DFAR vs. PFFR

Last updated Jun 4, 2026

DFAR (Dimensional US Real Estate ETF) and PFFR (InfraCap REIT Preferred ETF) are both exchange-traded funds - DFAR is a REIT fund actively managed by Dimensional, while PFFR is a Preferred Stock/Convertible Bonds fund tracking the Indxx REIT Preferred Stock Index. DFAR is actively managed, while PFFR is passively managed. Over the past 3 years, DFAR returned 9.64%/yr vs 9.27%/yr for PFFR. At a 0.39 correlation, their price movements are largely independent. DFAR charges 0.19%/yr vs 0.45%/yr for PFFR.

Performance

DFAR vs. PFFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Real Estate ETF (DFAR) and InfraCap REIT Preferred ETF (PFFR). 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 PFFR's 0.80% return.

DFAR

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

PFFR

• 1D: -0.22%
• 1M: -0.75%
• YTD: 0.80%
• 6M: 0.96%
• 1Y: 6.82%
• 3Y*: 9.27%
• 5Y*: 0.97%
• 10Y*: —

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

DFAR vs. PFFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFAR Dimensional US Real Estate ETF	11.46%	1.31%	5.25%	11.04%	-14.30%
PFFR InfraCap REIT Preferred ETF	0.80%	5.36%	7.12%	21.04%	-17.73%

Correlation

The correlation between DFAR and PFFR is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Feb 25, 2022	0.39

The correlation between DFAR and PFFR shifts across timeframes, from 0.25 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

DFAR vs. PFFR - Sectors Allocation Comparison

Sectors	DFAR	PFFR
Real Estate	99.8%	84.9%
Financial Services	0.0%	5.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DFAR vs. PFFR — 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

PFFR

PFFR Risk / Return Rank: 23
PFFR Sharpe Ratio Rank: 24
PFFR Sortino Ratio Rank: 23
PFFR Omega Ratio Rank: 23
PFFR Calmar Ratio Rank: 23
PFFR Martin Ratio Rank: 20

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. PFFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Real Estate ETF (DFAR) and InfraCap REIT Preferred ETF (PFFR). 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	PFFR	Difference
Sharpe ratio: Return per unit of total volatility	0.88	0.87	+0.01
Sortino ratio: Return per unit of downside risk	1.25	1.27	-0.02
Omega ratio: Gain probability vs. loss probability	1.16	1.16	0.00
Calmar ratio: Return relative to maximum drawdown	1.36	1.04	+0.32
Martin ratio: Return relative to average drawdown	4.29	2.44	+1.85
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. PFFR - Sharpe Ratio Comparison

The current DFAR Sharpe Ratio is 0.88, which is comparable to the PFFR Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of DFAR and PFFR, 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	PFFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	0.87	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.16	0.00

Drawdowns

DFAR vs. PFFR - Drawdown Comparison

The maximum DFAR drawdown since its inception was -32.27%, smaller than the maximum PFFR drawdown of -53.02%. Use the drawdown chart below to compare losses from any high point for DFAR and PFFR.

Drawdown Indicators

	DFAR	PFFR	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-53.02%	+20.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-6.57%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-11.16%	-6.48%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.80%	—
Current Drawdown Current decline from peak	-3.01%	-3.05%	+0.04%
Average Drawdown Average peak-to-trough decline	-14.22%	-7.00%	-7.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.80%	-0.13%

Volatility

DFAR vs. PFFR - Volatility Comparison

Dimensional US Real Estate ETF (DFAR) has a higher volatility of 3.71% compared to InfraCap REIT Preferred ETF (PFFR) at 2.81%. This indicates that DFAR's price experiences larger fluctuations and is considered to be riskier than PFFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAR	PFFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	2.81%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	6.14%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	7.91%	+5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.13%	10.47%	+8.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	20.54%	-1.41%

DFAR vs. PFFR - Expense Ratio Comparison

DFAR has a 0.19% expense ratio, which is lower than PFFR's 0.45% expense ratio.

Dividends

DFAR vs. PFFR - Dividend Comparison

DFAR's dividend yield for the trailing twelve months is around 2.77%, less than PFFR's 8.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFAR Dimensional US Real Estate ETF	2.77%	2.97%	2.89%	3.06%	1.69%	0.00%	0.00%	0.00%	0.00%	0.00%
PFFR InfraCap REIT Preferred ETF	8.29%	7.99%	7.78%	7.72%	8.60%	6.08%	6.11%	5.77%	6.48%	6.59%

Frequently Asked Questions

Can I hold both DFAR and PFFR in my portfolio?

DFAR and PFFR have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAR or PFFR?

DFAR has higher volatility (3.71%) compared to PFFR (2.81%). In terms of maximum drawdown, DFAR dropped -32.27% vs PFFR's -53.02%.

Which ETF is better, DFAR or PFFR?

On 3-year performance, DFAR leads with 9.64% vs 9.27% for PFFR. On fees, DFAR is cheaper at 0.19% per year. On volatility, PFFR has been the lower-risk option at 2.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAR or PFFR?

Over the 3-year period, DFAR has performed better with a 9.64% return vs 9.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAR or PFFR?

DFAR is cheaper with a 0.19% expense ratio, compared with 0.45% for PFFR.

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

PFFR has the higher dividend yield at 8.29%, compared with 2.77% for DFAR.

What is the main difference between DFAR and PFFR?

DFAR is categorized as REIT, while PFFR is Preferred Stock/Convertible Bonds. They also come from different issuers: Dimensional and Virtus Investment Partners. Their fees differ too: 0.19% for DFAR and 0.45% for PFFR.

Which has better risk-adjusted returns?

DFAR currently has the higher Sharpe Ratio (0.88 vs 0.87), 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.