GREIX vs. IRSAX

Last updated Jun 5, 2026

GREIX (Goldman Sachs Real Estate Securities Fund) and IRSAX (Delaware Ivy Securian Real Estate Securities Fund) are both REIT funds. Over the past 10 years, GREIX returned 5.26%/yr vs 7.56%/yr for IRSAX. With a 0.98 correlation, they move nearly in lockstep. GREIX charges 0.91%/yr vs 1.20%/yr for IRSAX.

Performance

GREIX vs. IRSAX - Performance Comparison

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

Returns By Period

In the year-to-date period, GREIX achieves a 9.74% return, which is significantly lower than IRSAX's 12.02% return. Over the past 10 years, GREIX has underperformed IRSAX with an annualized return of 5.26%, while IRSAX has yielded a comparatively higher 7.56% annualized return.

GREIX

• 1D: 0.00%
• 1M: -1.34%
• YTD: 9.74%
• 6M: 9.66%
• 1Y: 8.89%
• 3Y*: 10.83%
• 5Y*: 3.77%
• 10Y*: 5.26%

IRSAX

• 1D: 0.14%
• 1M: -1.25%
• YTD: 12.02%
• 6M: 12.40%
• 1Y: 17.74%
• 3Y*: 16.96%
• 5Y*: 7.28%
• 10Y*: 7.56%

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

GREIX vs. IRSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GREIX Goldman Sachs Real Estate Securities Fund	9.74%	-0.70%	11.77%	17.05%	-28.76%	44.65%	-7.53%	25.70%	-5.03%	2.55%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	12.02%	7.28%	23.62%	9.53%	-25.47%	43.57%	-3.51%	24.13%	-5.69%	5.29%

Correlation

The correlation between GREIX and IRSAX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
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 Feb 26, 1999	0.98

The correlation between GREIX and IRSAX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

GREIX vs. IRSAX — Risk / Return Rank

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

GREIX

GREIX Risk / Return Rank: 10
GREIX Sharpe Ratio Rank: 9
GREIX Sortino Ratio Rank: 8
GREIX Omega Ratio Rank: 9
GREIX Calmar Ratio Rank: 12
GREIX Martin Ratio Rank: 12

IRSAX

IRSAX Risk / Return Rank: 29
IRSAX Sharpe Ratio Rank: 25
IRSAX Sortino Ratio Rank: 22
IRSAX Omega Ratio Rank: 23
IRSAX Calmar Ratio Rank: 37
IRSAX Martin Ratio Rank: 39

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. IRSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Real Estate Securities Fund (GREIX) and Delaware Ivy Securian Real Estate Securities Fund (IRSAX). 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.

	GREIX	IRSAX	Difference
Sharpe ratio: Return per unit of total volatility	0.69	1.41	-0.72
Sortino ratio: Return per unit of downside risk	1.00	1.92	-0.92
Omega ratio: Gain probability vs. loss probability	1.13	1.25	-0.12
Calmar ratio: Return relative to maximum drawdown	1.12	2.25	-1.13
Martin ratio: Return relative to average drawdown	3.21	8.35	-5.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GREIX vs. IRSAX - Sharpe Ratio Comparison

The current GREIX Sharpe Ratio is 0.69, which is lower than the IRSAX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of GREIX and IRSAX, 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

	GREIX	IRSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	1.41	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.26	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.30	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.31	+0.03

Drawdowns

GREIX vs. IRSAX - Drawdown Comparison

The maximum GREIX drawdown since its inception was -74.21%, roughly equal to the maximum IRSAX drawdown of -72.03%. Use the drawdown chart below to compare losses from any high point for GREIX and IRSAX.

Drawdown Indicators

	GREIX	IRSAX	Difference
Max Drawdown Largest peak-to-trough decline	-74.21%	-72.03%	-2.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.04%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-16.73%	-16.26%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-34.43%	-37.56%	+3.13%
Max Drawdown (10Y) Largest decline over 10 years	-42.98%	-40.71%	-2.27%
Current Drawdown Current decline from peak	-3.05%	-3.26%	+0.21%
Average Drawdown Average peak-to-trough decline	-12.81%	-13.24%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.17%	+0.67%

Volatility

GREIX vs. IRSAX - Volatility Comparison

Goldman Sachs Real Estate Securities Fund (GREIX) and Delaware Ivy Securian Real Estate Securities Fund (IRSAX) have volatilities of 3.62% and 3.80%, 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

	GREIX	IRSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	3.80%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	9.38%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.26%	12.91%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	28.57%	-9.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	25.61%	-4.64%

GREIX vs. IRSAX - Expense Ratio Comparison

GREIX has a 0.91% expense ratio, which is lower than IRSAX's 1.20% expense ratio.

Dividends

GREIX vs. IRSAX - Dividend Comparison

GREIX's dividend yield for the trailing twelve months is around 33.74%, more than IRSAX's 22.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GREIX Goldman Sachs Real Estate Securities Fund	33.74%	35.97%	12.22%	4.00%	3.54%	6.27%	10.16%	18.31%	17.65%	20.54%	12.29%	4.46%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	22.14%	24.77%	29.95%	9.61%	34.76%	13.03%	1.81%	9.69%	7.51%	12.71%	10.34%	5.88%

Frequently Asked Questions

Can I hold both GREIX and IRSAX in my portfolio?

With a correlation of 0.96, GREIX and IRSAX 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 IRSAX?

IRSAX has higher volatility (3.80%) compared to GREIX (3.62%). In terms of maximum drawdown, GREIX dropped -74.21% vs IRSAX's -72.03%.

Which has better risk-adjusted returns?

IRSAX currently has the higher Sharpe Ratio (1.41 vs 0.69), 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.