DPYG.L vs. TREG.L

Last updated Jun 5, 2026

DPYG.L (iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist)) and TREG.L (VanEck Global Real Estate UCITS ETF) are both REIT funds - DPYG.L tracks the FTSE EPRA/NAREIT Developed Dividend+ (GBP Hedged) while TREG.L tracks the FTSE EPRA Nareit Global TR USD. Both are passively managed. Over the past 5 years, DPYG.L returned 1.37%/yr vs 3.44%/yr for TREG.L. Their correlation of 0.84 suggests significant overlap in exposure. DPYG.L charges 0.64%/yr vs 0.25%/yr for TREG.L.

Performance

DPYG.L vs. TREG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist) (DPYG.L) and VanEck Global Real Estate UCITS ETF (TREG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DPYG.L achieves a 6.70% return, which is significantly higher than TREG.L's 4.19% return.

DPYG.L

• 1D: 0.24%
• 1M: -0.72%
• YTD: 6.70%
• 6M: 7.50%
• 1Y: 11.15%
• 3Y*: 8.45%
• 5Y*: 1.37%
• 10Y*: —

TREG.L

• 1D: 0.12%
• 1M: -1.33%
• YTD: 4.19%
• 6M: 3.01%
• 1Y: 11.82%
• 3Y*: 7.92%
• 5Y*: 3.44%
• 10Y*: —

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

DPYG.L vs. TREG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DPYG.L iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist)	6.70%	7.38%	2.06%	9.46%	-22.94%	27.74%	-13.64%	13.17%
TREG.L VanEck Global Real Estate UCITS ETF	4.19%	6.62%	2.78%	7.64%	-16.77%	31.33%	-10.04%	10.49%

Correlation

The correlation between DPYG.L and TREG.L is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 21, 2019	0.84

The correlation between DPYG.L and TREG.L has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

DPYG.L vs. TREG.L - Sectors Allocation Comparison

Sectors	DPYG.L	TREG.L
Real Estate	100.0%	98.4%
Financial Services	0.1%	0.0%
Consumer Cyclical	0.0%	0.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DPYG.L vs. TREG.L — Risk / Return Rank

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

DPYG.L

DPYG.L Risk / Return Rank: 28
DPYG.L Sharpe Ratio Rank: 29
DPYG.L Sortino Ratio Rank: 28
DPYG.L Omega Ratio Rank: 27
DPYG.L Calmar Ratio Rank: 26
DPYG.L Martin Ratio Rank: 30

TREG.L

TREG.L Risk / Return Rank: 28
TREG.L Sharpe Ratio Rank: 29
TREG.L Sortino Ratio Rank: 29
TREG.L Omega Ratio Rank: 27
TREG.L Calmar Ratio Rank: 27
TREG.L Martin Ratio Rank: 29

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.

DPYG.L vs. TREG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist) (DPYG.L) and VanEck Global Real Estate UCITS ETF (TREG.L). 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.

	DPYG.L	TREG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.03	-0.03
Sortino ratio: Return per unit of downside risk	1.50	1.53	-0.03
Omega ratio: Gain probability vs. loss probability	1.18	1.18	0.00
Calmar ratio: Return relative to maximum drawdown	1.24	1.25	-0.02
Martin ratio: Return relative to average drawdown	4.23	4.06	+0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DPYG.L vs. TREG.L - Sharpe Ratio Comparison

The current DPYG.L Sharpe Ratio is 1.00, which is comparable to the TREG.L Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of DPYG.L and TREG.L, 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

	DPYG.L	TREG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.03	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.23	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.24	-0.04

Drawdowns

DPYG.L vs. TREG.L - Drawdown Comparison

The maximum DPYG.L drawdown since its inception was -42.55%, which is greater than TREG.L's maximum drawdown of -35.66%. Use the drawdown chart below to compare losses from any high point for DPYG.L and TREG.L.

Drawdown Indicators

	DPYG.L	TREG.L	Difference
Max Drawdown Largest peak-to-trough decline	-42.55%	-35.66%	-6.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-9.39%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-15.30%	-1.59%
Max Drawdown (5Y) Largest decline over 5 years	-31.83%	-26.89%	-4.94%
Current Drawdown Current decline from peak	-2.86%	-5.75%	+2.89%
Average Drawdown Average peak-to-trough decline	-11.78%	-10.39%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.91%	-0.26%

Volatility

DPYG.L vs. TREG.L - Volatility Comparison

iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist) (DPYG.L) and VanEck Global Real Estate UCITS ETF (TREG.L) have volatilities of 3.43% and 3.52%, 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

	DPYG.L	TREG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	3.52%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.58%	9.13%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.15%	11.41%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.14%	14.66%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	16.96%	+0.47%

DPYG.L vs. TREG.L - Expense Ratio Comparison

DPYG.L has a 0.64% expense ratio, which is higher than TREG.L's 0.25% expense ratio.

Dividends

DPYG.L vs. TREG.L - Dividend Comparison

DPYG.L's dividend yield for the trailing twelve months is around 2.95%, less than TREG.L's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DPYG.L iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist)	2.95%	3.02%	3.11%	3.00%	3.71%	2.13%	2.98%	2.95%	2.99%
TREG.L VanEck Global Real Estate UCITS ETF	3.50%	3.57%	3.48%	3.64%	4.54%	1.82%	4.49%	3.41%	0.00%

Frequently Asked Questions

Can I hold both DPYG.L and TREG.L in my portfolio?

DPYG.L and TREG.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DPYG.L or TREG.L?

On fees, TREG.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DPYG.L or TREG.L?

TREG.L is cheaper with a 0.25% expense ratio, compared with 0.64% for DPYG.L.

What is the main difference between DPYG.L and TREG.L?

DPYG.L tracks FTSE EPRA/NAREIT Developed Dividend+ (GBP Hedged), while TREG.L tracks FTSE EPRA Nareit Global TR USD. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.64% for DPYG.L and 0.25% for TREG.L.