DFREX vs. BIREX

Last updated Jun 5, 2026

DFREX (DFA Real Estate Securities Portfolio Class I) and BIREX (BlackRock Real Estate Securities Fund) are both REIT funds. Over the past 10 years, DFREX returned 5.70%/yr vs 6.43%/yr for BIREX. With a 0.98 correlation, they move nearly in lockstep. DFREX charges 0.18%/yr vs 0.75%/yr for BIREX.

Performance

DFREX vs. BIREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Real Estate Securities Portfolio Class I (DFREX) and BlackRock Real Estate Securities Fund (BIREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFREX achieves a 11.35% return, which is significantly lower than BIREX's 12.31% return. Over the past 10 years, DFREX has underperformed BIREX with an annualized return of 5.70%, while BIREX has yielded a comparatively higher 6.43% annualized return.

DFREX

• 1D: -0.07%
• 1M: -0.88%
• YTD: 11.35%
• 6M: 10.68%
• 1Y: 11.15%
• 3Y*: 9.77%
• 5Y*: 3.04%
• 10Y*: 5.70%

BIREX

• 1D: -0.06%
• 1M: -0.42%
• YTD: 12.31%
• 6M: 11.54%
• 1Y: 14.24%
• 3Y*: 10.52%
• 5Y*: 3.23%
• 10Y*: 6.43%

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

DFREX vs. BIREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFREX DFA Real Estate Securities Portfolio Class I	11.35%	1.52%	5.52%	11.20%	-24.93%	41.88%	-5.03%	28.12%	-3.01%	4.25%
BIREX BlackRock Real Estate Securities Fund	12.31%	3.08%	3.75%	13.57%	-27.58%	46.24%	-4.17%	27.75%	-2.95%	6.19%

Correlation

The correlation between DFREX and BIREX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.98

The correlation between DFREX and BIREX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

DFREX vs. BIREX — Risk / Return Rank

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

DFREX

DFREX Risk / Return Rank: 13
DFREX Sharpe Ratio Rank: 11
DFREX Sortino Ratio Rank: 11
DFREX Omega Ratio Rank: 11
DFREX Calmar Ratio Rank: 16
DFREX Martin Ratio Rank: 15

BIREX

BIREX Risk / Return Rank: 19
BIREX Sharpe Ratio Rank: 16
BIREX Sortino Ratio Rank: 15
BIREX Omega Ratio Rank: 15
BIREX Calmar Ratio Rank: 23
BIREX Martin Ratio Rank: 24

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.

DFREX vs. BIREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Real Estate Securities Portfolio Class I (DFREX) and BlackRock Real Estate Securities Fund (BIREX). 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.

	DFREX	BIREX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	1.11	-0.24
Sortino ratio: Return per unit of downside risk	1.25	1.56	-0.31
Omega ratio: Gain probability vs. loss probability	1.16	1.20	-0.04
Calmar ratio: Return relative to maximum drawdown	1.36	1.77	-0.41
Martin ratio: Return relative to average drawdown	4.21	5.84	-1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFREX vs. BIREX - Sharpe Ratio Comparison

The current DFREX Sharpe Ratio is 0.87, which is comparable to the BIREX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of DFREX and BIREX, 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

	DFREX	BIREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	1.11	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.17	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.31	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.39	-0.02

Drawdowns

DFREX vs. BIREX - Drawdown Comparison

The maximum DFREX drawdown since its inception was -74.36%, which is greater than BIREX's maximum drawdown of -41.92%. Use the drawdown chart below to compare losses from any high point for DFREX and BIREX.

Drawdown Indicators

	DFREX	BIREX	Difference
Max Drawdown Largest peak-to-trough decline	-74.36%	-41.92%	-32.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-8.16%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-18.05%	+0.41%
Max Drawdown (5Y) Largest decline over 5 years	-33.11%	-34.76%	+1.65%
Max Drawdown (10Y) Largest decline over 10 years	-41.49%	-41.92%	+0.43%
Current Drawdown Current decline from peak	-2.97%	-2.47%	-0.50%
Average Drawdown Average peak-to-trough decline	-11.34%	-9.73%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.47%	+0.23%

Volatility

DFREX vs. BIREX - Volatility Comparison

DFA Real Estate Securities Portfolio Class I (DFREX) and BlackRock Real Estate Securities Fund (BIREX) have volatilities of 3.74% and 3.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFREX	BIREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	3.74%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	9.45%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	13.00%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	18.75%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.29%	20.89%	-0.60%

DFREX vs. BIREX - Expense Ratio Comparison

DFREX has a 0.18% expense ratio, which is lower than BIREX's 0.75% expense ratio.

Dividends

DFREX vs. BIREX - Dividend Comparison

DFREX's dividend yield for the trailing twelve months is around 2.60%, less than BIREX's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIREX BlackRock Real Estate Securities Fund	2.71%	2.98%	2.88%	2.87%	4.36%	1.63%	2.16%	1.93%	3.07%	9.88%	6.72%	6.75%
DFREX DFA Real Estate Securities Portfolio Class I	2.60%	2.84%	2.97%	3.59%	6.24%	2.56%	3.36%	2.23%	4.88%	1.89%	2.83%	2.86%

Frequently Asked Questions

Can I hold both DFREX and BIREX in my portfolio?

With a correlation of 0.97, DFREX and BIREX 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, DFREX or BIREX?

BIREX has higher volatility (3.74%) compared to DFREX (3.74%). In terms of maximum drawdown, DFREX dropped -74.36% vs BIREX's -41.92%.

Which has better risk-adjusted returns?

BIREX currently has the higher Sharpe Ratio (1.11 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.