ASRAX vs. IRSAX

Last updated Jun 4, 2026

ASRAX (Invesco Global Real Estate Income Fund) and IRSAX (Delaware Ivy Securian Real Estate Securities Fund) are both REIT funds. Over the past 10 years, ASRAX returned 3.01%/yr vs 7.55%/yr for IRSAX. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 1.20% expense ratio.

Performance

ASRAX vs. IRSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Real Estate Income Fund (ASRAX) and Delaware Ivy Securian Real Estate Securities Fund (IRSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASRAX achieves a 6.89% return, which is significantly lower than IRSAX's 11.86% return. Over the past 10 years, ASRAX has underperformed IRSAX with an annualized return of 3.01%, while IRSAX has yielded a comparatively higher 7.55% annualized return.

ASRAX

• 1D: 0.34%
• 1M: -1.91%
• YTD: 6.89%
• 6M: 6.43%
• 1Y: 10.47%
• 3Y*: 6.58%
• 5Y*: 0.89%
• 10Y*: 3.01%

IRSAX

• 1D: 0.35%
• 1M: -1.11%
• YTD: 11.86%
• 6M: 11.88%
• 1Y: 17.88%
• 3Y*: 16.90%
• 5Y*: 7.27%
• 10Y*: 7.55%

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

ASRAX vs. IRSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASRAX Invesco Global Real Estate Income Fund	6.89%	7.08%	-2.68%	11.90%	-20.93%	19.97%	-5.10%	15.50%	-4.33%	8.78%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	11.86%	7.28%	23.62%	9.53%	-25.47%	43.57%	-3.51%	24.13%	-5.69%	5.29%

Correlation

The correlation between ASRAX and IRSAX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 31, 2002	0.91

The correlation between ASRAX and IRSAX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

ASRAX vs. IRSAX — Risk / Return Rank

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

ASRAX

ASRAX Risk / Return Rank: 12
ASRAX Sharpe Ratio Rank: 12
ASRAX Sortino Ratio Rank: 11
ASRAX Omega Ratio Rank: 12
ASRAX Calmar Ratio Rank: 12
ASRAX Martin Ratio Rank: 15

IRSAX

IRSAX Risk / Return Rank: 26
IRSAX Sharpe Ratio Rank: 22
IRSAX Sortino Ratio Rank: 19
IRSAX Omega Ratio Rank: 20
IRSAX Calmar Ratio Rank: 33
IRSAX Martin Ratio Rank: 36

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.

ASRAX vs. IRSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Real Estate Income Fund (ASRAX) and Delaware Ivy Securian Real Estate Securities Fund (IRSAX). 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.

	ASRAX	IRSAX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.34	-0.40
Sortino ratio: Return per unit of downside risk	1.33	1.84	-0.51
Omega ratio: Gain probability vs. loss probability	1.17	1.23	-0.06
Calmar ratio: Return relative to maximum drawdown	1.14	2.15	-1.01
Martin ratio: Return relative to average drawdown	4.20	7.99	-3.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASRAX vs. IRSAX - Sharpe Ratio Comparison

The current ASRAX Sharpe Ratio is 0.93, which is lower than the IRSAX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of ASRAX and IRSAX, 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

	ASRAX	IRSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.34	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.26	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.30	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.31	-0.12

Drawdowns

ASRAX vs. IRSAX - Drawdown Comparison

The maximum ASRAX drawdown since its inception was -64.52%, smaller than the maximum IRSAX drawdown of -72.03%. Use the drawdown chart below to compare losses from any high point for ASRAX and IRSAX.

Drawdown Indicators

	ASRAX	IRSAX	Difference
Max Drawdown Largest peak-to-trough decline	-64.52%	-72.03%	+7.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-8.04%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-16.96%	-16.26%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-26.35%	-37.56%	+11.21%
Max Drawdown (10Y) Largest decline over 10 years	-35.04%	-40.71%	+5.67%
Current Drawdown Current decline from peak	-3.53%	-3.39%	-0.14%
Average Drawdown Average peak-to-trough decline	-12.20%	-13.24%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	2.16%	+0.22%

Volatility

ASRAX vs. IRSAX - Volatility Comparison

The current volatility for Invesco Global Real Estate Income Fund (ASRAX) is 3.36%, while Delaware Ivy Securian Real Estate Securities Fund (IRSAX) has a volatility of 3.83%. This indicates that ASRAX experiences smaller price fluctuations and is considered to be less risky than IRSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASRAX	IRSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.83%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	8.31%	9.46%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	12.91%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.86%	28.57%	-15.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.36%	25.61%	-12.25%

ASRAX vs. IRSAX - Expense Ratio Comparison

Both ASRAX and IRSAX have an expense ratio of 1.20%.

Dividends

ASRAX vs. IRSAX - Dividend Comparison

ASRAX's dividend yield for the trailing twelve months is around 2.45%, less than IRSAX's 22.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASRAX Invesco Global Real Estate Income Fund	2.45%	2.71%	3.58%	2.96%	2.38%	1.89%	2.32%	5.57%	3.51%	3.45%	4.49%	5.79%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	22.17%	24.77%	29.95%	9.61%	34.76%	13.03%	1.81%	9.69%	7.51%	12.71%	10.34%	5.88%

Frequently Asked Questions

Can I hold both ASRAX and IRSAX in my portfolio?

With a correlation of 0.91, ASRAX and IRSAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ASRAX or IRSAX?

IRSAX has higher volatility (3.83%) compared to ASRAX (3.36%). In terms of maximum drawdown, ASRAX dropped -64.52% vs IRSAX's -72.03%.

Which has better risk-adjusted returns?

IRSAX currently has the higher Sharpe Ratio (1.34 vs 0.93), 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.