CNREX vs. PJEZX

Last updated Jun 5, 2026

CNREX (Commonwealth Real Estate Securities Fund) and PJEZX (PGIM US Real Estate Fund) are both REIT funds. Over the past 10 years, CNREX returned 5.65%/yr vs 8.97%/yr for PJEZX. Their correlation of 0.86 suggests significant overlap in exposure. CNREX charges 2.44%/yr vs 1.00%/yr for PJEZX.

Performance

CNREX vs. PJEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Commonwealth Real Estate Securities Fund (CNREX) and PGIM US Real Estate Fund (PJEZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNREX achieves a 5.45% return, which is significantly lower than PJEZX's 13.17% return. Over the past 10 years, CNREX has underperformed PJEZX with an annualized return of 5.65%, while PJEZX has yielded a comparatively higher 8.97% annualized return.

CNREX

• 1D: -0.64%
• 1M: -0.64%
• YTD: 5.45%
• 6M: 4.17%
• 1Y: 2.38%
• 3Y*: 8.27%
• 5Y*: 2.86%
• 10Y*: 5.65%

PJEZX

• 1D: 0.35%
• 1M: -1.41%
• YTD: 13.17%
• 6M: 11.56%
• 1Y: 15.24%
• 3Y*: 13.00%
• 5Y*: 5.74%
• 10Y*: 8.97%

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

CNREX vs. PJEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNREX Commonwealth Real Estate Securities Fund	5.45%	-2.53%	5.97%	23.54%	-23.80%	33.89%	-2.86%	28.68%	-14.70%	14.60%
PJEZX PGIM US Real Estate Fund	13.17%	2.49%	13.08%	15.85%	-27.26%	48.32%	-4.86%	44.30%	-3.54%	5.60%

Correlation

The correlation between CNREX and PJEZX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 22, 2010	0.86

The correlation between CNREX and PJEZX shifts across timeframes, from 0.72 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CNREX vs. PJEZX — Risk / Return Rank

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

CNREX

CNREX Risk / Return Rank: 4
CNREX Sharpe Ratio Rank: 4
CNREX Sortino Ratio Rank: 4
CNREX Omega Ratio Rank: 4
CNREX Calmar Ratio Rank: 4
CNREX Martin Ratio Rank: 4

PJEZX

PJEZX Risk / Return Rank: 21
PJEZX Sharpe Ratio Rank: 17
PJEZX Sortino Ratio Rank: 15
PJEZX Omega Ratio Rank: 16
PJEZX Calmar Ratio Rank: 32
PJEZX 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.

CNREX vs. PJEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Commonwealth Real Estate Securities Fund (CNREX) and PGIM US Real Estate Fund (PJEZX). 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.

	CNREX	PJEZX	Difference
Sharpe ratio: Return per unit of total volatility	0.18	1.14	-0.96
Sortino ratio: Return per unit of downside risk	0.39	1.60	-1.21
Omega ratio: Gain probability vs. loss probability	1.04	1.20	-0.16
Calmar ratio: Return relative to maximum drawdown	0.21	2.10	-1.89
Martin ratio: Return relative to average drawdown	0.53	6.20	-5.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNREX vs. PJEZX - Sharpe Ratio Comparison

The current CNREX Sharpe Ratio is 0.18, which is lower than the PJEZX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of CNREX and PJEZX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNREX	PJEZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.18	1.14	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.31	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.43	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.47	-0.27

Drawdowns

CNREX vs. PJEZX - Drawdown Comparison

The maximum CNREX drawdown since its inception was -68.03%, which is greater than PJEZX's maximum drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for CNREX and PJEZX.

Drawdown Indicators

	CNREX	PJEZX	Difference
Max Drawdown Largest peak-to-trough decline	-68.03%	-43.43%	-24.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.38%	-7.32%	-6.06%
Max Drawdown (3Y) Largest decline over 3 years	-20.67%	-19.19%	-1.48%
Max Drawdown (5Y) Largest decline over 5 years	-31.39%	-34.60%	+3.21%
Max Drawdown (10Y) Largest decline over 10 years	-44.62%	-43.43%	-1.19%
Current Drawdown Current decline from peak	-6.14%	-3.33%	-2.81%
Average Drawdown Average peak-to-trough decline	-14.98%	-8.11%	-6.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	2.48%	+2.91%

Volatility

CNREX vs. PJEZX - Volatility Comparison

Commonwealth Real Estate Securities Fund (CNREX) has a higher volatility of 4.77% compared to PGIM US Real Estate Fund (PJEZX) at 4.00%. This indicates that CNREX's price experiences larger fluctuations and is considered to be riskier than PJEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNREX	PJEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	4.00%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	11.56%	9.68%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	15.39%	13.50%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.68%	18.90%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.01%	21.14%	-2.13%

CNREX vs. PJEZX - Expense Ratio Comparison

CNREX has a 2.44% expense ratio, which is higher than PJEZX's 1.00% expense ratio.

Dividends

CNREX vs. PJEZX - Dividend Comparison

CNREX's dividend yield for the trailing twelve months is around 2.97%, more than PJEZX's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNREX Commonwealth Real Estate Securities Fund	2.97%	3.13%	1.83%	0.00%	0.59%	0.68%	0.00%	0.85%	0.72%	0.34%	0.00%	1.52%
PJEZX PGIM US Real Estate Fund	1.84%	2.05%	1.93%	1.65%	3.21%	9.54%	1.56%	13.21%	5.43%	6.31%	15.48%	9.39%

Frequently Asked Questions

Can I hold both CNREX and PJEZX in my portfolio?

CNREX and PJEZX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNREX or PJEZX?

CNREX has higher volatility (4.77%) compared to PJEZX (4.00%). In terms of maximum drawdown, CNREX dropped -68.03% vs PJEZX's -43.43%.

Which has better risk-adjusted returns?

PJEZX currently has the higher Sharpe Ratio (1.14 vs 0.18), 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.