DFREX vs. USRT
DFREX (DFA Real Estate Securities Portfolio Class I) and USRT (iShares Core U.S. REIT ETF) are both REIT funds. Over the past 10 years, DFREX returned 5.70%/yr vs 6.40%/yr for USRT. Their correlation of 0.93 suggests significant overlap in exposure. DFREX charges 0.18%/yr vs 0.08%/yr for USRT.
Performance
DFREX vs. USRT - Performance Comparison
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Returns By Period
In the year-to-date period, DFREX achieves a 11.35% return, which is significantly lower than USRT's 14.10% return. Over the past 10 years, DFREX has underperformed USRT with an annualized return of 5.70%, while USRT has yielded a comparatively higher 6.40% 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%
USRT
- 1D
- 1.35%
- 1M
- 0.62%
- YTD
- 14.10%
- 6M
- 13.30%
- 1Y
- 16.73%
- 3Y*
- 12.24%
- 5Y*
- 5.01%
- 10Y*
- 6.40%
DFREX vs. USRT - 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% |
USRT iShares Core U.S. REIT ETF | 14.10% | 2.44% | 8.58% | 13.64% | -24.43% | 43.26% | -8.06% | 25.98% | -4.67% | 5.27% |
Correlation
The correlation between DFREX and USRT is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since May 7, 2007 | 0.93 |
The correlation between DFREX and USRT has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
DFREX vs. USRT — Risk / Return Rank
DFREX
USRT
DFREX vs. USRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DFA Real Estate Securities Portfolio Class I (DFREX) and iShares Core U.S. REIT ETF (USRT). 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 | USRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.22 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 2.09 | -0.73 |
| Martin ratioReturn relative to average drawdown | 4.21 | 6.73 | -2.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DFREX | USRT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 1.26 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.27 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.30 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.19 | +0.19 |
Drawdowns
DFREX vs. USRT - Drawdown Comparison
The maximum DFREX drawdown since its inception was -74.36%, which is greater than USRT's maximum drawdown of -69.91%. Use the drawdown chart below to compare losses from any high point for DFREX and USRT.
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Drawdown Indicators
| DFREX | USRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.36% | -69.91% | -4.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.40% | -8.04% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -17.64% | -18.70% | +1.06% |
Max Drawdown (5Y)Largest decline over 5 years | -33.11% | -31.03% | -2.08% |
Max Drawdown (10Y)Largest decline over 10 years | -41.49% | -44.38% | +2.89% |
Current DrawdownCurrent decline from peak | -2.97% | -1.70% | -1.27% |
Average DrawdownAverage peak-to-trough decline | -11.34% | -12.97% | +1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 2.49% | +0.21% |
Volatility
DFREX vs. USRT - Volatility Comparison
The current volatility for DFA Real Estate Securities Portfolio Class I (DFREX) is 3.74%, while iShares Core U.S. REIT ETF (USRT) has a volatility of 4.12%. This indicates that DFREX experiences smaller price fluctuations and is considered to be less risky than USRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFREX | USRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.74% | 4.12% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 9.43% | 9.33% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.07% | 13.33% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.69% | 18.90% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.29% | 21.28% | -0.99% |
DFREX vs. USRT - Expense Ratio Comparison
DFREX has a 0.18% expense ratio, which is higher than USRT's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
DFREX vs. USRT - Dividend Comparison
DFREX's dividend yield for the trailing twelve months is around 2.60%, less than USRT's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USRT iShares Core U.S. REIT ETF | 2.64% | 3.07% | 2.85% | 3.18% | 3.46% | 2.27% | 3.12% | 3.34% | 5.66% | 3.44% | 3.98% | 3.59% |
Frequently Asked Questions
With a correlation of 0.96, DFREX and USRT 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.
USRT has higher volatility (4.12%) compared to DFREX (3.74%). In terms of maximum drawdown, DFREX dropped -74.36% vs USRT's -69.91%.
USRT currently has the higher Sharpe Ratio (1.26 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.
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