CRARX vs. VRTPX

Last updated Jun 4, 2026

CRARX (MainStay CBRE Real Estate Fund) and VRTPX (Vanguard Real Estate II Index Fund) are both REIT funds. Over the past 5 years, CRARX returned 2.60%/yr vs 2.05%/yr for VRTPX. With a 0.97 correlation, they move nearly in lockstep. CRARX charges 0.83%/yr vs 0.08%/yr for VRTPX.

Performance

CRARX vs. VRTPX - Performance Comparison

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

Returns By Period

In the year-to-date period, CRARX achieves a 12.42% return, which is significantly higher than VRTPX's 8.00% return.

CRARX

• 1D: 0.18%
• 1M: -1.05%
• YTD: 12.42%
• 6M: 11.20%
• 1Y: 11.62%
• 3Y*: 8.12%
• 5Y*: 2.60%
• 10Y*: 5.15%

VRTPX

• 1D: 0.49%
• 1M: -0.91%
• YTD: 8.00%
• 6M: 6.94%
• 1Y: 10.19%
• 3Y*: 8.88%
• 5Y*: 2.05%
• 10Y*: —

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

CRARX vs. VRTPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRARX MainStay CBRE Real Estate Fund	12.42%	-0.28%	0.71%	13.50%	-26.95%	52.55%	-6.50%	28.29%	-8.00%	2.64%
VRTPX Vanguard Real Estate II Index Fund	8.00%	2.22%	3.72%	13.17%	-26.14%	40.37%	-4.65%	28.96%	-5.99%	1.37%

Correlation

The correlation between CRARX and VRTPX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 27, 2017	0.97

The correlation between CRARX and VRTPX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

CRARX vs. VRTPX — 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: 16
CRARX Martin Ratio Rank: 16

VRTPX

VRTPX Risk / Return Rank: 11
VRTPX Sharpe Ratio Rank: 9
VRTPX Sortino Ratio Rank: 9
VRTPX Omega Ratio Rank: 9
VRTPX Calmar Ratio Rank: 13
VRTPX Martin Ratio Rank: 13

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. VRTPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay CBRE Real Estate Fund (CRARX) and Vanguard Real Estate II Index Fund (VRTPX). 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	VRTPX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	0.76	+0.11
Sortino ratio: Return per unit of downside risk	1.24	1.11	+0.12
Omega ratio: Gain probability vs. loss probability	1.15	1.14	+0.02
Calmar ratio: Return relative to maximum drawdown	1.40	1.20	+0.20
Martin ratio: Return relative to average drawdown	4.37	3.78	+0.59
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. VRTPX - Sharpe Ratio Comparison

The current CRARX Sharpe Ratio is 0.87, which is comparable to the VRTPX Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of CRARX and VRTPX, 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	VRTPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	0.76	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.11	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.25	+0.08

Drawdowns

CRARX vs. VRTPX - Drawdown Comparison

The maximum CRARX drawdown since its inception was -72.66%, which is greater than VRTPX's maximum drawdown of -42.33%. Use the drawdown chart below to compare losses from any high point for CRARX and VRTPX.

Drawdown Indicators

	CRARX	VRTPX	Difference
Max Drawdown Largest peak-to-trough decline	-72.66%	-42.33%	-30.33%
Max Drawdown (1Y) Largest decline over 1 year	-7.99%	-8.34%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	-18.19%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-35.43%	-34.35%	-1.08%
Max Drawdown (10Y) Largest decline over 10 years	-45.19%	—	—
Current Drawdown Current decline from peak	-6.39%	-4.29%	-2.10%
Average Drawdown Average peak-to-trough decline	-12.57%	-11.40%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	2.64%	-0.09%

Volatility

CRARX vs. VRTPX - Volatility Comparison

MainStay CBRE Real Estate Fund (CRARX) and Vanguard Real Estate II Index Fund (VRTPX) have volatilities of 3.63% and 3.79%, 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	VRTPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	3.79%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	9.32%	9.34%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	13.15%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	18.89%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	21.79%	-0.51%

CRARX vs. VRTPX - Expense Ratio Comparison

CRARX has a 0.83% expense ratio, which is higher than VRTPX's 0.08% expense ratio.

Dividends

CRARX vs. VRTPX - Dividend Comparison

CRARX's dividend yield for the trailing twelve months is around 2.23%, less than VRTPX's 3.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRARX MainStay CBRE Real Estate Fund	2.23%	2.57%	1.80%	3.36%	34.64%	4.37%	1.77%	15.57%	30.33%	21.82%	8.85%	7.27%
VRTPX Vanguard Real Estate II Index Fund	3.61%	2.79%	3.80%	3.93%	4.52%	2.58%	3.92%	3.50%	4.77%	1.32%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CRARX and VRTPX in my portfolio?

With a correlation of 0.96, CRARX and VRTPX 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 VRTPX?

VRTPX has higher volatility (3.79%) compared to CRARX (3.63%). In terms of maximum drawdown, CRARX dropped -72.66% vs VRTPX's -42.33%.

Which has better risk-adjusted returns?

CRARX currently has the higher Sharpe Ratio (0.87 vs 0.76), 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.