GRIFX vs. HLRRX

Last updated Jun 24, 2026

GRIFX (Apollo Diversified Real Estate Fund Class I) and HLRRX (LDR Real Estate Value Opportunity Fund) are both REIT funds. Over the past 10 years, GRIFX returned 4.49%/yr vs 5.01%/yr for HLRRX. A 0.79 correlation means they provide meaningful diversification when combined. GRIFX charges 2.23%/yr vs 1.14%/yr for HLRRX.

Performance

GRIFX vs. HLRRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Apollo Diversified Real Estate Fund Class I (GRIFX) and LDR Real Estate Value Opportunity Fund (HLRRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRIFX achieves a 3.74% return, which is significantly lower than HLRRX's 15.25% return. Over the past 10 years, GRIFX has underperformed HLRRX with an annualized return of 4.49%, while HLRRX has yielded a comparatively higher 5.01% annualized return.

GRIFX

• 1D: 0.08%
• 1M: -0.07%
• YTD: 3.74%
• 6M: 3.83%
• 1Y: 4.19%
• 3Y*: 3.00%
• 5Y*: 3.47%
• 10Y*: 4.49%

HLRRX

• 1D: 0.79%
• 1M: 1.19%
• YTD: 15.25%
• 6M: 16.52%
• 1Y: 11.49%
• 3Y*: 8.94%
• 5Y*: 2.06%
• 10Y*: 5.01%

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

GRIFX vs. HLRRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRIFX Apollo Diversified Real Estate Fund Class I	3.74%	1.14%	3.78%	-3.05%	-1.17%	22.08%	-2.69%	8.38%	4.97%	6.73%
HLRRX LDR Real Estate Value Opportunity Fund	15.25%	-9.13%	9.45%	10.50%	-21.40%	40.50%	-3.78%	31.75%	-13.63%	-1.24%

Correlation

The correlation between GRIFX and HLRRX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 7, 2015	0.79

The correlation between GRIFX and HLRRX has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

GRIFX vs. HLRRX — Risk / Return Rank

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

GRIFX

GRIFX Risk / Return Rank: 30
GRIFX Sharpe Ratio Rank: 22
GRIFX Sortino Ratio Rank: 21
GRIFX Omega Ratio Rank: 21
GRIFX Calmar Ratio Rank: 55
GRIFX Martin Ratio Rank: 31

HLRRX

HLRRX Risk / Return Rank: 18
HLRRX Sharpe Ratio Rank: 15
HLRRX Sortino Ratio Rank: 14
HLRRX Omega Ratio Rank: 14
HLRRX Calmar Ratio Rank: 28
HLRRX Martin Ratio Rank: 17

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.

GRIFX vs. HLRRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Apollo Diversified Real Estate Fund Class I (GRIFX) and LDR Real Estate Value Opportunity Fund (HLRRX). 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.

	GRIFX	HLRRX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.00	+0.24
Sortino ratio: Return per unit of downside risk	1.77	1.43	+0.34
Omega ratio: Gain probability vs. loss probability	1.22	1.18	+0.05
Calmar ratio: Return relative to maximum drawdown	2.70	1.87	+0.84
Martin ratio: Return relative to average drawdown	6.64	4.24	+2.41

GRIFX vs. HLRRX - Sharpe Ratio Comparison

The current GRIFX Sharpe Ratio is 1.24, which is comparable to the HLRRX Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of GRIFX and HLRRX, 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

GRIFX vs. HLRRX - Drawdown Comparison

The maximum GRIFX drawdown since its inception was -14.29%, smaller than the maximum HLRRX drawdown of -62.78%. Use the drawdown chart below to compare losses from any high point for GRIFX and HLRRX.

Drawdown Indicators

	GRIFX	HLRRX	Difference
Max Drawdown Largest peak-to-trough decline	-14.29%	-62.78%	+48.49%
Max Drawdown (1Y) Largest decline over 1 year	-1.70%	-6.72%	+5.02%
Max Drawdown (3Y) Largest decline over 3 years	-7.28%	-21.04%	+13.76%
Max Drawdown (5Y) Largest decline over 5 years	-14.29%	-28.99%	+14.70%
Max Drawdown (10Y) Largest decline over 10 years	-14.29%	-48.13%	+33.84%
Current Drawdown Current decline from peak	-2.12%	-2.85%	+0.73%
Average Drawdown Average peak-to-trough decline	-3.36%	-8.48%	+5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	2.96%	-2.27%

Volatility

GRIFX vs. HLRRX - Volatility Comparison

The current volatility for Apollo Diversified Real Estate Fund Class I (GRIFX) is 1.17%, while LDR Real Estate Value Opportunity Fund (HLRRX) has a volatility of 3.48%. This indicates that GRIFX experiences smaller price fluctuations and is considered to be less risky than HLRRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRIFX	HLRRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	3.48%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	8.22%	-5.54%
Volatility (1Y) Calculated over the trailing 1-year period	3.71%	12.61%	-8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.51%	17.38%	-11.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.62%	20.82%	-16.20%

GRIFX vs. HLRRX - Expense Ratio Comparison

GRIFX has a 2.23% expense ratio, which is higher than HLRRX's 1.14% expense ratio.

Dividends

GRIFX vs. HLRRX - Dividend Comparison

GRIFX's dividend yield for the trailing twelve months is around 7.81%, less than HLRRX's 9.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRIFX Apollo Diversified Real Estate Fund Class I	7.81%	5.37%	5.27%	5.46%	4.14%	3.67%	5.26%	5.27%	5.29%	5.22%	5.27%	2.62%
HLRRX LDR Real Estate Value Opportunity Fund	9.50%	9.39%	4.93%	5.50%	13.71%	17.02%	9.10%	2.44%	2.68%	17.61%	15.94%	10.13%

Frequently Asked Questions

Can I hold both GRIFX and HLRRX in my portfolio?

GRIFX and HLRRX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRIFX or HLRRX?

HLRRX has higher volatility (3.48%) compared to GRIFX (1.17%). In terms of maximum drawdown, GRIFX dropped -14.29% vs HLRRX's -62.78%.

Which has better risk-adjusted returns?

GRIFX currently has the higher Sharpe Ratio (1.24 vs 1.00), 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.