GQRE vs. IYRI

Last updated Jun 24, 2026

GQRE (FlexShares Global Quality Real Estate Index Fund) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - GQRE is a REIT fund tracking the Northern Trust Global Quality Real Estate (NR), while IYRI is a Derivative Income fund actively managed by Neos. GQRE is passively managed, while IYRI is actively managed. Over the past year, GQRE returned 11.39% vs 9.17% for IYRI. Their correlation of 0.88 suggests significant overlap in exposure. GQRE charges 0.45%/yr vs 0.68%/yr for IYRI.

Performance

GQRE vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Global Quality Real Estate Index Fund (GQRE) and NEOS Real Estate High Income ETF (IYRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GQRE achieves a 9.32% return, which is significantly higher than IYRI's 7.08% return.

GQRE

• 1D: 0.69%
• 1M: -0.17%
• YTD: 9.32%
• 6M: 9.88%
• 1Y: 11.39%
• 3Y*: 11.94%
• 5Y*: 2.35%
• 10Y*: 4.10%

IYRI

• 1D: 1.00%
• 1M: 0.83%
• YTD: 7.08%
• 6M: 7.36%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GQRE vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
GQRE FlexShares Global Quality Real Estate Index Fund	9.32%	10.68%
IYRI NEOS Real Estate High Income ETF	7.08%	6.99%

Correlation

The correlation between GQRE and IYRI is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.88

The correlation between GQRE and IYRI has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

GQRE vs. IYRI — Risk / Return Rank

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

GQRE

GQRE Risk / Return Rank: 27
GQRE Sharpe Ratio Rank: 28
GQRE Sortino Ratio Rank: 26
GQRE Omega Ratio Rank: 26
GQRE Calmar Ratio Rank: 24
GQRE Martin Ratio Rank: 31

IYRI

IYRI Risk / Return Rank: 26
IYRI Sharpe Ratio Rank: 25
IYRI Sortino Ratio Rank: 23
IYRI Omega Ratio Rank: 23
IYRI Calmar Ratio Rank: 26
IYRI Martin Ratio Rank: 31

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. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Global Quality Real Estate Index Fund (GQRE) and NEOS Real Estate High Income ETF (IYRI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GQRE	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	0.97	0.86	+0.11
Sortino ratio: Return per unit of downside risk	1.37	1.23	+0.14
Omega ratio: Gain probability vs. loss probability	1.17	1.16	+0.02
Calmar ratio: Return relative to maximum drawdown	1.13	1.22	-0.10
Martin ratio: Return relative to average drawdown	4.24	4.37	-0.14

GQRE vs. IYRI - Sharpe Ratio Comparison

The current GQRE Sharpe Ratio is 0.97, which is comparable to the IYRI Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of GQRE and IYRI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GQRE vs. IYRI - Drawdown Comparison

The maximum GQRE drawdown since its inception was -41.87%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for GQRE and IYRI.

Drawdown Indicators

	GQRE	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-41.87%	-12.12%	-29.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-7.53%	-2.62%
Max Drawdown (3Y) Largest decline over 3 years	-16.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.87%	—	—
Current Drawdown Current decline from peak	-1.64%	-0.52%	-1.12%
Average Drawdown Average peak-to-trough decline	-9.20%	-1.69%	-7.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.10%	+0.60%

Volatility

GQRE vs. IYRI - Volatility Comparison

The current volatility for FlexShares Global Quality Real Estate Index Fund (GQRE) is 3.69%, while NEOS Real Estate High Income ETF (IYRI) has a volatility of 4.21%. This indicates that GQRE experiences smaller price fluctuations and is considered to be less risky than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GQRE	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	4.21%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	7.94%	+1.26%
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	10.80%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.46%	13.20%	+3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.65%	13.20%	+4.45%

GQRE vs. IYRI - Expense Ratio Comparison

GQRE has a 0.45% expense ratio, which is lower than IYRI's 0.68% expense ratio.

Dividends

GQRE vs. IYRI - Dividend Comparison

GQRE's dividend yield for the trailing twelve months is around 4.29%, less than IYRI's 11.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GQRE FlexShares Global Quality Real Estate Index Fund	4.29%	4.75%	3.77%	2.91%	2.56%	2.36%	2.05%	4.29%	3.22%	1.97%	4.16%	2.32%
IYRI NEOS Real Estate High Income ETF	11.96%	11.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GQRE and IYRI in my portfolio?

GQRE and IYRI have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GQRE or IYRI?

IYRI has higher volatility (4.21%) compared to GQRE (3.69%). In terms of maximum drawdown, GQRE dropped -41.87% vs IYRI's -12.12%.

Which ETF is better, GQRE or IYRI?

On 1-year performance, GQRE leads with 11.39% vs 9.17% for IYRI. On fees, GQRE is cheaper at 0.45% per year. On volatility, GQRE has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GQRE or IYRI?

Over the 1-year period, GQRE has performed better with a 11.39% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GQRE or IYRI?

GQRE is cheaper with a 0.45% expense ratio, compared with 0.68% for IYRI.

Which ETF pays a higher dividend yield, GQRE or IYRI?

IYRI has the higher dividend yield at 11.96%, compared with 4.29% for GQRE.

What is the main difference between GQRE and IYRI?

GQRE is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: Northern Trust and Neos. Their fees differ too: 0.45% for GQRE and 0.68% for IYRI.

Which has better risk-adjusted returns?

GQRE currently has the higher Sharpe Ratio (0.97 vs 0.86), 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.