITs) with a focus on logistics, data centers, and office properties. The weighted P/E ratio of 33.2x suggests that the fund's constituents are trading at a premium to their earnings, while the weighted P/B ratio of 3.93x indicates a moderate valuation posture relative to book value. Concentration risk is elevated due to the dominance of VRTPX and WELL, which together account for over 22% of the portfolio. The sector mix is more concentrated in real estate than the broader market, implying that the fund would be sensitive to changes in this sector's performance. A favorable macro environment for this portfolio would likely involve a robust real estate market with steady demand for commercial properties and data centers.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-06-28 07:27:58.758903+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the name is a broad exposure to U.S. real estate, and the fund's composition demonstrates a highly consistent alignment with this objective. Every single top holding listed falls squarely within the Real Estate sector, eliminating any ambiguity regarding thematic drift or inclusion of unrelated industries such as technology or consumer staples that often plague funds using generic names. The portfolio avoids over-reliance on mega-cap stocks to artificially stabilize returns; instead, it features a diverse array of property types including REITs focused on healthcare facilities, data centers, airports, and retail spaces alongside residential developers. This distribution suggests the fund is maintaining its thematic focus through genuine sector exposure rather than leveraging large, unrelated market leaders for performance stability.
Sector coherence appears robust with Real Estate constituting 74.4% of assets across seventy-two holdings, indicating a concentrated yet diversified approach within the defined theme. The high top-ten concentration of nearly 55% reflects the inherent nature of real estate investing where leading property trusts naturally command significant weight due to asset size and market influence, rather than suggesting a lack of differentiation from broader indices. Because the entire portfolio is restricted to this single sector, the fund offers distinct exposure compared to broad-market benchmarks that span multiple industries. The data confirms that the vehicle successfully delivers on its promise of real estate-specific investment without dilution from non-conforming assets or unrelated economic drivers.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-20 02:56:39.902479+00
🏢 Sector Analysis
AI GeneratedThe Vanguard Real Estate Index Fund ETF Shares (VNQ) exhibits a sector allocation that is almost entirely concentrated within the real estate industry, with holdings in this single sector comprising 74.4% of the total portfolio across 72 distinct securities. This overwhelming focus confirms an investment thesis strictly tied to property-related assets, effectively excluding exposure to other economic drivers such as technology or consumer staples unless those sectors are represented indirectly through specific REIT structures. The composition suggests a pure-play strategy designed to capture the broad performance of the real estate market rather than seeking diversification across multiple industries, thereby aligning capital directly with sector-specific macroeconomic trends and interest rate sensitivities unique to property investment.
Concentration risk is further highlighted by the top five holdings alone accounting for 35% of assets, while the aggregate exposure within the largest ten positions reaches 54.7%. This level of concentration indicates that a significant portion of portfolio volatility will be driven by the performance of major players like Welltower and Prologis alongside emerging market entrants such as VRTPX. The inclusion of non-traditional real estate entities, evidenced by an unspecified holding in the top five list representing 14.6% of assets, suggests a factor tilt toward infrastructure or data center REITs rather than purely residential or commercial property types. Consequently, while the fund offers broad access to 72 underlying securities, its economic behavior may closely mirror that of a few dominant market leaders and specific sub-sectors within real estate, limiting defensive characteristics during periods when broader equity markets decouple from property valuations.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-20 23:02:57.042063+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VNQ's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VNQ's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 102 | 81.3% |
