CRARX vs. ARIIX

Last updated Jun 3, 2026

CRARX (MainStay CBRE Real Estate Fund) and ARIIX (AB Global Real Estate Investment Fund II) are both REIT funds. Over the past 10 years, CRARX returned 5.13%/yr vs 4.85%/yr for ARIIX. Their correlation of 0.90 suggests significant overlap in exposure. CRARX charges 0.83%/yr vs 0.74%/yr for ARIIX.

Performance

CRARX vs. ARIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay CBRE Real Estate Fund (CRARX) and AB Global Real Estate Investment Fund II (ARIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRARX achieves a 12.22% return, which is significantly higher than ARIIX's 5.48% return. Over the past 10 years, CRARX has outperformed ARIIX with an annualized return of 5.13%, while ARIIX has yielded a comparatively lower 4.85% annualized return.

CRARX

• 1D: -1.73%
• 1M: -1.82%
• YTD: 12.22%
• 6M: 10.79%
• 1Y: 10.89%
• 3Y*: 8.05%
• 5Y*: 2.48%
• 10Y*: 5.13%

ARIIX

• 1D: -1.93%
• 1M: -3.03%
• YTD: 5.48%
• 6M: 5.48%
• 1Y: 9.70%
• 3Y*: 9.58%
• 5Y*: 1.68%
• 10Y*: 4.85%

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

CRARX vs. ARIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRARX MainStay CBRE Real Estate Fund	12.22%	-0.28%	0.71%	13.50%	-26.95%	52.55%	-6.50%	28.29%	-8.00%	5.23%
ARIIX AB Global Real Estate Investment Fund II	5.48%	10.49%	2.89%	12.50%	-25.35%	26.57%	-4.62%	23.44%	-4.31%	14.43%

Correlation

The correlation between CRARX and ARIIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 10, 1997	0.90

The correlation between CRARX and ARIIX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

CRARX vs. ARIIX — Risk / Return Rank

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

CRARX

CRARX Risk / Return Rank: 13
CRARX Sharpe Ratio Rank: 11
CRARX Sortino Ratio Rank: 10
CRARX Omega Ratio Rank: 10
CRARX Calmar Ratio Rank: 17
CRARX Martin Ratio Rank: 17

ARIIX

ARIIX Risk / Return Rank: 10
ARIIX Sharpe Ratio Rank: 11
ARIIX Sortino Ratio Rank: 10
ARIIX Omega Ratio Rank: 10
ARIIX Calmar Ratio Rank: 9
ARIIX Martin Ratio Rank: 12

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.

CRARX vs. ARIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay CBRE Real Estate Fund (CRARX) and AB Global Real Estate Investment Fund II (ARIIX). 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.

	CRARX	ARIIX	Difference
Sharpe ratio Return per unit of total volatility	0.86	0.87	-0.02
Sortino ratio Return per unit of downside risk	1.23	1.25	-0.02
Omega ratio Gain probability vs. loss probability	1.15	1.16	-0.01
Calmar ratio Return relative to maximum drawdown	1.52	0.98	+0.54
Martin ratio Return relative to average drawdown	4.79	3.67	+1.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CRARX vs. ARIIX - Sharpe Ratio Comparison

The current CRARX Sharpe Ratio is 0.86, which is comparable to the ARIIX Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of CRARX and ARIIX, 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

	CRARX	ARIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	0.87	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.10	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.28	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.34	-0.01

Drawdowns

CRARX vs. ARIIX - Drawdown Comparison

The maximum CRARX drawdown since its inception was -72.66%, roughly equal to the maximum ARIIX drawdown of -70.35%. Use the drawdown chart below to compare losses from any high point for CRARX and ARIIX.

Drawdown Indicators

	CRARX	ARIIX	Difference
Max Drawdown Largest peak-to-trough decline	-72.66%	-70.35%	-2.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.99%	-10.76%	+2.77%
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	-17.13%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-35.43%	-33.83%	-1.60%
Max Drawdown (10Y) Largest decline over 10 years	-45.19%	-42.30%	-2.89%
Current Drawdown Current decline from peak	-6.55%	-5.08%	-1.47%
Average Drawdown Average peak-to-trough decline	-12.57%	-12.78%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	2.88%	-0.34%

Volatility

CRARX vs. ARIIX - Volatility Comparison

MainStay CBRE Real Estate Fund (CRARX) and AB Global Real Estate Investment Fund II (ARIIX) have volatilities of 3.62% and 3.67%, 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

	CRARX	ARIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	3.67%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	9.33%	9.06%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	11.89%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	16.31%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	17.63%	+3.65%

CRARX vs. ARIIX - Expense Ratio Comparison

CRARX has a 0.83% expense ratio, which is higher than ARIIX's 0.74% expense ratio.

Dividends

CRARX vs. ARIIX - Dividend Comparison

CRARX's dividend yield for the trailing twelve months is around 2.24%, less than ARIIX's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARIIX AB Global Real Estate Investment Fund II	3.49%	3.77%	2.99%	3.34%	5.98%	4.38%	1.54%	8.58%	4.72%	5.59%	5.20%	3.45%
CRARX MainStay CBRE Real Estate Fund	2.24%	2.57%	1.80%	3.36%	34.64%	4.37%	1.77%	15.57%	30.33%	21.82%	8.85%	7.27%

Frequently Asked Questions

Can I hold both CRARX and ARIIX in my portfolio?

With a correlation of 0.91, CRARX and ARIIX 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, CRARX or ARIIX?

ARIIX has higher volatility (3.67%) compared to CRARX (3.62%). In terms of maximum drawdown, CRARX dropped -72.66% vs ARIIX's -70.35%.

Which has better risk-adjusted returns?

ARIIX currently has the higher Sharpe Ratio (0.87 vs 0.86), 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.