BYRE vs. LCAP

Last updated Jun 23, 2026

BYRE (Principal Real Estate Active Opportunities ETF) and LCAP (Principal Capital Appreciation Select ETF) are both exchange-traded funds - BYRE is a REIT fund actively managed by Principal, while LCAP is a Large Cap Blend Equities fund actively managed by Principal. Both are actively managed. Over the past year, BYRE returned 9.46% vs 26.90% for LCAP. At a 0.30 correlation, their price movements are largely independent. BYRE charges 0.65%/yr vs 0.29%/yr for LCAP.

Performance

BYRE vs. LCAP - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with BYRE having a 11.67% return and LCAP slightly lower at 11.31%.

BYRE

• 1D: 0.81%
• 1M: -1.35%
• YTD: 11.67%
• 6M: 12.32%
• 1Y: 9.46%
• 3Y*: 10.59%
• 5Y*: —
• 10Y*: —

LCAP

• 1D: -0.48%
• 1M: 0.18%
• YTD: 11.31%
• 6M: 10.79%
• 1Y: 26.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BYRE vs. LCAP - Yearly Performance Comparison

	2026 (YTD)	2025
BYRE Principal Real Estate Active Opportunities ETF	11.67%	-0.57%
LCAP Principal Capital Appreciation Select ETF	11.31%	17.53%

Correlation

The correlation between BYRE and LCAP is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	0.30

Return for Risk

BYRE vs. LCAP — 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: 20
BYRE Calmar Ratio Rank: 26
BYRE Martin Ratio Rank: 24

LCAP

LCAP Risk / Return Rank: 63
LCAP Sharpe Ratio Rank: 64
LCAP Sortino Ratio Rank: 63
LCAP Omega Ratio Rank: 62
LCAP Calmar Ratio Rank: 60
LCAP Martin Ratio Rank: 65

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. LCAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Real Estate Active Opportunities ETF (BYRE) and Principal Capital Appreciation Select ETF (LCAP). 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	LCAP	Difference
Sharpe ratio: Return per unit of total volatility	0.74	2.03	-1.29
Sortino ratio: Return per unit of downside risk	1.06	2.84	-1.78
Omega ratio: Gain probability vs. loss probability	1.13	1.36	-0.23
Calmar ratio: Return relative to maximum drawdown	1.22	2.90	-1.67
Martin ratio: Return relative to average drawdown	3.06	11.57	-8.50

BYRE vs. LCAP - Sharpe Ratio Comparison

The current BYRE Sharpe Ratio is 0.74, which is lower than the LCAP Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of BYRE and LCAP, 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. LCAP - Drawdown Comparison

The maximum BYRE drawdown since its inception was -25.70%, which is greater than LCAP's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for BYRE and LCAP.

Drawdown Indicators

	BYRE	LCAP	Difference
Max Drawdown Largest peak-to-trough decline	-25.70%	-11.78%	-13.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-9.32%	+1.56%
Max Drawdown (3Y) Largest decline over 3 years	-15.20%	—	—
Current Drawdown Current decline from peak	-1.91%	-1.50%	-0.41%
Average Drawdown Average peak-to-trough decline	-9.48%	-1.68%	-7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.33%	+0.77%

Volatility

BYRE vs. LCAP - Volatility Comparison

The current volatility for Principal Real Estate Active Opportunities ETF (BYRE) is 4.35%, while Principal Capital Appreciation Select ETF (LCAP) has a volatility of 4.58%. This indicates that BYRE experiences smaller price fluctuations and is considered to be less risky than LCAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BYRE	LCAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	4.58%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	9.63%	10.71%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	12.93%	13.33%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.08%	16.96%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	16.96%	+1.12%

BYRE vs. LCAP - Expense Ratio Comparison

BYRE has a 0.65% expense ratio, which is higher than LCAP's 0.29% expense ratio.

Dividends

BYRE vs. LCAP - Dividend Comparison

BYRE's dividend yield for the trailing twelve months is around 2.46%, more than LCAP's 0.10% yield.

Position	TTM	2025	2024	2023	2022
BYRE Principal Real Estate Active Opportunities ETF	2.46%	2.71%	2.31%	2.63%	1.86%
LCAP Principal Capital Appreciation Select ETF	0.10%	0.11%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BYRE and LCAP in my portfolio?

BYRE and LCAP have a correlation of 0.24, 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 LCAP?

LCAP has higher volatility (4.58%) compared to BYRE (4.35%). In terms of maximum drawdown, BYRE dropped -25.70% vs LCAP's -11.78%.

Which ETF is better, BYRE or LCAP?

On 1-year performance, LCAP leads with 26.90% vs 9.46% for BYRE. On fees, LCAP is cheaper at 0.29% per year. On volatility, BYRE has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BYRE or LCAP?

Over the 1-year period, LCAP has performed better with a 26.90% return vs 9.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BYRE or LCAP?

LCAP is cheaper with a 0.29% expense ratio, compared with 0.65% for BYRE.

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

BYRE has the higher dividend yield at 2.46%, compared with 0.10% for LCAP.

What is the main difference between BYRE and LCAP?

BYRE is categorized as REIT, while LCAP is Large Cap Blend Equities. Their fees differ too: 0.65% for BYRE and 0.29% for LCAP.

Which has better risk-adjusted returns?

LCAP currently has the higher Sharpe Ratio (2.03 vs 0.74), 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.