BRIIX vs. PHRAX

Last updated Jun 24, 2026

BRIIX (Baron Real Estate Income Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both REIT funds. Over the past 5 years, BRIIX returned 4.63%/yr vs 4.42%/yr for PHRAX. Their correlation of 0.92 suggests significant overlap in exposure. BRIIX charges 1.08%/yr vs 1.36%/yr for PHRAX.

Performance

BRIIX vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Real Estate Income Fund (BRIIX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRIIX achieves a 11.79% return, which is significantly lower than PHRAX's 15.62% return.

BRIIX

• 1D: 0.53%
• 1M: 1.92%
• YTD: 11.79%
• 6M: 10.94%
• 1Y: 16.20%
• 3Y*: 15.06%
• 5Y*: 4.63%
• 10Y*: —

PHRAX

• 1D: 1.39%
• 1M: 0.47%
• YTD: 15.62%
• 6M: 16.01%
• 1Y: 14.04%
• 3Y*: 12.52%
• 5Y*: 4.42%
• 10Y*: 6.36%

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

BRIIX vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRIIX Baron Real Estate Income Fund	11.79%	3.73%	17.32%	15.52%	-27.49%	29.29%	22.32%	36.54%	-11.02%	0.00%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	15.62%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	-0.04%

Correlation

The correlation between BRIIX and PHRAX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 29, 2017	0.92

The correlation between BRIIX and PHRAX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

BRIIX vs. PHRAX — Risk / Return Rank

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

BRIIX

BRIIX Risk / Return Rank: 29
BRIIX Sharpe Ratio Rank: 23
BRIIX Sortino Ratio Rank: 21
BRIIX Omega Ratio Rank: 22
BRIIX Calmar Ratio Rank: 41
BRIIX Martin Ratio Rank: 37

PHRAX

PHRAX Risk / Return Rank: 22
PHRAX Sharpe Ratio Rank: 18
PHRAX Sortino Ratio Rank: 16
PHRAX Omega Ratio Rank: 17
PHRAX Calmar Ratio Rank: 31
PHRAX Martin Ratio Rank: 26

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.

BRIIX vs. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Real Estate Income Fund (BRIIX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.13	+0.16
Sortino ratio: Return per unit of downside risk	1.79	1.56	+0.22
Omega ratio: Gain probability vs. loss probability	1.23	1.20	+0.03
Calmar ratio: Return relative to maximum drawdown	2.32	1.97	+0.34
Martin ratio: Return relative to average drawdown	7.75	5.73	+2.02

BRIIX vs. PHRAX - Sharpe Ratio Comparison

The current BRIIX Sharpe Ratio is 1.28, which is comparable to the PHRAX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of BRIIX and PHRAX, 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

BRIIX vs. PHRAX - Drawdown Comparison

The maximum BRIIX drawdown since its inception was -37.06%, smaller than the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for BRIIX and PHRAX.

Drawdown Indicators

	BRIIX	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.06%	-72.56%	+35.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-7.83%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-17.53%	-19.09%	+1.56%
Max Drawdown (5Y) Largest decline over 5 years	-32.86%	-33.51%	+0.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.00%	—
Current Drawdown Current decline from peak	-0.83%	-1.04%	+0.21%
Average Drawdown Average peak-to-trough decline	-8.55%	-11.35%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	2.69%	-0.42%

Volatility

BRIIX vs. PHRAX - Volatility Comparison

Baron Real Estate Income Fund (BRIIX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) have volatilities of 5.10% and 5.14%, 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

	BRIIX	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	5.14%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	10.16%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	13.77%	13.75%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.41%	19.11%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.60%	21.02%	-0.42%

BRIIX vs. PHRAX - Expense Ratio Comparison

BRIIX has a 1.08% expense ratio, which is lower than PHRAX's 1.36% expense ratio.

Dividends

BRIIX vs. PHRAX - Dividend Comparison

BRIIX's dividend yield for the trailing twelve months is around 1.45%, less than PHRAX's 5.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRIIX Baron Real Estate Income Fund	1.45%	1.70%	1.39%	1.95%	2.00%	1.21%	0.77%	1.12%	3.03%	0.00%	0.00%	0.00%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	5.06%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%

Frequently Asked Questions

Can I hold both BRIIX and PHRAX in my portfolio?

With a correlation of 0.90, BRIIX and PHRAX 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, BRIIX or PHRAX?

PHRAX has higher volatility (5.14%) compared to BRIIX (5.10%). In terms of maximum drawdown, BRIIX dropped -37.06% vs PHRAX's -72.56%.

Which has better risk-adjusted returns?

BRIIX currently has the higher Sharpe Ratio (1.28 vs 1.13), 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.