BIREX vs. REIPX

Last updated Jun 26, 2026

BIREX (BlackRock Real Estate Securities Fund) and REIPX (T. Rowe Price Real Estate Fund Class I) are both REIT funds. Over the past 10 years, BIREX returned 6.54%/yr vs 12.32%/yr for REIPX. A 0.60 correlation means they provide meaningful diversification when combined. BIREX charges 0.75%/yr vs 0.65%/yr for REIPX.

Performance

BIREX vs. REIPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Real Estate Securities Fund (BIREX) and T. Rowe Price Real Estate Fund Class I (REIPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIREX achieves a 15.43% return, which is significantly higher than REIPX's 13.29% return. Over the past 10 years, BIREX has underperformed REIPX with an annualized return of 6.54%, while REIPX has yielded a comparatively higher 12.32% annualized return.

BIREX

• 1D: -0.12%
• 1M: 0.24%
• YTD: 15.43%
• 6M: 15.12%
• 1Y: 17.41%
• 3Y*: 12.30%
• 5Y*: 3.44%
• 10Y*: 6.54%

REIPX

• 1D: 0.39%
• 1M: 0.72%
• YTD: 13.29%
• 6M: 12.56%
• 1Y: 24.16%
• 3Y*: 17.02%
• 5Y*: 10.32%
• 10Y*: 12.32%

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

BIREX vs. REIPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIREX BlackRock Real Estate Securities Fund	15.43%	3.08%	3.75%	13.57%	-27.58%	46.24%	-4.17%	27.75%	-2.95%	6.19%
REIPX T. Rowe Price Real Estate Fund Class I	13.29%	14.74%	11.96%	9.84%	-3.09%	25.70%	1.40%	33.77%	-9.20%	15.57%

Correlation

The correlation between BIREX and REIPX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.60

The correlation between BIREX and REIPX shifts across timeframes, from 0.57 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BIREX vs. REIPX — Risk / Return Rank

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

BIREX

BIREX Risk / Return Rank: 25
BIREX Sharpe Ratio Rank: 22
BIREX Sortino Ratio Rank: 20
BIREX Omega Ratio Rank: 21
BIREX Calmar Ratio Rank: 32
BIREX Martin Ratio Rank: 31

REIPX

REIPX Risk / Return Rank: 77
REIPX Sharpe Ratio Rank: 77
REIPX Sortino Ratio Rank: 78
REIPX Omega Ratio Rank: 72
REIPX Calmar Ratio Rank: 82
REIPX Martin Ratio Rank: 78

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.

BIREX vs. REIPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Real Estate Securities Fund (BIREX) and T. Rowe Price Real Estate Fund Class I (REIPX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BIREX	REIPX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.15	-1.06
Sortino ratio: Return per unit of downside risk	1.54	3.12	-1.58
Omega ratio: Gain probability vs. loss probability	1.20	1.39	-0.19
Calmar ratio: Return relative to maximum drawdown	1.81	3.24	-1.43
Martin ratio: Return relative to average drawdown	6.00	12.04	-6.04

BIREX vs. REIPX - Sharpe Ratio Comparison

The current BIREX Sharpe Ratio is 1.09, which is lower than the REIPX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of BIREX and REIPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BIREX vs. REIPX - Drawdown Comparison

The maximum BIREX drawdown since its inception was -41.92%, which is greater than REIPX's maximum drawdown of -39.69%. Use the drawdown chart below to compare losses from any high point for BIREX and REIPX.

Drawdown Indicators

	BIREX	REIPX	Difference
Max Drawdown Largest peak-to-trough decline	-41.92%	-39.69%	-2.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-7.31%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-18.05%	-14.32%	-3.73%
Max Drawdown (5Y) Largest decline over 5 years	-34.76%	-18.02%	-16.74%
Max Drawdown (10Y) Largest decline over 10 years	-41.92%	-39.69%	-2.23%
Current Drawdown Current decline from peak	-0.70%	-0.86%	+0.16%
Average Drawdown Average peak-to-trough decline	-9.69%	-4.39%	-5.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	1.96%	+0.53%

Volatility

BIREX vs. REIPX - Volatility Comparison

BlackRock Real Estate Securities Fund (BIREX) has a higher volatility of 4.81% compared to T. Rowe Price Real Estate Fund Class I (REIPX) at 3.66%. This indicates that BIREX's price experiences larger fluctuations and is considered to be riskier than REIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIREX	REIPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	3.66%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	8.43%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.51%	11.02%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	14.91%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.93%	17.79%	+3.14%

BIREX vs. REIPX - Expense Ratio Comparison

BIREX has a 0.75% expense ratio, which is higher than REIPX's 0.65% expense ratio.

Dividends

BIREX vs. REIPX - Dividend Comparison

BIREX's dividend yield for the trailing twelve months is around 2.64%, more than REIPX's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIREX BlackRock Real Estate Securities Fund	2.64%	2.98%	2.88%	2.87%	4.36%	1.63%	2.16%	1.93%	3.07%	9.88%	6.72%	6.75%
REIPX T. Rowe Price Real Estate Fund Class I	2.51%	2.87%	9.05%	6.30%	6.86%	8.89%	3.65%	12.62%	11.53%	9.03%	7.88%	0.00%

Frequently Asked Questions

Can I hold both BIREX and REIPX in my portfolio?

BIREX and REIPX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIREX or REIPX?

BIREX has higher volatility (4.81%) compared to REIPX (3.66%). In terms of maximum drawdown, BIREX dropped -41.92% vs REIPX's -39.69%.

Which has better risk-adjusted returns?

REIPX currently has the higher Sharpe Ratio (2.15 vs 1.09), 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.