PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
GQRE vs. ICF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GQRE vs. ICF

Last updated Jun 4, 2026

GQRE (FlexShares Global Quality Real Estate Index Fund) and ICF (iShares Cohen & Steers REIT ETF) are both REIT funds - GQRE tracks the Northern Trust Global Quality Real Estate (NR) while ICF tracks the Cohen & Steers Realty Majors Index. Both are passively managed. Over the past 10 years, GQRE returned 3.78%/yr vs 5.54%/yr for ICF. Their correlation of 0.86 suggests significant overlap in exposure. GQRE charges 0.45%/yr vs 0.34%/yr for ICF.

Performance

GQRE vs. ICF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Global Quality Real Estate Index Fund (GQRE) and iShares Cohen & Steers REIT ETF (ICF). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, GQRE achieves a 7.34% return, which is significantly lower than ICF's 12.19% return. Over the past 10 years, GQRE has underperformed ICF with an annualized return of 3.78%, while ICF has yielded a comparatively higher 5.54% annualized return.

GQRE

1D
-0.36%
1M
-1.32%
YTD
7.34%
6M
7.63%
1Y
11.71%
3Y*
10.30%
5Y*
1.99%
10Y*
3.78%

ICF

1D
0.17%
1M
-0.92%
YTD
12.19%
6M
11.56%
1Y
11.29%
3Y*
10.12%
5Y*
3.01%
10Y*
5.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GQRE vs. ICF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GQRE
FlexShares Global Quality Real Estate Index Fund		7.34%8.27%6.09%9.21%-27.22%32.01%-9.17%21.84%-8.88%13.60%
ICF
iShares Cohen & Steers REIT ETF		12.19%1.85%5.30%10.36%-26.12%44.17%-5.43%25.48%-2.55%4.90%

Correlation

The correlation between GQRE and ICF is 0.89, 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

0.89

Correlation (3Y)
Calculated over the trailing 3-year period

0.91

Correlation (5Y)
Calculated over the trailing 5-year period

0.92

Correlation (10Y)
Calculated over the trailing 10-year period

0.89

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2013

0.86

The correlation between GQRE and ICF has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

GQRE vs. ICF - Sectors Allocation Comparison

Sectors
GQRE
ICF

Real Estate

87.9%
100.0%

Financial Services

2.0%

-

Consumer Cyclical

1.0%

-

Technology

0.8%

-

Healthcare

0.6%

-

Consumer Defensive

0.5%

-

Utilities

0.5%

-

Communication Services

0.5%

-

Industrials

0.2%

-

Basic Materials

0.0%

-

Energy

-

-

Real Estate

GQRE
87.9%
ICF
100.0%

Financial Services

GQRE
2.0%
ICF

-

Consumer Cyclical

GQRE
1.0%
ICF

-

Technology

GQRE
0.8%
ICF

-

Healthcare

GQRE
0.6%
ICF

-

Consumer Defensive

GQRE
0.5%
ICF

-

Utilities

GQRE
0.5%
ICF

-

Communication Services

GQRE
0.5%
ICF

-

Industrials

GQRE
0.2%
ICF

-

Basic Materials

GQRE
0.0%
ICF

-

Energy

GQRE

-

ICF

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

FlexShares Global Quality Real Estate Index Fund

iShares Cohen & Steers REIT ETF

Often compared with GQRE:
GQRE vs. RWOGQRE vs. RLYGQRE vs. UCONGQRE vs. SPREGQRE vs. XLREGQRE vs. MORTGQRE vs. vnqi
Often compared with ICF:
ICF vs. VNQICF vs. USRTICF vs. IYRICF vs. FRELICF vs. ICFIICF vs. SDIVICF vs. XLRE

Return for Risk

GQRE vs. ICF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GQRE
GQRE Risk / Return Rank: 2727
Overall Rank
GQRE Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
GQRE Sortino Ratio Rank: 2626
Sortino Ratio Rank
GQRE Omega Ratio Rank: 2626
Omega Ratio Rank
GQRE Calmar Ratio Rank: 2525
Calmar Ratio Rank
GQRE Martin Ratio Rank: 3030
Martin Ratio Rank
ICF
ICF Risk / Return Rank: 2525
Overall Rank
ICF Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
ICF Sortino Ratio Rank: 2222
Sortino Ratio Rank
ICF Omega Ratio Rank: 2222
Omega Ratio Rank
ICF Calmar Ratio Rank: 2828
Calmar Ratio Rank
ICF Martin Ratio Rank: 2828
Martin Ratio Rank
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.

