DESK vs. KBWY
DESK (Vaneck Office And Commercial REIT ETF) and KBWY (Invesco KBW Premium Yield Equity REIT ETF) are both REIT funds - DESK tracks the MarketVector US Listed Office And Commercial REITS Index - Benchmark TR Gross while KBWY tracks the KBW Nasdaq Premium Yield Equity REIT Index. Both are passively managed. Over the past year, DESK returned 4.85% vs 25.07% for KBWY. Their correlation of 0.88 suggests significant overlap in exposure. DESK charges 0.50%/yr vs 0.35%/yr for KBWY.
Performance
DESK vs. KBWY - Performance Comparison
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Returns By Period
In the year-to-date period, DESK achieves a 12.32% return, which is significantly lower than KBWY's 22.56% return.
DESK
- 1D
- 0.55%
- 1M
- 8.03%
- YTD
- 12.32%
- 6M
- 13.23%
- 1Y
- 4.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KBWY
- 1D
- 1.25%
- 1M
- 4.73%
- YTD
- 22.56%
- 6M
- 24.93%
- 1Y
- 25.07%
- 3Y*
- 11.98%
- 5Y*
- 3.00%
- 10Y*
- 1.46%
DESK vs. KBWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DESK Vaneck Office And Commercial REIT ETF | 12.32% | -10.42% | 16.01% | 13.17% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 22.56% | -5.30% | -3.49% | 10.67% |
Correlation
The correlation between DESK and KBWY is 0.86, 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 | 0.86 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023 | 0.88 |
The correlation between DESK and KBWY has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.
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Return for Risk
DESK vs. KBWY — Risk / Return Rank
DESK
KBWY
DESK vs. KBWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vaneck Office And Commercial REIT ETF (DESK) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). 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 | KBWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.25 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 2.72 | -2.53 |
| Martin ratioReturn relative to average drawdown | 0.41 | 6.48 | -6.07 |
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Drawdowns
DESK vs. KBWY - Drawdown Comparison
The maximum DESK drawdown since its inception was -28.65%, smaller than the maximum KBWY drawdown of -57.68%. Use the drawdown chart below to compare losses from any high point for DESK and KBWY.
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Drawdown Indicators
| DESK | KBWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.65% | -57.68% | +29.03% |
Max Drawdown (1Y)Largest decline over 1 year | -25.09% | -9.24% | -15.85% |
Max Drawdown (3Y)Largest decline over 3 years | — | -29.93% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.68% | — |
Current DrawdownCurrent decline from peak | -8.06% | -6.64% | -1.42% |
Average DrawdownAverage peak-to-trough decline | -11.30% | -14.15% | +2.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.84% | 3.88% | +7.96% |
Volatility
DESK vs. KBWY - Volatility Comparison
Vaneck Office And Commercial REIT ETF (DESK) has a higher volatility of 6.75% compared to Invesco KBW Premium Yield Equity REIT ETF (KBWY) at 4.85%. This indicates that DESK's price experiences larger fluctuations and is considered to be riskier than KBWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DESK | KBWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.75% | 4.85% | +1.90% |
Volatility (6M)Calculated over the trailing 6-month period | 15.44% | 12.16% | +3.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.57% | 16.79% | +3.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.87% | 21.61% | +4.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.87% | 27.08% | -1.21% |
DESK vs. KBWY - Expense Ratio Comparison
DESK has a 0.50% expense ratio, which is higher than KBWY's 0.35% expense ratio.
Dividends
DESK vs. KBWY - Dividend Comparison
DESK's dividend yield for the trailing twelve months is around 4.79%, less than KBWY's 8.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DESK Vaneck Office And Commercial REIT ETF | 4.79% | 5.15% | 3.78% | 1.73% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.28% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
Frequently Asked Questions
DESK and KBWY have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DESK has higher volatility (6.75%) compared to KBWY (4.85%). In terms of maximum drawdown, DESK dropped -28.65% vs KBWY's -57.68%.
On 1-year performance, KBWY leads with 25.07% vs 4.85% for DESK. On fees, KBWY is cheaper at 0.35% per year. On volatility, KBWY has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KBWY has performed better with a 25.07% return vs 4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWY is cheaper with a 0.35% expense ratio, compared with 0.50% for DESK.
KBWY has the higher dividend yield at 8.28%, compared with 4.79% for DESK.
DESK tracks MarketVector US Listed Office And Commercial REITS Index - Benchmark TR Gross, while KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.50% for DESK and 0.35% for KBWY.
KBWY currently has the higher Sharpe Ratio (1.50 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.
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