HUD-VASH funds typically show lower return dispersion, driven by diversified portfolios, voucher-anchored income, and institutional operating controls. Traditional small-scale rentals, by contrast, are far more sensitive to idiosyncratic shocks such as vacancies, repairs, or timing of exit, resulting in wider outcome dispersion and higher tail risk. Lower volatility does not eliminate risk, but it materially improves predictability—an attribute that many long-term investors value as much as headline returns.