| ONEOONEO | $25M | — | 52 | 65.5% |
| ESGVESGV | $11B | — | 34 | 64.6% |
| RSPRSP | $83B | — | 31 | 62.9% |
| SCHXSCHX | $61B | — | 31 | 62.9% |
81% of VNQ's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VNQ's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVNQ's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 89% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 85% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VNQ collectively pay out 82% of their Free Cash Flow to maintain the current yield. This is stretched — a prolonged earnings slump could force constituent companies to cut dividends. Based on 40% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryVNQ is up 9.7% over the last 12 months. The underlying weighted earnings growth of its constituents is +33.7%. Despite earnings growth, valuations have contracted by 24.0% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 82% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VNQ's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VNQ's analyzed weight, 8% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 92% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 75% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHVRTPX at 14.5% contributes an estimated 46% of portfolio variance.VNQ holds 50 stocks but behaves like an 22-stock portfolio due to weight concentration in the top holdings.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VNQ has a Passive Crowding Score of 48/100. On average, 14.4% of the market capitalization of VNQ's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 1 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | VRTPX | Vanguard Real Estate II Index Fund Institutional Plus Shares | 14.54% | 31.5x | — |
| 2 | WELL | Welltower Inc. Real Estate | 7.68% | 109.8x | 7/9 |
| 3 | PLD | Prologis Inc. Real Estate | 7.17% | 35.2x | 4/9 |
| 4 | EQIX | Equinix Inc. Real Estate | 5.65% | 75.2x | 5/9 |
| 5 | AMT | American Tower Corp. Real Estate | 4.67% | 28.3x | 6/9 |
| 6 | SPG | Simon Property Group Inc. Real Estate | 3.57% | 15.8x | 4/9 |
| 7 | DLR | Digital Realty Trust Inc. Real Estate | 3.50% | 51.3x | 6/9 |
| 8 | O | Realty Income Corp. Real Estate | 3.04% | 51.7x | 5/9 |
| 9 | PSA | Public Storage Real Estate | 2.57% | 33.5x | 4/9 |
| 10 | VTR | Ventas Inc. Real Estate | 2.15% | 161.9x | 6/9 |
| 11 | CCI | Crown Castle International Corp. Real Estate | 2.14% | 34.9x | 5/9 |
| 12 | IRM | Iron Mountain Inc. Real Estate | 2.05% | 145.5x | 4/9 |
| 13 | CBRE | CBRE Group Inc. Class A Real Estate | 1.98% | 31.4x | 5/9 |
| 14 | EXR | Extra Space Storage Inc. Real Estate | 1.63% | 33.5x | 7/9 |
| 15 | VICI | VICI Properties Inc. Real Estate | 1.54% | 9.3x | 6/9 |
Historical Holdings Snapshots
Browse how VNQ’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-01
15 holdings · 63.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VRTPX | 14.54% | 441,410,735 | $10.2B |
| 2 | WELL | 7.68% | 26,143,850 | $5.4B |
| 3 | PLD | 7.17% | 34,939,772 | $5.0B |
| 4 | EQIX | 5.65% | 3,696,392 | $3.9B |
| 5 | AMT | 4.67% | 17,468,669 | $3.3B |
| 6 | SPG | 3.57% | 12,174,873 | $2.5B |
| 7 | DLR | 3.50% | 12,878,494 | $2.4B |
| 8 | O | 3.04% | 34,677,621 | $2.1B |
| 9 | PSA | 2.57% | 5,921,161 | $1.8B |
| 10 | VTR | 2.15% | 17,820,622 | $1.5B |
| 11 | CCI | 2.14% | 16,343,411 | $1.5B |
| 12 | IRM | 2.05% | 11,149,277 | $1.4B |
| 13 | CBRE | 1.98% | 11,062,028 | $1.4B |
| 14 | EXR | 1.63% | 7,915,143 | $1.1B |
| 15 | VICI | 1.54% | 38,120,147 | $1.1B |
2026-06-30
