GREIX vs. BIREX

Last updated Jul 14, 2026

GREIX (Goldman Sachs Real Estate Securities Fund) and BIREX (BlackRock Real Estate Securities Fund) are both REIT funds. Over the past 10 years, GREIX returned 5.04%/yr vs 5.88%/yr for BIREX. With a 0.98 correlation, they move nearly in lockstep. GREIX charges 0.91%/yr vs 0.75%/yr for BIREX.

Performance

GREIX vs. BIREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Real Estate Securities Fund (GREIX) and BlackRock Real Estate Securities Fund (BIREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GREIX achieves a 14.38% return, which is significantly lower than BIREX's 15.57% return. Over the past 10 years, GREIX has underperformed BIREX with an annualized return of 5.04%, while BIREX has yielded a comparatively higher 5.88% annualized return.

GREIX

• 1D: 0.41%
• 1M: -0.27%
• 6M: 13.61%
• YTD: 14.38%
• 1Y: 13.16%
• 3Y*: 10.56%
• 5Y*: 3.86%
• 10Y*: 5.04%

BIREX

• 1D: 0.41%
• 1M: -0.58%
• 6M: 13.95%
• YTD: 15.57%
• 1Y: 16.15%
• 3Y*: 9.70%
• 5Y*: 3.15%
• 10Y*: 5.88%

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

GREIX vs. BIREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GREIX Goldman Sachs Real Estate Securities Fund	14.38%	-0.70%	11.77%	17.05%	-28.76%	44.65%	-7.53%	25.70%	-5.03%	2.55%
BIREX BlackRock Real Estate Securities Fund	15.57%	3.08%	3.75%	13.57%	-27.58%	46.24%	-4.17%	27.75%	-2.95%	6.19%

Correlation

The correlation between GREIX and BIREX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.98

The correlation between GREIX and BIREX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

GREIX vs. BIREX — Risk / Return Rank

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

GREIX

GREIX Risk / Return Rank: 23
GREIX Sharpe Ratio Rank: 21
GREIX Sortino Ratio Rank: 19
GREIX Omega Ratio Rank: 20
GREIX Calmar Ratio Rank: 31
GREIX Martin Ratio Rank: 26

BIREX

BIREX Risk / Return Rank: 33
BIREX Sharpe Ratio Rank: 30
BIREX Sortino Ratio Rank: 28
BIREX Omega Ratio Rank: 28
BIREX Calmar Ratio Rank: 42
BIREX Martin Ratio Rank: 38

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.

GREIX vs. BIREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Real Estate Securities Fund (GREIX) and BlackRock Real Estate Securities Fund (BIREX). 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.

	GREIX	BIREX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.19	-0.24
Sortino ratio: Return per unit of downside risk	1.36	1.68	-0.32
Omega ratio: Gain probability vs. loss probability	1.17	1.21	-0.04
Calmar ratio: Return relative to maximum drawdown	1.64	1.99	-0.34
Martin ratio: Return relative to average drawdown	4.72	6.54	-1.82

GREIX vs. BIREX - Sharpe Ratio Comparison

The current GREIX Sharpe Ratio is 0.95, which is comparable to the BIREX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of GREIX and BIREX, 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

GREIX vs. BIREX - Drawdown Comparison

The maximum GREIX drawdown since its inception was -74.21%, which is greater than BIREX's maximum drawdown of -41.92%. Use the drawdown chart below to compare losses from any high point for GREIX and BIREX.

Drawdown Indicators

	GREIX	BIREX	Difference
Max Drawdown Largest peak-to-trough decline	-74.21%	-41.92%	-32.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.16%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-16.73%	-18.05%	+1.32%
Max Drawdown (5Y) Largest decline over 5 years	-34.43%	-34.76%	+0.33%
Max Drawdown (10Y) Largest decline over 10 years	-42.98%	-41.92%	-1.06%
Current Drawdown Current decline from peak	-1.26%	-1.39%	+0.13%
Average Drawdown Average peak-to-trough decline	-12.76%	-9.66%	-3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.47%	+0.35%

Volatility

GREIX vs. BIREX - Volatility Comparison

Goldman Sachs Real Estate Securities Fund (GREIX) has a higher volatility of 4.90% compared to BlackRock Real Estate Securities Fund (BIREX) at 4.48%. This indicates that GREIX's price experiences larger fluctuations and is considered to be riskier than BIREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GREIX	BIREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	4.48%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	10.54%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	13.60%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.44%	18.79%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	20.92%	+0.10%

GREIX vs. BIREX - Expense Ratio Comparison

GREIX has a 0.91% expense ratio, which is higher than BIREX's 0.75% expense ratio.

Dividends

GREIX vs. BIREX - Dividend Comparison

GREIX's dividend yield for the trailing twelve months is around 32.28%, more than BIREX's 2.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIREX BlackRock Real Estate Securities Fund	2.64%	2.98%	2.88%	2.87%	4.36%	1.63%	2.16%	1.93%	3.07%	9.88%	6.72%	6.75%
GREIX Goldman Sachs Real Estate Securities Fund	32.28%	35.97%	12.22%	4.00%	3.54%	6.27%	10.16%	18.31%	17.65%	20.54%	12.29%	4.46%

Frequently Asked Questions

Can I hold both GREIX and BIREX in my portfolio?

With a correlation of 0.98, GREIX and BIREX 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.

Which is riskier, GREIX or BIREX?

GREIX has higher volatility (4.90%) compared to BIREX (4.48%). In terms of maximum drawdown, GREIX dropped -74.21% vs BIREX's -41.92%.

Which has better risk-adjusted returns?

BIREX currently has the higher Sharpe Ratio (1.19 vs 0.95), 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.