DIR-UN.TO vs. AP-UN.TO

Last updated Jun 4, 2026

DIR-UN.TO (Dream Industrial Real Estate Investment Trust) and AP-UN.TO (Allied Properties Real Estate Investment Trust) are both stocks. Both are in the Real Estate sector — DIR-UN.TO in REIT - Industrial, AP-UN.TO in REIT - Office. Over the past 10 years, DIR-UN.TO returned 12.06%/yr vs -6.92%/yr for AP-UN.TO. At a 0.45 correlation, their price movements are largely independent.

Performance

DIR-UN.TO vs. AP-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Dream Industrial Real Estate Investment Trust (DIR-UN.TO) and Allied Properties Real Estate Investment Trust (AP-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIR-UN.TO achieves a 12.15% return, which is significantly higher than AP-UN.TO's -24.55% return. Over the past 10 years, DIR-UN.TO has outperformed AP-UN.TO with an annualized return of 12.06%, while AP-UN.TO has yielded a comparatively lower -6.92% annualized return.

DIR-UN.TO

• 1D: -0.72%
• 1M: 0.93%
• YTD: 12.15%
• 6M: 15.23%
• 1Y: 28.56%
• 3Y*: 4.95%
• 5Y*: 4.92%
• 10Y*: 12.06%

AP-UN.TO

• 1D: -1.01%
• 1M: 4.10%
• YTD: -24.55%
• 6M: -22.29%
• 1Y: -32.08%
• 3Y*: -16.20%
• 5Y*: -19.90%
• 10Y*: -6.92%

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

DIR-UN.TO vs. AP-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIR-UN.TO Dream Industrial Real Estate Investment Trust	12.15%	13.03%	-10.72%	25.73%	-28.35%	37.23%	6.44%	46.18%	16.11%	11.72%
AP-UN.TO Allied Properties Real Estate Investment Trust	-24.55%	-13.47%	-5.92%	-12.14%	-38.62%	20.95%	-24.39%	21.30%	9.29%	21.85%

Correlation

The correlation between DIR-UN.TO and AP-UN.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Oct 5, 2012	0.45

The correlation between DIR-UN.TO and AP-UN.TO shifts across timeframes, from 0.41 (1 year) to 0.56 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS DIR-UN.TO : CA$0.63 AP-UN.TO : -CA$13.04
PS Ratio DIR-UN.TO : 7.85 AP-UN.TO : 1.75
Total Revenue (TTM) DIR-UN.TO : CA$516.06M AP-UN.TO : CA$585.67M
Gross Profit (TTM) DIR-UN.TO : CA$377.94M AP-UN.TO : CA$302.33M
EBITDA (TTM) DIR-UN.TO : CA$297.51M AP-UN.TO : -CA$1.22B

Return for Risk

DIR-UN.TO vs. AP-UN.TO — Risk / Return Rank

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

DIR-UN.TO

DIR-UN.TO Risk / Return Rank: 81
DIR-UN.TO Sharpe Ratio Rank: 82
DIR-UN.TO Sortino Ratio Rank: 79
DIR-UN.TO Omega Ratio Rank: 75
DIR-UN.TO Calmar Ratio Rank: 83
DIR-UN.TO Martin Ratio Rank: 87

AP-UN.TO

AP-UN.TO Risk / Return Rank: 16
AP-UN.TO Sharpe Ratio Rank: 10
AP-UN.TO Sortino Ratio Rank: 15
AP-UN.TO Omega Ratio Rank: 10
AP-UN.TO Calmar Ratio Rank: 21
AP-UN.TO Martin Ratio Rank: 23

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.

DIR-UN.TO vs. AP-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dream Industrial Real Estate Investment Trust (DIR-UN.TO) and Allied Properties Real Estate Investment Trust (AP-UN.TO). 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.

	DIR-UN.TO	AP-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	-0.75	+2.34
Sortino ratio: Return per unit of downside risk	2.29	-0.74	+3.02
Omega ratio: Gain probability vs. loss probability	1.27	0.85	+0.41
Calmar ratio: Return relative to maximum drawdown	3.26	-0.55	+3.81
Martin ratio: Return relative to average drawdown	10.15	-0.88	+11.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIR-UN.TO vs. AP-UN.TO - Sharpe Ratio Comparison

The current DIR-UN.TO Sharpe Ratio is 1.59, which is higher than the AP-UN.TO Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of DIR-UN.TO and AP-UN.TO, 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

	DIR-UN.TO	AP-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	-0.75	+2.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	-0.66	+0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	-0.25	+0.78
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.25	+0.15

Drawdowns

DIR-UN.TO vs. AP-UN.TO - Drawdown Comparison

The maximum DIR-UN.TO drawdown since its inception was -51.02%, smaller than the maximum AP-UN.TO drawdown of -76.72%. Use the drawdown chart below to compare losses from any high point for DIR-UN.TO and AP-UN.TO.

Drawdown Indicators

	DIR-UN.TO	AP-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-51.02%	-76.72%	+25.70%
Max Drawdown (1Y) Largest decline over 1 year	-8.80%	-58.74%	+49.94%
Max Drawdown (3Y) Largest decline over 3 years	-31.35%	-58.74%	+27.39%
Max Drawdown (5Y) Largest decline over 5 years	-37.72%	-73.59%	+35.87%
Max Drawdown (10Y) Largest decline over 10 years	-51.02%	-76.72%	+25.70%
Current Drawdown Current decline from peak	-2.76%	-73.78%	+71.02%
Average Drawdown Average peak-to-trough decline	-10.85%	-17.37%	+6.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	36.47%	-33.65%

Volatility

DIR-UN.TO vs. AP-UN.TO - Volatility Comparison

Dream Industrial Real Estate Investment Trust (DIR-UN.TO) and Allied Properties Real Estate Investment Trust (AP-UN.TO) have volatilities of 5.49% and 5.51%, 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

	DIR-UN.TO	AP-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	5.51%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	13.46%	38.29%	-24.83%
Volatility (1Y) Calculated over the trailing 1-year period	18.12%	42.97%	-24.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.18%	30.41%	-9.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	27.50%	-4.66%

Dividends

DIR-UN.TO vs. AP-UN.TO - Dividend Comparison

DIR-UN.TO's dividend yield for the trailing twelve months is around 5.07%, less than AP-UN.TO's 12.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AP-UN.TO Allied Properties Real Estate Investment Trust	12.86%	12.79%	10.50%	11.30%	6.84%	3.88%	4.38%	3.07%	3.53%	3.65%	4.18%	4.65%
DIR-UN.TO Dream Industrial Real Estate Investment Trust	5.07%	5.56%	5.93%	5.01%	5.99%	4.06%	5.32%	5.33%	7.35%	7.95%	8.21%	9.75%

Financials

Frequently Asked Questions

Can I hold both DIR-UN.TO and AP-UN.TO in my portfolio?

DIR-UN.TO and AP-UN.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.