HLRRX vs. PHRAX

Last updated Jun 24, 2026

HLRRX (LDR Real Estate Value Opportunity Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both REIT funds. Over the past 10 years, HLRRX returned 5.01%/yr vs 6.36%/yr for PHRAX. Their correlation of 0.88 suggests significant overlap in exposure. HLRRX charges 1.14%/yr vs 1.36%/yr for PHRAX.

Performance

HLRRX vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LDR Real Estate Value Opportunity Fund (HLRRX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HLRRX having a 15.25% return and PHRAX slightly higher at 15.62%. Over the past 10 years, HLRRX has underperformed PHRAX with an annualized return of 5.01%, while PHRAX has yielded a comparatively higher 6.36% annualized return.

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%

PHRAX

• 1D: 1.39%
• 1M: 0.47%
• YTD: 15.62%
• 6M: 16.01%
• 1Y: 14.04%
• 3Y*: 12.52%
• 5Y*: 4.42%
• 10Y*: 6.36%

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

HLRRX vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	15.62%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%

Correlation

The correlation between HLRRX and PHRAX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 16, 2002	0.88

The correlation between HLRRX and PHRAX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

HLRRX vs. PHRAX — Risk / Return Rank

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

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

PHRAX

PHRAX Risk / Return Rank: 22
PHRAX Sharpe Ratio Rank: 18
PHRAX Sortino Ratio Rank: 16
PHRAX Omega Ratio Rank: 17
PHRAX Calmar Ratio Rank: 31
PHRAX Martin Ratio Rank: 26

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.

HLRRX vs. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LDR Real Estate Value Opportunity Fund (HLRRX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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.

	HLRRX	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.13	-0.13
Sortino ratio: Return per unit of downside risk	1.43	1.56	-0.14
Omega ratio: Gain probability vs. loss probability	1.18	1.20	-0.02
Calmar ratio: Return relative to maximum drawdown	1.87	1.97	-0.11
Martin ratio: Return relative to average drawdown	4.24	5.73	-1.50

HLRRX vs. PHRAX - Sharpe Ratio Comparison

The current HLRRX Sharpe Ratio is 1.00, which is comparable to the PHRAX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of HLRRX and PHRAX, 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

HLRRX vs. PHRAX - Drawdown Comparison

The maximum HLRRX drawdown since its inception was -62.78%, smaller than the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for HLRRX and PHRAX.

Drawdown Indicators

	HLRRX	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-62.78%	-72.56%	+9.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-7.83%	+1.11%
Max Drawdown (3Y) Largest decline over 3 years	-21.04%	-19.09%	-1.95%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-33.51%	+4.52%
Max Drawdown (10Y) Largest decline over 10 years	-48.13%	-42.00%	-6.13%
Current Drawdown Current decline from peak	-2.85%	-1.04%	-1.81%
Average Drawdown Average peak-to-trough decline	-8.48%	-11.35%	+2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.69%	+0.27%

Volatility

HLRRX vs. PHRAX - Volatility Comparison

The current volatility for LDR Real Estate Value Opportunity Fund (HLRRX) is 3.48%, while Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a volatility of 5.14%. This indicates that HLRRX experiences smaller price fluctuations and is considered to be less risky than PHRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLRRX	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	5.14%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	8.22%	10.16%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	13.75%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	19.11%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.82%	21.02%	-0.20%

HLRRX vs. PHRAX - Expense Ratio Comparison

HLRRX has a 1.14% expense ratio, which is lower than PHRAX's 1.36% expense ratio.

Dividends

HLRRX vs. PHRAX - Dividend Comparison

HLRRX's dividend yield for the trailing twelve months is around 9.50%, more than PHRAX's 5.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	5.06%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%

Frequently Asked Questions

Can I hold both HLRRX and PHRAX in my portfolio?

HLRRX and PHRAX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLRRX or PHRAX?

PHRAX has higher volatility (5.14%) compared to HLRRX (3.48%). In terms of maximum drawdown, HLRRX dropped -62.78% vs PHRAX's -72.56%.

Which has better risk-adjusted returns?

PHRAX currently has the higher Sharpe Ratio (1.13 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.