HGR.TO vs. IYRI

Last updated Jun 4, 2026

HGR.TO (Harvest Global REIT Leaders Income ETF) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - HGR.TO is a REIT fund actively managed by Harvest, while IYRI is a Derivative Income fund tracking the Dow Jones U.S. Real Estate Capped Index. HGR.TO is actively managed, while IYRI is passively managed. Over the past year, HGR.TO returned 1.96% vs 9.73% for IYRI. A 0.67 correlation means they provide meaningful diversification when combined. HGR.TO charges 0.85%/yr vs 0.68%/yr for IYRI.

Performance

HGR.TO vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Global REIT Leaders Income ETF (HGR.TO) and NEOS Real Estate High Income ETF (IYRI). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HGR.TO is traded in CAD, while IYRI is traded in USD. To make them comparable, the IYRI values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HGR.TO achieves a 5.14% return, which is significantly lower than IYRI's 5.41% return.

HGR.TO

• 1D: -0.56%
• 1M: 0.28%
• YTD: 5.14%
• 6M: 4.47%
• 1Y: 1.96%
• 3Y*: 4.60%
• 5Y*: -2.51%
• 10Y*: —

IYRI

• 1D: 0.58%
• 1M: 0.93%
• YTD: 5.41%
• 6M: 3.08%
• 1Y: 9.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HGR.TO vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
HGR.TO Harvest Global REIT Leaders Income ETF	5.14%	0.45%
IYRI NEOS Real Estate High Income ETF	5.41%	3.30%

Correlation

The correlation between HGR.TO and IYRI is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.67

The correlation between HGR.TO and IYRI has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

HGR.TO vs. IYRI - Sectors Allocation Comparison

Sectors	HGR.TO	IYRI
Real Estate	100.0%	98.0%
Basic Materials	-	1.3%
Communication Services	-	0.6%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HGR.TO vs. IYRI — Risk / Return Rank

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

HGR.TO

HGR.TO Risk / Return Rank: 11
HGR.TO Sharpe Ratio Rank: 11
HGR.TO Sortino Ratio Rank: 10
HGR.TO Omega Ratio Rank: 10
HGR.TO Calmar Ratio Rank: 12
HGR.TO Martin Ratio Rank: 12

IYRI

IYRI Risk / Return Rank: 23
IYRI Sharpe Ratio Rank: 23
IYRI Sortino Ratio Rank: 21
IYRI Omega Ratio Rank: 22
IYRI Calmar Ratio Rank: 24
IYRI Martin Ratio Rank: 28

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.

HGR.TO vs. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Global REIT Leaders Income ETF (HGR.TO) 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.

	HGR.TO	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	0.15	0.92	-0.78
Sortino ratio: Return per unit of downside risk	0.31	1.30	-0.99
Omega ratio: Gain probability vs. loss probability	1.04	1.17	-0.13
Calmar ratio: Return relative to maximum drawdown	0.24	1.55	-1.31
Martin ratio: Return relative to average drawdown	0.60	4.37	-3.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HGR.TO vs. IYRI - Sharpe Ratio Comparison

The current HGR.TO Sharpe Ratio is 0.15, which is lower than the IYRI Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of HGR.TO 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.

Sharpe Ratios by Period

	HGR.TO	IYRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	0.92	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.49	-0.46

Drawdowns

HGR.TO vs. IYRI - Drawdown Comparison

The maximum HGR.TO drawdown since its inception was -41.33%, which is greater than IYRI's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for HGR.TO and IYRI.

Drawdown Indicators

	HGR.TO	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-41.33%	-13.24%	-28.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-6.30%	-1.75%
Max Drawdown (3Y) Largest decline over 3 years	-16.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-41.33%	—	—
Current Drawdown Current decline from peak	-24.33%	-1.57%	-22.76%
Average Drawdown Average peak-to-trough decline	-16.82%	-3.05%	-13.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.23%	+1.03%

Volatility

HGR.TO vs. IYRI - Volatility Comparison

Harvest Global REIT Leaders Income ETF (HGR.TO) has a higher volatility of 3.85% compared to NEOS Real Estate High Income ETF (IYRI) at 3.12%. This indicates that HGR.TO's price experiences larger fluctuations and is considered to be riskier than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGR.TO	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	3.12%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	10.35%	7.58%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	10.58%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	13.09%	+3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	13.09%	+5.22%

HGR.TO vs. IYRI - Expense Ratio Comparison

HGR.TO has a 0.85% expense ratio, which is higher than IYRI's 0.68% expense ratio.

Dividends

HGR.TO vs. IYRI - Dividend Comparison

HGR.TO's dividend yield for the trailing twelve months is around 10.27%, less than IYRI's 11.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HGR.TO Harvest Global REIT Leaders Income ETF	10.27%	10.35%	9.32%	8.72%	8.30%	5.28%	6.22%	5.36%	6.19%	2.75%
IYRI NEOS Real Estate High Income ETF	11.27%	11.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HGR.TO and IYRI in my portfolio?

HGR.TO and IYRI have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HGR.TO or IYRI?

On fees, IYRI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HGR.TO or IYRI?

IYRI is cheaper with a 0.68% expense ratio, compared with 0.85% for HGR.TO.

What is the main difference between HGR.TO and IYRI?

HGR.TO is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: Harvest and Neos. Their fees differ too: 0.85% for HGR.TO and 0.68% for IYRI.