BYRE vs. DFAR

Last updated Jun 24, 2026

BYRE (Principal Real Estate Active Opportunities ETF) and DFAR (Dimensional US Real Estate ETF) are both REIT funds. Both are actively managed. Over the past 3 years, BYRE returned 11.04%/yr vs 11.71%/yr for DFAR. With a 0.96 correlation, they move nearly in lockstep. BYRE charges 0.65%/yr vs 0.19%/yr for DFAR.

Performance

BYRE vs. DFAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Real Estate Active Opportunities ETF (BYRE) and Dimensional US Real Estate ETF (DFAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BYRE achieves a 13.03% return, which is significantly lower than DFAR's 15.09% return.

BYRE

• 1D: 1.22%
• 1M: -0.15%
• YTD: 13.03%
• 6M: 13.95%
• 1Y: 9.19%
• 3Y*: 11.04%
• 5Y*: —
• 10Y*: —

DFAR

• 1D: 0.73%
• 1M: 0.69%
• YTD: 15.09%
• 6M: 15.60%
• 1Y: 13.30%
• 3Y*: 11.71%
• 5Y*: —
• 10Y*: —

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

BYRE vs. DFAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BYRE Principal Real Estate Active Opportunities ETF	13.03%	2.35%	4.18%	10.82%	-9.22%
DFAR Dimensional US Real Estate ETF	15.09%	1.31%	5.25%	11.04%	-9.11%

Correlation

The correlation between BYRE and DFAR is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 19, 2022	0.96

The correlation between BYRE and DFAR has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

BYRE vs. DFAR — Risk / Return Rank

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

BYRE

BYRE Risk / Return Rank: 22
BYRE Sharpe Ratio Rank: 22
BYRE Sortino Ratio Rank: 20
BYRE Omega Ratio Rank: 19
BYRE Calmar Ratio Rank: 26
BYRE Martin Ratio Rank: 24

DFAR

DFAR Risk / Return Rank: 30
DFAR Sharpe Ratio Rank: 28
DFAR Sortino Ratio Rank: 26
DFAR Omega Ratio Rank: 26
DFAR Calmar Ratio Rank: 33
DFAR Martin Ratio Rank: 35

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.

BYRE vs. DFAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Real Estate Active Opportunities ETF (BYRE) and Dimensional US Real Estate ETF (DFAR). 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.

	BYRE	DFAR	Difference
Sharpe ratio: Return per unit of total volatility	0.72	0.98	-0.26
Sortino ratio: Return per unit of downside risk	1.04	1.39	-0.35
Omega ratio: Gain probability vs. loss probability	1.13	1.18	-0.04
Calmar ratio: Return relative to maximum drawdown	1.19	1.58	-0.40
Martin ratio: Return relative to average drawdown	2.98	4.95	-1.97

BYRE vs. DFAR - Sharpe Ratio Comparison

The current BYRE Sharpe Ratio is 0.72, which is comparable to the DFAR Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of BYRE and DFAR, 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

BYRE vs. DFAR - Drawdown Comparison

The maximum BYRE drawdown since its inception was -25.70%, smaller than the maximum DFAR drawdown of -32.27%. Use the drawdown chart below to compare losses from any high point for BYRE and DFAR.

Drawdown Indicators

	BYRE	DFAR	Difference
Max Drawdown Largest peak-to-trough decline	-25.70%	-32.27%	+6.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-8.43%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-15.20%	-17.64%	+2.44%
Current Drawdown Current decline from peak	-0.72%	-1.31%	+0.59%
Average Drawdown Average peak-to-trough decline	-9.47%	-14.05%	+4.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.69%	+0.41%

Volatility

BYRE vs. DFAR - Volatility Comparison

The current volatility for Principal Real Estate Active Opportunities ETF (BYRE) is 4.53%, while Dimensional US Real Estate ETF (DFAR) has a volatility of 5.04%. This indicates that BYRE experiences smaller price fluctuations and is considered to be less risky than DFAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BYRE	DFAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	5.04%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	10.22%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	12.96%	13.74%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.08%	19.16%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	19.16%	-1.08%

BYRE vs. DFAR - Expense Ratio Comparison

BYRE has a 0.65% expense ratio, which is higher than DFAR's 0.19% expense ratio.

Dividends

BYRE vs. DFAR - Dividend Comparison

BYRE's dividend yield for the trailing twelve months is around 2.43%, less than DFAR's 2.68% yield.

Position	TTM	2025	2024	2023	2022
BYRE Principal Real Estate Active Opportunities ETF	2.43%	2.71%	2.31%	2.63%	1.86%
DFAR Dimensional US Real Estate ETF	2.68%	2.97%	2.89%	3.06%	1.69%

Frequently Asked Questions

Can I hold both BYRE and DFAR in my portfolio?

With a correlation of 0.94, BYRE and DFAR 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, BYRE or DFAR?

DFAR has higher volatility (5.04%) compared to BYRE (4.53%). In terms of maximum drawdown, BYRE dropped -25.70% vs DFAR's -32.27%.

Which ETF is better, BYRE or DFAR?

On 3-year performance, DFAR leads with 11.71% vs 11.04% for BYRE. On fees, DFAR is cheaper at 0.19% per year. On volatility, BYRE has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BYRE or DFAR?

Over the 3-year period, DFAR has performed better with a 11.71% return vs 11.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BYRE or DFAR?

DFAR is cheaper with a 0.19% expense ratio, compared with 0.65% for BYRE.

Which ETF pays a higher dividend yield, BYRE or DFAR?

DFAR has the higher dividend yield at 2.68%, compared with 2.43% for BYRE.

What is the main difference between BYRE and DFAR?

They also come from different issuers: Principal and Dimensional. Their fees differ too: 0.65% for BYRE and 0.19% for DFAR.

Which has better risk-adjusted returns?

DFAR currently has the higher Sharpe Ratio (0.98 vs 0.72), 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.