ETF de bienes raíces globales en una era de alto rendimiento y bajo crecimiento: Un análisis comparativo de VNQI y HAUZ para la exposición a REIT internacionales

In a global economic climate marked by subdued growth and a relentless pursuit of income, real estate investment trusts (REITs) have emerged as a compelling asset class. For investors seeking yield without sacrificing diversification, two exchange-traded funds (ETFs) stand out: the Xtrackers International Real Estate ETF (HAUZ) and the Vanguard Global ex-U.S. Real Estate ETF (VNQI). Both offer exposure to international real estate markets, but their distinct structures, performance trajectories, and dividend strategies make them suitable for different investor priorities. This analysis evaluates their merits in a high-yield, low-growth environment, focusing on performance, cost efficiency, geographic reach, and sector alignment.

Performance and Cost Efficiency: HAUZ Edges Out VNQI

Over the past decade, HAUZ has consistently outperformed VNQI, delivering a 5.00% annualized return compared to VNQI's 4.08%. In 2023, HAUZ's year-to-date (YTD) return of 3.02% narrowly surpassed VNQI's 2.84%. This performance gap, though modest, reflects HAUZ's lower expense ratio of 0.10% versus VNQI's 0.12%. While both ETFs are passively managed and low-cost, HAUZ's slight edge in cost efficiency amplifies its appeal for long-term investors.

However, yield remains a critical differentiator. VNQI offers a trailing twelve-month (TTM) dividend yield of 4.57%, outpacing HAUZ's 4.33%. This 0.24% gap may seem small, but in a low-growth environment where income is paramount, it could sway investors toward VNQI. Yet, yield alone is not the sole metric-dividend consistency and payment frequency also matter.

Dividend Strategies: Stability vs. Predictability

VNQI's dividend history reveals significant volatility. From 2021 to 2025, its payouts fluctuated from $2.895 in 2021 to $2.156 in 2025, with a shift from quarterly to annual distributions in 2023. This inconsistency raises concerns about its reliability as a steady income source. In contrast, HAUZ maintains a semiannual payment schedule, with dividends increasing from $0.471 in January 2021 to $0.573 in December 2025. While its yield is slightly lower, HAUZ's predictable payment cadence and upward trend in payouts provide greater income stability-a critical factor for income-focused investors.

Geographic and Sector Allocations: Diversification Trade-Offs

Both ETFs exclude U.S. real estate but diverge in geographic and sector exposure. VNQI holds nearly 425 securities across 30+ countries, including Canada, and emphasizes developed markets like Japan (22% of its portfolio) and the U.K. (15%). HAUZ, while also global, excludes companies from Pakistan and Vietnam and maintains a slightly narrower footprint. Its top holdings-Goodman Group, Mitsui Fudosan, and Vonovia- suggest a focus on commercial and industrial real estate in Asia-Pacific and Europe.

Sector allocations further highlight their differences. VNQI's portfolio is 98.93% real estate, with minor allocations to industrials (0.55%) and consumer cyclical sectors (0.31%). HAUZ, meanwhile, allocates 95.94% to real estate, with 1.60% in industrials and 1.40% in communication services. While both funds prioritize real estate, HAUZ's modest diversification into industrials may offer additional resilience in a low-growth environment where industrial demand remains robust.

Investor Considerations: Aligning with High-Yield, Low-Growth Goals

For investors prioritizing yield, VNQI's higher TTM yield is attractive, but its dividend volatility and concentrated real estate focus may pose risks. HAUZ, with its lower yield but stable, semiannual payouts and broader sector diversification, better aligns with the stability required in a low-growth context. Additionally, HAUZ's lower expense ratio and stronger 10-year performance make it a more cost-effective choice for long-term capital appreciation.

Geographic diversification also plays a role. VNQI's inclusion of Canadian real estate and its broader country exposure may appeal to investors seeking geographic breadth, while HAUZ's focus on developed and emerging markets (excluding the U.S. and select countries) offers a different risk-reward profile.

Conclusion: HAUZ as the Balanced Choice

In a high-yield, low-growth era, the choice between VNQI and HAUZ hinges on investor priorities. HAUZ's superior performance, lower costs, and stable dividend strategy position it as the more balanced option for those seeking both income and growth. VNQI, while offering a marginally higher yield, may require greater tolerance for volatility and a longer time horizon to offset its payout inconsistencies. For investors seeking a reliable, diversified international real estate exposure, HAUZ emerges as the more compelling choice.