CSZIX vs. O

Last updated Jun 4, 2026

CSZIX (Cohen & Steers Real Estate Securities Fund Class Z) is REIT fund actively managed by Cohen & Steers, while O (Realty Income Corporation) is a stock. Over the past 10 years, CSZIX returned 7.26%/yr vs 4.67%/yr for O. A 0.77 correlation means they provide meaningful diversification when combined.

Performance

CSZIX vs. O - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers Real Estate Securities Fund Class Z (CSZIX) and Realty Income Corporation (O). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSZIX achieves a 10.80% return, which is significantly higher than O's 8.31% return. Over the past 10 years, CSZIX has outperformed O with an annualized return of 7.26%, while O has yielded a comparatively lower 4.67% annualized return.

CSZIX

• 1D: 0.31%
• 1M: -1.29%
• YTD: 10.80%
• 6M: 10.08%
• 1Y: 11.95%
• 3Y*: 10.99%
• 5Y*: 3.88%
• 10Y*: 7.26%

O

• 1D: 0.05%
• 1M: -5.60%
• YTD: 8.31%
• 6M: 5.39%
• 1Y: 12.81%
• 3Y*: 5.58%
• 5Y*: 2.48%
• 10Y*: 4.67%

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

CSZIX vs. O - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSZIX Cohen & Steers Real Estate Securities Fund Class Z	10.80%	4.41%	6.81%	13.26%	-26.21%	41.81%	-1.64%	31.95%	-4.17%	8.18%
O Realty Income Corporation	8.31%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.67%

Correlation

The correlation between CSZIX and O is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.77

The correlation between CSZIX and O shifts across timeframes, from 0.66 (1 year) to 0.78 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

CSZIX vs. O — Risk / Return Rank

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

CSZIX

CSZIX Risk / Return Rank: 13
CSZIX Sharpe Ratio Rank: 11
CSZIX Sortino Ratio Rank: 11
CSZIX Omega Ratio Rank: 11
CSZIX Calmar Ratio Rank: 17
CSZIX Martin Ratio Rank: 16

O

O Risk / Return Rank: 63
O Sharpe Ratio Rank: 67
O Sortino Ratio Rank: 58
O Omega Ratio Rank: 57
O Calmar Ratio Rank: 65
O Martin Ratio Rank: 66

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.

CSZIX vs. O - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Real Estate Securities Fund Class Z (CSZIX) and Realty Income Corporation (O). 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.

	CSZIX	O	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.81	+0.08
Sortino ratio: Return per unit of downside risk	1.25	1.15	+0.10
Omega ratio: Gain probability vs. loss probability	1.16	1.14	+0.02
Calmar ratio: Return relative to maximum drawdown	1.47	1.16	+0.31
Martin ratio: Return relative to average drawdown	4.46	2.91	+1.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSZIX vs. O - Sharpe Ratio Comparison

The current CSZIX Sharpe Ratio is 0.89, which is comparable to the O Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of CSZIX and O, 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

	CSZIX	O	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.81	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.13	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.18	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.48	-0.12

Drawdowns

CSZIX vs. O - Drawdown Comparison

The maximum CSZIX drawdown since its inception was -42.71%, smaller than the maximum O drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for CSZIX and O.

Drawdown Indicators

	CSZIX	O	Difference
Max Drawdown Largest peak-to-trough decline	-42.71%	-48.45%	+5.74%
Max Drawdown (1Y) Largest decline over 1 year	-7.96%	-11.10%	+3.14%
Max Drawdown (3Y) Largest decline over 3 years	-17.17%	-26.49%	+9.32%
Max Drawdown (5Y) Largest decline over 5 years	-33.05%	-34.48%	+1.43%
Max Drawdown (10Y) Largest decline over 10 years	-42.71%	-48.28%	+5.57%
Current Drawdown Current decline from peak	-3.09%	-10.39%	+7.30%
Average Drawdown Average peak-to-trough decline	-8.77%	-9.21%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	4.42%	-1.82%

Volatility

CSZIX vs. O - Volatility Comparison

The current volatility for Cohen & Steers Real Estate Securities Fund Class Z (CSZIX) is 3.78%, while Realty Income Corporation (O) has a volatility of 5.47%. This indicates that CSZIX experiences smaller price fluctuations and is considered to be less risky than O based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSZIX	O	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	5.47%	-1.69%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	11.72%	-1.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.19%	15.92%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	18.87%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	25.62%	-4.81%

Dividends

CSZIX vs. O - Dividend Comparison

CSZIX's dividend yield for the trailing twelve months is around 3.51%, less than O's 5.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSZIX Cohen & Steers Real Estate Securities Fund Class Z	3.51%	3.81%	2.85%	3.00%	7.77%	4.38%	5.47%	7.70%	3.68%	2.60%	5.90%	22.32%
O Realty Income Corporation	5.42%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%

Frequently Asked Questions

Can I hold both CSZIX and O in my portfolio?

CSZIX and O have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSZIX or O?

O has higher volatility (5.47%) compared to CSZIX (3.78%). In terms of maximum drawdown, CSZIX dropped -42.71% vs O's -48.45%.

Which has better risk-adjusted returns?

CSZIX currently has the higher Sharpe Ratio (0.89 vs 0.81), 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.