BYRE vs. IYRI

Last updated Jun 24, 2026

BYRE (Principal Real Estate Active Opportunities ETF) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - BYRE is a REIT fund actively managed by Principal, while IYRI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past year, BYRE returned 9.19% vs 9.17% for IYRI. Their correlation of 0.89 suggests significant overlap in exposure. BYRE charges 0.65%/yr vs 0.68%/yr for IYRI.

Performance

BYRE vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Real Estate Active Opportunities ETF (BYRE) and NEOS Real Estate High Income ETF (IYRI). 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 higher than IYRI's 7.08% return.

BYRE

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

IYRI

• 1D: 1.00%
• 1M: 0.83%
• YTD: 7.08%
• 6M: 7.36%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BYRE vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
BYRE Principal Real Estate Active Opportunities ETF	13.03%	4.85%
IYRI NEOS Real Estate High Income ETF	7.08%	6.99%

Correlation

The correlation between BYRE and IYRI is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.89

The correlation between BYRE and IYRI has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

Return for Risk

BYRE vs. IYRI — 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

IYRI

IYRI Risk / Return Rank: 26
IYRI Sharpe Ratio Rank: 25
IYRI Sortino Ratio Rank: 23
IYRI Omega Ratio Rank: 23
IYRI Calmar Ratio Rank: 26
IYRI Martin Ratio Rank: 31

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. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Real Estate Active Opportunities ETF (BYRE) and NEOS Real Estate High Income ETF (IYRI). 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	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	0.72	0.86	-0.14
Sortino ratio: Return per unit of downside risk	1.04	1.23	-0.19
Omega ratio: Gain probability vs. loss probability	1.13	1.16	-0.03
Calmar ratio: Return relative to maximum drawdown	1.19	1.22	-0.03
Martin ratio: Return relative to average drawdown	2.98	4.37	-1.40

BYRE vs. IYRI - Sharpe Ratio Comparison

The current BYRE Sharpe Ratio is 0.72, which is comparable to the IYRI Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of BYRE and IYRI, 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. IYRI - Drawdown Comparison

The maximum BYRE drawdown since its inception was -25.70%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for BYRE and IYRI.

Drawdown Indicators

	BYRE	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-25.70%	-12.12%	-13.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-7.53%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-15.20%	—	—
Current Drawdown Current decline from peak	-0.72%	-0.52%	-0.20%
Average Drawdown Average peak-to-trough decline	-9.47%	-1.69%	-7.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.10%	+1.00%

Volatility

BYRE vs. IYRI - Volatility Comparison

Principal Real Estate Active Opportunities ETF (BYRE) has a higher volatility of 4.53% compared to NEOS Real Estate High Income ETF (IYRI) at 4.21%. This indicates that BYRE's price experiences larger fluctuations and is considered to be riskier than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BYRE	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	4.21%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	7.94%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	12.96%	10.80%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.08%	13.20%	+4.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	13.20%	+4.88%

BYRE vs. IYRI - Expense Ratio Comparison

BYRE has a 0.65% expense ratio, which is lower than IYRI's 0.68% expense ratio.

Dividends

BYRE vs. IYRI - Dividend Comparison

BYRE's dividend yield for the trailing twelve months is around 2.43%, less than IYRI's 11.96% yield.

Position	TTM	2025	2024	2023	2022
BYRE Principal Real Estate Active Opportunities ETF	2.43%	2.71%	2.31%	2.63%	1.86%
IYRI NEOS Real Estate High Income ETF	11.96%	11.72%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BYRE and IYRI in my portfolio?

BYRE and IYRI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BYRE or IYRI?

BYRE has higher volatility (4.53%) compared to IYRI (4.21%). In terms of maximum drawdown, BYRE dropped -25.70% vs IYRI's -12.12%.

Which ETF is better, BYRE or IYRI?

On 1-year performance, BYRE leads with 9.19% vs 9.17% for IYRI. On fees, BYRE is cheaper at 0.65% per year. On volatility, IYRI has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BYRE or IYRI?

Over the 1-year period, BYRE has performed better with a 9.19% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BYRE or IYRI?

BYRE is cheaper with a 0.65% expense ratio, compared with 0.68% for IYRI.

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

IYRI has the higher dividend yield at 11.96%, compared with 2.43% for BYRE.

What is the main difference between BYRE and IYRI?

BYRE is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: Principal and Neos. Their fees differ too: 0.65% for BYRE and 0.68% for IYRI.

Which has better risk-adjusted returns?

IYRI currently has the higher Sharpe Ratio (0.86 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.