GQRE vs. ICF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Global Quality Real Estate Index Fund (GQRE) and iShares Cohen & Steers REIT ETF (ICF). 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.

GQREICFDifference
Sharpe ratioReturn per unit of total volatility
1.01
0.84

+0.18

Sortino ratioReturn per unit of downside risk
1.43
1.20

+0.24

Omega ratioGain probability vs. loss probability

1.18

1.15

+0.03

Calmar ratioReturn relative to maximum drawdown

1.16

1.38

-0.22

Martin ratioReturn relative to average drawdown

4.42

3.92

+0.50

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GQRE vs. ICF - Sharpe Ratio Comparison

The current GQRE Sharpe Ratio is 1.01, which is comparable to the ICF Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of GQRE and ICF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

GQREICFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.01

0.84

+0.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

0.16

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.21

0.27

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.31

-0.02

Drawdowns

GQRE vs. ICF - Drawdown Comparison

The maximum GQRE drawdown since its inception was -41.87%, smaller than the maximum ICF drawdown of -76.74%. Use the drawdown chart below to compare losses from any high point for GQRE and ICF.

Loading charts...

Drawdown Indicators

GQREICFDifference

Max Drawdown

Largest peak-to-trough decline

-41.87%

-76.74%

+34.87%

Max Drawdown (1Y)

Largest decline over 1 year

-10.15%

-8.20%

-1.95%

Max Drawdown (3Y)

Largest decline over 3 years

-16.17%

-17.25%

+1.08%

Max Drawdown (5Y)

Largest decline over 5 years

-35.08%

-34.74%

-0.34%

Max Drawdown (10Y)

Largest decline over 10 years

-41.87%

-40.22%

-1.65%

Current Drawdown

Current decline from peak

-3.43%

-2.67%

-0.76%

Average Drawdown

Average peak-to-trough decline

-9.24%

-14.18%

+4.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.66%

2.88%

-0.22%

Volatility

GQRE vs. ICF - Volatility Comparison

FlexShares Global Quality Real Estate Index Fund (GQRE) and iShares Cohen & Steers REIT ETF (ICF) have volatilities of 3.53% and 3.71%, 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.

Loading charts...

Volatility by Period

GQREICFDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.53%

3.71%

-0.18%

Volatility (6M)

Calculated over the trailing 6-month period

8.77%

9.85%

-1.08%

Volatility (1Y)

Calculated over the trailing 1-year period

11.64%

13.57%

-1.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.45%

18.91%

-2.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.66%

20.58%

-2.92%

GQRE vs. ICF - Expense Ratio Comparison

GQRE has a 0.45% expense ratio, which is higher than ICF's 0.34% expense ratio.

Dividends

GQRE vs. ICF - Dividend Comparison

GQRE's dividend yield for the trailing twelve months is around 4.36%, more than ICF's 2.48% yield.

PositionTTM20252024202320222021202020192018201720162015
GQRE
FlexShares Global Quality Real Estate Index Fund		4.36%4.75%3.77%2.91%2.56%2.36%2.05%4.29%3.22%1.97%4.16%2.32%
ICF
iShares Cohen & Steers REIT ETF		2.48%2.88%2.66%2.76%2.64%1.82%2.38%2.55%3.20%3.10%4.21%3.30%

Frequently Asked Questions

GQRE and ICF have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ICF has higher volatility (3.71%) compared to GQRE (3.53%). In terms of maximum drawdown, GQRE dropped -41.87% vs ICF's -76.74%.

On 10-year performance, ICF leads with 5.54% vs 3.78% for GQRE. On fees, ICF is cheaper at 0.34% per year. On volatility, GQRE has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ICF has performed better with a 5.54% return vs 3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ICF is cheaper with a 0.34% expense ratio, compared with 0.45% for GQRE.

GQRE has the higher dividend yield at 4.36%, compared with 2.48% for ICF.

GQRE tracks Northern Trust Global Quality Real Estate (NR), while ICF tracks Cohen & Steers Realty Majors Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.45% for GQRE and 0.34% for ICF.

GQRE currently has the higher Sharpe Ratio (1.01 vs 0.84), 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.

Portfolio Optimizer

Find the right allocation for GQRE and ICF

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer