BRIIX vs. CNQ
BRIIX (Baron Real Estate Income Fund) is REIT fund managed by Baron Capital, while CNQ (Canadian Natural Resources Limited) is a stock. Over the past 5 years, BRIIX returned 5.12%/yr vs 30.40%/yr for CNQ. Their 0.29 correlation means their historical movements had little consistent relationship.
Performance
BRIIX vs. CNQ - Performance Comparison
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Returns By Period
In the year-to-date period, BRIIX achieves a 13.74% return, which is significantly lower than CNQ's 39.73% return.
BRIIX
- 1D
- -0.57%
- 1M
- -0.72%
- 6M
- 12.81%
- YTD
- 13.74%
- 1Y
- 19.21%
- 3Y*
- 13.27%
- 5Y*
- 5.12%
- 10Y*
- —
- ALL TIME*
- 9.78%
CNQ
- 1D
- -2.77%
- 1M
- 16.95%
- 6M
- 29.58%
- YTD
- 39.73%
- 1Y
- 56.77%
- 3Y*
- 20.58%
- 5Y*
- 30.40%
- 10Y*
- 17.45%
- ALL TIME*
- 16.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $291.39M | $339.50M | $363.58M |
BRIIX vs. CNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BRIIX Baron Real Estate Income Fund | 13.74% | 3.73% | 17.32% | 15.52% | -27.49% | 29.29% | 22.32% | 36.54% | -11.02% | 0.00% |
CNQ Canadian Natural Resources Limited | 39.73% | 15.58% | -1.31% | 23.72% | 42.82% | 83.55% | -19.06% | 39.72% | -29.92% | -0.47% |
Correlation
The correlation between BRIIX and CNQ is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2017 | 0.29 |
The correlation between BRIIX and CNQ shifts across timeframes, from -0.08 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BRIIX vs. CNQ — Risk / Return Rank
BRIIX
CNQ
BRIIX vs. CNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baron Real Estate Income Fund (BRIIX) and Canadian Natural Resources Limited (CNQ). 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.
| BRIIX | CNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.30 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 2.66 | -0.23 |
| Martin ratioReturn relative to average drawdown | 8.61 | 8.10 | +0.51 |
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Drawdowns
BRIIX vs. CNQ - Drawdown Comparison
The maximum BRIIX drawdown since its inception was -37.06%, smaller than the maximum CNQ drawdown of -80.75%. Use the drawdown chart below to compare losses from any high point for BRIIX and CNQ.
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Drawdown Indicators
| BRIIX | CNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.06% | -80.75% | +43.69% |
Max Drawdown (1Y)Largest decline over 1 year | -7.61% | -21.45% | +13.84% |
Max Drawdown (3Y)Largest decline over 3 years | -17.53% | -35.85% | +18.32% |
Max Drawdown (5Y)Largest decline over 5 years | -32.86% | -35.85% | +2.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.84% | — |
Current DrawdownCurrent decline from peak | -2.33% | -6.43% | +4.10% |
Average DrawdownAverage peak-to-trough decline | -8.45% | -23.46% | +15.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.14% | 7.03% | -4.89% |
Volatility
BRIIX vs. CNQ - Volatility Comparison
The current volatility for Baron Real Estate Income Fund (BRIIX) is 4.48%, while Canadian Natural Resources Limited (CNQ) has a volatility of 10.40%. This indicates that BRIIX experiences smaller price fluctuations and is considered to be less risky than CNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BRIIX | CNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 10.40% | -5.92% |
Volatility (6M)Calculated over the trailing 6-month period | 10.66% | 24.09% | -13.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.76% | 30.59% | -16.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.41% | 32.85% | -14.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.53% | 40.26% | -19.73% |
Dividends
BRIIX vs. CNQ - Dividend Comparison
BRIIX's dividend yield for the trailing twelve months is around 1.42%, less than CNQ's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRIIX Baron Real Estate Income Fund | 1.42% | 1.70% | 1.39% | 1.95% | 2.00% | 1.21% | 0.77% | 1.12% | 3.03% | 0.00% | 0.00% | 0.00% |
CNQ Canadian Natural Resources Limited | 3.81% | 5.01% | 5.02% | 4.17% | 6.31% | 3.78% | 5.26% | 3.49% | 4.56% | 3.08% | 2.94% | 4.21% |
Frequently Asked Questions
BRIIX and CNQ have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNQ has higher volatility (10.40%) compared to BRIIX (4.48%). In terms of maximum drawdown, BRIIX dropped -37.06% vs CNQ's -80.75%.
CNQ currently has the higher Sharpe Ratio (1.87 vs 1.35), 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.
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