DESK vs. IYRI

Last updated Jun 24, 2026

DESK (Vaneck Office And Commercial REIT ETF) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - DESK is a REIT fund tracking the MarketVector US Listed Office And Commercial REITS Index - Benchmark TR Gross, while IYRI is a Derivative Income fund actively managed by Neos. DESK is passively managed, while IYRI is actively managed. Over the past year, DESK returned 4.85% vs 9.17% for IYRI. A 0.67 correlation means they provide meaningful diversification when combined. DESK charges 0.50%/yr vs 0.68%/yr for IYRI.

Performance

DESK vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vaneck Office And Commercial REIT ETF (DESK) and NEOS Real Estate High Income ETF (IYRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DESK achieves a 12.32% return, which is significantly higher than IYRI's 7.08% return.

DESK

• 1D: 0.55%
• 1M: 8.03%
• YTD: 12.32%
• 6M: 13.23%
• 1Y: 4.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IYRI

• 1D: 1.00%
• 1M: 0.83%
• YTD: 7.08%
• 6M: 7.36%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DESK vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
DESK Vaneck Office And Commercial REIT ETF	12.32%	-6.06%
IYRI NEOS Real Estate High Income ETF	7.08%	6.99%

Correlation

The correlation between DESK and IYRI is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.67

The correlation between DESK and IYRI has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

Return for Risk

DESK vs. IYRI — Risk / Return Rank

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

DESK

DESK Risk / Return Rank: 11
DESK Sharpe Ratio Rank: 12
DESK Sortino Ratio Rank: 12
DESK Omega Ratio Rank: 11
DESK Calmar Ratio Rank: 11
DESK Martin Ratio Rank: 11

IYRI

IYRI Risk / Return Rank: 26
IYRI Sharpe Ratio Rank: 25
IYRI Sortino Ratio Rank: 23
IYRI Omega Ratio Rank: 23
IYRI Calmar Ratio Rank: 26
IYRI Martin Ratio Rank: 31

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.

DESK vs. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vaneck Office And Commercial REIT ETF (DESK) and NEOS Real Estate High Income ETF (IYRI). 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.

	DESK	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	0.24	0.86	-0.62
Sortino ratio: Return per unit of downside risk	0.47	1.23	-0.76
Omega ratio: Gain probability vs. loss probability	1.06	1.16	-0.10
Calmar ratio: Return relative to maximum drawdown	0.19	1.22	-1.03
Martin ratio: Return relative to average drawdown	0.41	4.37	-3.96

DESK vs. IYRI - Sharpe Ratio Comparison

The current DESK Sharpe Ratio is 0.24, which is lower than the IYRI Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of DESK and IYRI, 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

DESK vs. IYRI - Drawdown Comparison

The maximum DESK drawdown since its inception was -28.65%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for DESK and IYRI.

Drawdown Indicators

	DESK	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-28.65%	-12.12%	-16.53%
Max Drawdown (1Y) Largest decline over 1 year	-25.09%	-7.53%	-17.56%
Current Drawdown Current decline from peak	-8.06%	-0.52%	-7.54%
Average Drawdown Average peak-to-trough decline	-11.30%	-1.69%	-9.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.84%	2.10%	+9.74%

Volatility

DESK vs. IYRI - Volatility Comparison

Vaneck Office And Commercial REIT ETF (DESK) has a higher volatility of 6.75% compared to NEOS Real Estate High Income ETF (IYRI) at 4.21%. This indicates that DESK's price experiences larger fluctuations and is considered to be riskier than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DESK	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	4.21%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	15.44%	7.94%	+7.50%
Volatility (1Y) Calculated over the trailing 1-year period	20.57%	10.80%	+9.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.87%	13.20%	+12.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.87%	13.20%	+12.67%

DESK vs. IYRI - Expense Ratio Comparison

DESK has a 0.50% expense ratio, which is lower than IYRI's 0.68% expense ratio.

Dividends

DESK vs. IYRI - Dividend Comparison

DESK's dividend yield for the trailing twelve months is around 4.79%, less than IYRI's 11.96% yield.

Position	TTM	2025	2024	2023
DESK Vaneck Office And Commercial REIT ETF	4.79%	5.15%	3.78%	1.73%
IYRI NEOS Real Estate High Income ETF	11.96%	11.72%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DESK and IYRI in my portfolio?

DESK and IYRI have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DESK or IYRI?

DESK has higher volatility (6.75%) compared to IYRI (4.21%). In terms of maximum drawdown, DESK dropped -28.65% vs IYRI's -12.12%.

Which ETF is better, DESK or IYRI?

On 1-year performance, IYRI leads with 9.17% vs 4.85% for DESK. On fees, DESK is cheaper at 0.50% per year. On volatility, IYRI has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DESK or IYRI?

Over the 1-year period, IYRI has performed better with a 9.17% return vs 4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DESK or IYRI?

DESK is cheaper with a 0.50% expense ratio, compared with 0.68% for IYRI.

Which ETF pays a higher dividend yield, DESK or IYRI?

IYRI has the higher dividend yield at 11.96%, compared with 4.79% for DESK.

What is the main difference between DESK and IYRI?

DESK is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: VanEck and Neos. Their fees differ too: 0.50% for DESK and 0.68% for IYRI.

Which has better risk-adjusted returns?

IYRI currently has the higher Sharpe Ratio (0.86 vs 0.24), 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.