BREFX vs. IVRSX

Last updated Jun 4, 2026

BREFX (Baron Real Estate Fund Retail Shares) and IVRSX (VY CBRE Real Estate Portfolio) are both REIT funds. Over the past 10 years, BREFX returned 10.78%/yr vs 5.20%/yr for IVRSX. A 0.73 correlation means they provide meaningful diversification when combined. BREFX charges 1.31%/yr vs 0.93%/yr for IVRSX.

Performance

BREFX vs. IVRSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Real Estate Fund Retail Shares (BREFX) and VY CBRE Real Estate Portfolio (IVRSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BREFX achieves a 0.74% return, which is significantly lower than IVRSX's 12.25% return. Over the past 10 years, BREFX has outperformed IVRSX with an annualized return of 10.78%, while IVRSX has yielded a comparatively lower 5.20% annualized return.

BREFX

• 1D: 0.08%
• 1M: 1.04%
• YTD: 0.74%
• 6M: -0.60%
• 1Y: 12.97%
• 3Y*: 10.74%
• 5Y*: 2.29%
• 10Y*: 10.78%

IVRSX

• 1D: 0.53%
• 1M: -0.68%
• YTD: 12.25%
• 6M: 10.78%
• 1Y: 13.40%
• 3Y*: 8.81%
• 5Y*: 3.42%
• 10Y*: 5.20%

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

BREFX vs. IVRSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BREFX Baron Real Estate Fund Retail Shares	0.74%	4.91%	12.19%	24.70%	-28.62%	24.09%	43.92%	44.27%	-22.23%	31.06%
IVRSX VY CBRE Real Estate Portfolio	12.25%	-0.01%	4.32%	14.11%	-27.22%	51.91%	-6.66%	28.15%	-10.29%	5.20%

Correlation

The correlation between BREFX and IVRSX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.73

The correlation between BREFX and IVRSX shifts across timeframes, from 0.58 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BREFX vs. IVRSX — Risk / Return Rank

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

BREFX

BREFX Risk / Return Rank: 11
BREFX Sharpe Ratio Rank: 10
BREFX Sortino Ratio Rank: 11
BREFX Omega Ratio Rank: 10
BREFX Calmar Ratio Rank: 12
BREFX Martin Ratio Rank: 11

IVRSX

IVRSX Risk / Return Rank: 18
IVRSX Sharpe Ratio Rank: 14
IVRSX Sortino Ratio Rank: 13
IVRSX Omega Ratio Rank: 14
IVRSX Calmar Ratio Rank: 25
IVRSX Martin Ratio Rank: 23

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.

BREFX vs. IVRSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Real Estate Fund Retail Shares (BREFX) and VY CBRE Real Estate Portfolio (IVRSX). 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.

	BREFX	IVRSX	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.06	-0.22
Sortino ratio: Return per unit of downside risk	1.30	1.49	-0.19
Omega ratio: Gain probability vs. loss probability	1.15	1.19	-0.03
Calmar ratio: Return relative to maximum drawdown	1.11	1.87	-0.76
Martin ratio: Return relative to average drawdown	3.17	5.78	-2.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BREFX vs. IVRSX - Sharpe Ratio Comparison

The current BREFX Sharpe Ratio is 0.84, which is comparable to the IVRSX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of BREFX and IVRSX, 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

	BREFX	IVRSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	1.06	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.18	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.25	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.35	+0.27

Drawdowns

BREFX vs. IVRSX - Drawdown Comparison

The maximum BREFX drawdown since its inception was -38.52%, smaller than the maximum IVRSX drawdown of -73.77%. Use the drawdown chart below to compare losses from any high point for BREFX and IVRSX.

Drawdown Indicators

	BREFX	IVRSX	Difference
Max Drawdown Largest peak-to-trough decline	-38.52%	-73.77%	+35.25%
Max Drawdown (1Y) Largest decline over 1 year	-12.60%	-7.74%	-4.86%
Max Drawdown (3Y) Largest decline over 3 years	-23.98%	-19.29%	-4.69%
Max Drawdown (5Y) Largest decline over 5 years	-34.05%	-34.51%	+0.46%
Max Drawdown (10Y) Largest decline over 10 years	-38.52%	-45.19%	+6.67%
Current Drawdown Current decline from peak	-4.43%	-3.23%	-1.20%
Average Drawdown Average peak-to-trough decline	-7.69%	-11.93%	+4.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	2.41%	+1.99%

Volatility

BREFX vs. IVRSX - Volatility Comparison

Baron Real Estate Fund Retail Shares (BREFX) and VY CBRE Real Estate Portfolio (IVRSX) have volatilities of 4.33% and 4.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BREFX	IVRSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.20%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	9.49%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.63%	13.66%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	19.64%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.21%	21.54%	-0.33%

BREFX vs. IVRSX - Expense Ratio Comparison

BREFX has a 1.31% expense ratio, which is higher than IVRSX's 0.93% expense ratio.

Dividends

BREFX vs. IVRSX - Dividend Comparison

BREFX's dividend yield for the trailing twelve months is around 3.62%, less than IVRSX's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BREFX Baron Real Estate Fund Retail Shares	3.62%	3.64%	0.16%	0.06%	2.94%	8.17%	6.27%	13.89%	12.04%	4.77%	0.35%	1.98%
IVRSX VY CBRE Real Estate Portfolio	4.38%	2.74%	2.50%	8.77%	26.34%	1.46%	13.92%	2.44%	11.42%	2.07%	1.57%	1.31%

Frequently Asked Questions

Can I hold both BREFX and IVRSX in my portfolio?

BREFX and IVRSX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BREFX or IVRSX?

BREFX has higher volatility (4.33%) compared to IVRSX (4.20%). In terms of maximum drawdown, BREFX dropped -38.52% vs IVRSX's -73.77%.

Which has better risk-adjusted returns?

IVRSX currently has the higher Sharpe Ratio (1.06 vs 0.84), 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.