DFAR vs. IYRI

Last updated Jun 4, 2026

DFAR (Dimensional US Real Estate ETF) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - DFAR is a REIT fund actively managed by Dimensional, while IYRI is a Derivative Income fund tracking the Dow Jones U.S. Real Estate Capped Index. DFAR is actively managed, while IYRI is passively managed. Over the past year, DFAR returned 11.45% vs 8.34% for IYRI. Their correlation of 0.93 suggests significant overlap in exposure. DFAR charges 0.19%/yr vs 0.68%/yr for IYRI.

Performance

DFAR vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Real Estate ETF (DFAR) 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, DFAR achieves a 11.46% return, which is significantly higher than IYRI's 4.08% return.

DFAR

• 1D: -0.04%
• 1M: -0.51%
• YTD: 11.46%
• 6M: 10.41%
• 1Y: 11.45%
• 3Y*: 9.64%
• 5Y*: —
• 10Y*: —

IYRI

• 1D: 0.17%
• 1M: -1.04%
• YTD: 4.08%
• 6M: 3.47%
• 1Y: 8.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFAR vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
DFAR Dimensional US Real Estate ETF	11.46%	3.13%
IYRI NEOS Real Estate High Income ETF	4.08%	7.95%

Correlation

The correlation between DFAR and IYRI is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.93

The correlation between DFAR and IYRI has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

DFAR vs. IYRI - Sectors Allocation Comparison

Sectors	DFAR	IYRI
Real Estate	99.8%	98.0%
Financial Services	0.0%	-
Basic Materials	-	1.3%
Communication Services	-	0.6%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DFAR vs. IYRI — Risk / Return Rank

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

DFAR

DFAR Risk / Return Rank: 25
DFAR Sharpe Ratio Rank: 24
DFAR Sortino Ratio Rank: 23
DFAR Omega Ratio Rank: 23
DFAR Calmar Ratio Rank: 28
DFAR Martin Ratio Rank: 29

IYRI

IYRI Risk / Return Rank: 23
IYRI Sharpe Ratio Rank: 23
IYRI Sortino Ratio Rank: 21
IYRI Omega Ratio Rank: 22
IYRI Calmar Ratio Rank: 24
IYRI Martin Ratio Rank: 28

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.

DFAR vs. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Real Estate ETF (DFAR) 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.

	DFAR	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	0.88	0.81	+0.07
Sortino ratio: Return per unit of downside risk	1.25	1.16	+0.09
Omega ratio: Gain probability vs. loss probability	1.16	1.15	+0.01
Calmar ratio: Return relative to maximum drawdown	1.36	1.11	+0.25
Martin ratio: Return relative to average drawdown	4.29	4.00	+0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAR vs. IYRI - Sharpe Ratio Comparison

The current DFAR Sharpe Ratio is 0.88, which is comparable to the IYRI Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of DFAR 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.

Sharpe Ratios by Period

	DFAR	IYRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	0.81	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.68	-0.52

Drawdowns

DFAR vs. IYRI - Drawdown Comparison

The maximum DFAR drawdown since its inception was -32.27%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for DFAR and IYRI.

Drawdown Indicators

	DFAR	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-12.12%	-20.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-7.53%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	—	—
Current Drawdown Current decline from peak	-3.01%	-2.17%	-0.84%
Average Drawdown Average peak-to-trough decline	-14.22%	-1.72%	-12.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.09%	+0.58%

Volatility

DFAR vs. IYRI - Volatility Comparison

Dimensional US Real Estate ETF (DFAR) has a higher volatility of 3.71% compared to NEOS Real Estate High Income ETF (IYRI) at 3.03%. This indicates that DFAR'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

	DFAR	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	3.03%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	7.17%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	10.31%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.13%	13.07%	+6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	13.07%	+6.06%

DFAR vs. IYRI - Expense Ratio Comparison

DFAR has a 0.19% expense ratio, which is lower than IYRI's 0.68% expense ratio.

Dividends

DFAR vs. IYRI - Dividend Comparison

DFAR's dividend yield for the trailing twelve months is around 2.77%, less than IYRI's 11.27% yield.

Position	TTM	2025	2024	2023	2022
DFAR Dimensional US Real Estate ETF	2.77%	2.97%	2.89%	3.06%	1.69%
IYRI NEOS Real Estate High Income ETF	11.27%	11.72%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFAR and IYRI in my portfolio?

With a correlation of 0.92, DFAR and IYRI 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, DFAR or IYRI?

DFAR has higher volatility (3.71%) compared to IYRI (3.03%). In terms of maximum drawdown, DFAR dropped -32.27% vs IYRI's -12.12%.

Which ETF is better, DFAR or IYRI?

On 1-year performance, DFAR leads with 11.45% vs 8.34% for IYRI. On fees, DFAR is cheaper at 0.19% per year. On volatility, IYRI has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAR or IYRI?

Over the 1-year period, DFAR has performed better with a 11.45% return vs 8.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAR or IYRI?

DFAR is cheaper with a 0.19% expense ratio, compared with 0.68% for IYRI.

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

IYRI has the higher dividend yield at 11.27%, compared with 2.77% for DFAR.

What is the main difference between DFAR and IYRI?

DFAR is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: Dimensional and Neos. Their fees differ too: 0.19% for DFAR and 0.68% for IYRI.

Which has better risk-adjusted returns?

DFAR currently has the higher Sharpe Ratio (0.88 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.