AGREX vs. HLRRX

Last updated Jun 5, 2026

AGREX (Invesco Global Real Estate Fund) and HLRRX (LDR Real Estate Value Opportunity Fund) are both REIT funds. Over the past 10 years, AGREX returned 2.05%/yr vs 4.45%/yr for HLRRX. Their correlation of 0.84 suggests significant overlap in exposure. AGREX charges 1.38%/yr vs 1.14%/yr for HLRRX.

Performance

AGREX vs. HLRRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Real Estate Fund (AGREX) and LDR Real Estate Value Opportunity Fund (HLRRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGREX achieves a 6.01% return, which is significantly lower than HLRRX's 12.31% return. Over the past 10 years, AGREX has underperformed HLRRX with an annualized return of 2.05%, while HLRRX has yielded a comparatively higher 4.45% annualized return.

AGREX

• 1D: -0.38%
• 1M: -3.08%
• YTD: 6.01%
• 6M: 6.06%
• 1Y: 8.73%
• 3Y*: 6.36%
• 5Y*: -0.29%
• 10Y*: 2.05%

HLRRX

• 1D: -0.40%
• 1M: -0.30%
• YTD: 12.31%
• 6M: 10.57%
• 1Y: 10.17%
• 3Y*: 7.23%
• 5Y*: 1.62%
• 10Y*: 4.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AGREX vs. HLRRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGREX Invesco Global Real Estate Fund	6.01%	7.44%	-1.78%	8.61%	-25.24%	25.26%	-12.46%	19.31%	-6.19%	12.67%
HLRRX LDR Real Estate Value Opportunity Fund	12.31%	-9.13%	9.45%	10.50%	-21.40%	40.50%	-3.78%	31.75%	-13.63%	-1.24%

Correlation

The correlation between AGREX and HLRRX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 4, 2006	0.84

The correlation between AGREX and HLRRX has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

AGREX vs. HLRRX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGREX

AGREX Risk / Return Rank: 10
AGREX Sharpe Ratio Rank: 10
AGREX Sortino Ratio Rank: 9
AGREX Omega Ratio Rank: 10
AGREX Calmar Ratio Rank: 10
AGREX Martin Ratio Rank: 12

HLRRX

HLRRX Risk / Return Rank: 13
HLRRX Sharpe Ratio Rank: 11
HLRRX Sortino Ratio Rank: 10
HLRRX Omega Ratio Rank: 10
HLRRX Calmar Ratio Rank: 19
HLRRX Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGREX vs. HLRRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Real Estate Fund (AGREX) and LDR Real Estate Value Opportunity Fund (HLRRX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AGREX	HLRRX	Difference
Sharpe ratio: Return per unit of total volatility	0.74	0.85	-0.11
Sortino ratio: Return per unit of downside risk	1.07	1.22	-0.15
Omega ratio: Gain probability vs. loss probability	1.14	1.15	-0.01
Calmar ratio: Return relative to maximum drawdown	0.86	1.55	-0.69
Martin ratio: Return relative to average drawdown	3.16	3.52	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AGREX vs. HLRRX - Sharpe Ratio Comparison

The current AGREX Sharpe Ratio is 0.74, which is comparable to the HLRRX Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of AGREX and HLRRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AGREX	HLRRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	0.85	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.09	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	0.21	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.33	-0.19

Drawdowns

AGREX vs. HLRRX - Drawdown Comparison

The maximum AGREX drawdown since its inception was -69.30%, which is greater than HLRRX's maximum drawdown of -62.78%. Use the drawdown chart below to compare losses from any high point for AGREX and HLRRX.

Drawdown Indicators

	AGREX	HLRRX	Difference
Max Drawdown Largest peak-to-trough decline	-69.30%	-62.78%	-6.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-6.72%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-18.43%	-21.04%	+2.61%
Max Drawdown (5Y) Largest decline over 5 years	-33.48%	-28.99%	-4.49%
Max Drawdown (10Y) Largest decline over 10 years	-43.39%	-48.13%	+4.74%
Current Drawdown Current decline from peak	-9.16%	-5.33%	-3.83%
Average Drawdown Average peak-to-trough decline	-16.01%	-8.50%	-7.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	2.95%	-0.14%

Volatility

AGREX vs. HLRRX - Volatility Comparison

Invesco Global Real Estate Fund (AGREX) has a higher volatility of 3.85% compared to LDR Real Estate Value Opportunity Fund (HLRRX) at 2.56%. This indicates that AGREX's price experiences larger fluctuations and is considered to be riskier than HLRRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGREX	HLRRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	2.56%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	8.03%	+1.18%
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	12.32%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.37%	17.42%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.70%	20.81%	-3.11%

AGREX vs. HLRRX - Expense Ratio Comparison

AGREX has a 1.38% expense ratio, which is higher than HLRRX's 1.14% expense ratio.

Dividends

AGREX vs. HLRRX - Dividend Comparison

AGREX's dividend yield for the trailing twelve months is around 3.88%, less than HLRRX's 9.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGREX Invesco Global Real Estate Fund	3.88%	2.33%	1.87%	1.81%	13.06%	2.39%	4.68%	8.59%	11.43%	2.67%	3.84%	1.81%
HLRRX LDR Real Estate Value Opportunity Fund	9.75%	9.39%	4.93%	5.50%	13.71%	17.02%	9.10%	2.44%	2.68%	17.61%	15.94%	10.13%

Frequently Asked Questions

Can I hold both AGREX and HLRRX in my portfolio?

AGREX and HLRRX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGREX or HLRRX?

AGREX has higher volatility (3.85%) compared to HLRRX (2.56%). In terms of maximum drawdown, AGREX dropped -69.30% vs HLRRX's -62.78%.

Which has better risk-adjusted returns?

HLRRX currently has the higher Sharpe Ratio (0.85 vs 0.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.