15 holdings · 63.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VRTPX | 14.54% | 441,410,735 | $10.2B |
| 2 | WELL | 7.68% | 26,143,850 | $5.4B |
| 3 | PLD | 7.17% | 34,939,772 | $5.0B |
| 4 | EQIX | 5.65% | 3,696,392 | $3.9B |
| 5 | AMT | 4.67% | 17,468,669 | $3.3B |
| 6 | SPG | 3.57% | 12,174,873 | $2.5B |
| 7 | DLR | 3.50% | 12,878,494 | $2.4B |
| 8 | O | 3.04% | 34,677,621 | $2.1B |
| 9 | PSA | 2.57% | 5,921,161 | $1.8B |
| 10 | VTR | 2.15% | 17,820,622 | $1.5B |
| 11 | CCI | 2.14% | 16,343,411 | $1.5B |
| 12 | IRM | 2.05% | 11,149,277 | $1.4B |
| 13 | CBRE | 1.98% | 11,062,028 | $1.4B |
| 14 | EXR | 1.63% | 7,915,143 | $1.1B |
| 15 | VICI | 1.54% | 38,120,147 | $1.1B |
2026-06-29
15 holdings · 63.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VRTPX | 14.54% | 441,410,735 | $10.2B |
| 2 | WELL | 7.68% | 26,143,850 | $5.4B |
| 3 | PLD | 7.17% | 34,939,772 | $5.0B |
| 4 | EQIX | 5.65% | 3,696,392 | $3.9B |
| 5 | AMT | 4.67% | 17,468,669 | $3.3B |
| 6 | SPG | 3.57% | 12,174,873 | $2.5B |
| 7 | DLR | 3.50% | 12,878,494 | $2.4B |
| 8 | O | 3.04% | 34,677,621 | $2.1B |
| 9 | PSA | 2.57% | 5,921,161 | $1.8B |
| 10 | VTR | 2.15% | 17,820,622 | $1.5B |
| 11 | CCI | 2.14% | 16,343,411 | $1.5B |
| 12 | IRM | 2.05% | 11,149,277 | $1.4B |
| 13 | CBRE | 1.98% | 11,062,028 | $1.4B |
| 14 | EXR | 1.63% | 7,915,143 | $1.1B |
| 15 | VICI | 1.54% | 38,120,147 | $1.1B |
2026-06-28
15 holdings · 63.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VRTPX | 14.54% | 441,410,735 | $10.2B |
| 2 | WELL | 7.68% | 26,143,850 | $5.4B |
| 3 | PLD | 7.17% | 34,939,772 | $5.0B |
| 4 | EQIX | 5.65% | 3,696,392 | $3.9B |
| 5 | AMT | 4.67% | 17,468,669 | $3.3B |
| 6 | SPG | 3.57% | 12,174,873 | $2.5B |
| 7 | DLR | 3.50% | 12,878,494 | $2.4B |
| 8 | O | 3.04% | 34,677,621 | $2.1B |
| 9 | PSA | 2.57% | 5,921,161 | $1.8B |
| 10 | VTR | 2.15% | 17,820,622 | $1.5B |
| 11 | CCI | 2.14% | 16,343,411 | $1.5B |
| 12 | IRM | 2.05% | 11,149,277 | $1.4B |
| 13 | CBRE | 1.98% | 11,062,028 | $1.4B |
| 14 | EXR | 1.63% | 7,915,143 | $1.1B |
| 15 | VICI | 1.54% | 38,120,147 | $1.1B |
2026-06-27
15 holdings · 63.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VRTPX | 14.54% | 441,410,735 | $10.2B |
| 2 | WELL | 7.68% | 26,143,850 | $5.4B |
| 3 | PLD | 7.17% | 34,939,772 | $5.0B |
| 4 | EQIX | 5.65% | 3,696,392 | $3.9B |
| 5 | AMT | 4.67% | 17,468,669 | $3.3B |
| 6 | SPG | 3.57% | 12,174,873 | $2.5B |
| 7 | DLR | 3.50% | 12,878,494 | $2.4B |
| 8 | O | 3.04% | 34,677,621 | $2.1B |
| 9 | PSA | 2.57% | 5,921,161 | $1.8B |
| 10 | VTR | 2.15% | 17,820,622 | $1.5B |
| 11 | CCI | 2.14% | 16,343,411 | $1.5B |
| 12 | IRM | 2.05% | 11,149,277 | $1.4B |
| 13 | CBRE | 1.98% | 11,062,028 | $1.4B |
| 14 | EXR | 1.63% | 7,915,143 | $1.1B |
| 15 | VICI | 1.54% | 38,120,147 | $1.1B |
2026-06-26
15 holdings · 63.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VRTPX | 14.54% | 441,410,735 | $10.2B |
| 2 | WELL | 7.68% | 26,143,850 | $5.4B |
| 3 | PLD | 7.17% | 34,939,772 | $5.0B |
| 4 | EQIX | 5.65% | 3,696,392 | $3.9B |
| 5 | AMT | 4.67% | 17,468,669 | $3.3B |
| 6 | SPG | 3.57% | 12,174,873 | $2.5B |
| 7 | DLR | 3.50% | 12,878,494 | $2.4B |
| 8 | O | 3.04% | 34,677,621 | $2.1B |
| 9 | PSA | 2.57% | 5,921,161 | $1.8B |
| 10 | VTR | 2.15% | 17,820,622 | $1.5B |
| 11 | CCI | 2.14% | 16,343,411 | $1.5B |
| 12 | IRM | 2.05% | 11,149,277 | $1.4B |
| 13 | CBRE | 1.98% | 11,062,028 | $1.4B |
| 14 | EXR | 1.63% | 7,915,143 | $1.1B |
| 15 | VICI | 1.54% | 38,120,147 | $1.1B |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove VNQ Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe 50-day moving average of VNQ is above its 200-day moving average, suggesting the security may be in an upward trend phase. With a Relative Strength Index (RSI) of 41.2, VNQ currently appears to be trading at levels that are considered neutral to slightly oversold, indicating potential for further price adjustment based on recent performance trends.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How VNQ’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-01.
SecuritiesDB is for informational purposes only. Not investment advice.