HR-UN.TO vs. AP-UN.TO

Last updated Jun 6, 2026

HR-UN.TO (H&R Real Estate Investment Trust) and AP-UN.TO (Allied Properties Real Estate Investment Trust) are both stocks. Both are in the Real Estate sector — HR-UN.TO in REIT - Diversified, AP-UN.TO in REIT - Office. Over the past 10 years, HR-UN.TO returned -2.19%/yr vs -6.76%/yr for AP-UN.TO. At a 0.44 correlation, their price movements are largely independent.

Performance

HR-UN.TO vs. AP-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in H&R Real Estate Investment Trust (HR-UN.TO) and Allied Properties Real Estate Investment Trust (AP-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HR-UN.TO achieves a 2.94% return, which is significantly higher than AP-UN.TO's -23.47% return. Over the past 10 years, HR-UN.TO has outperformed AP-UN.TO with an annualized return of -2.19%, while AP-UN.TO has yielded a comparatively lower -6.76% annualized return.

HR-UN.TO

• 1D: -0.10%
• 1M: -3.82%
• YTD: 2.94%
• 6M: 5.71%
• 1Y: 2.71%
• 3Y*: 4.12%
• 5Y*: -5.02%
• 10Y*: -2.19%

AP-UN.TO

• 1D: 1.02%
• 1M: 2.77%
• YTD: -23.47%
• 6M: -20.20%
• 1Y: -31.89%
• 3Y*: -16.16%
• 5Y*: -19.68%
• 10Y*: -6.76%

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

HR-UN.TO vs. AP-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HR-UN.TO H&R Real Estate Investment Trust	2.94%	16.66%	-5.10%	-12.55%	-21.84%	23.84%	-32.17%	8.75%	3.70%	1.64%
AP-UN.TO Allied Properties Real Estate Investment Trust	-23.47%	-13.47%	-5.92%	-12.14%	-38.62%	20.94%	-24.40%	21.30%	9.29%	21.83%

Correlation

The correlation between HR-UN.TO and AP-UN.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jul 6, 2006	0.44

The correlation between HR-UN.TO and AP-UN.TO shifts across timeframes, from 0.34 (1 year) to 0.56 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS HR-UN.TO : -CA$2.94 AP-UN.TO : -CA$13.04
PS Ratio HR-UN.TO : 3.41 AP-UN.TO : 1.78
Total Revenue (TTM) HR-UN.TO : CA$793.74M AP-UN.TO : CA$585.67M
Gross Profit (TTM) HR-UN.TO : CA$490.73M AP-UN.TO : CA$302.33M
EBITDA (TTM) HR-UN.TO : -CA$804.22M AP-UN.TO : -CA$1.22B

Return for Risk

HR-UN.TO vs. AP-UN.TO — Risk / Return Rank

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

HR-UN.TO

HR-UN.TO Risk / Return Rank: 44
HR-UN.TO Sharpe Ratio Rank: 47
HR-UN.TO Sortino Ratio Rank: 40
HR-UN.TO Omega Ratio Rank: 41
HR-UN.TO Calmar Ratio Rank: 45
HR-UN.TO Martin Ratio Rank: 44

AP-UN.TO

AP-UN.TO Risk / Return Rank: 17
AP-UN.TO Sharpe Ratio Rank: 11
AP-UN.TO Sortino Ratio Rank: 16
AP-UN.TO Omega Ratio Rank: 10
AP-UN.TO Calmar Ratio Rank: 23
AP-UN.TO Martin Ratio Rank: 25

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.

HR-UN.TO vs. AP-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for H&R Real Estate Investment Trust (HR-UN.TO) and Allied Properties Real Estate Investment Trust (AP-UN.TO). 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.

	HR-UN.TO	AP-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.11	-0.75	+0.85
Sortino ratio: Return per unit of downside risk	0.38	-0.73	+1.11
Omega ratio: Gain probability vs. loss probability	1.05	0.86	+0.20
Calmar ratio: Return relative to maximum drawdown	0.14	-0.54	+0.68
Martin ratio: Return relative to average drawdown	0.24	-0.87	+1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HR-UN.TO vs. AP-UN.TO - Sharpe Ratio Comparison

The current HR-UN.TO Sharpe Ratio is 0.11, which is higher than the AP-UN.TO Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of HR-UN.TO and AP-UN.TO, 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

	HR-UN.TO	AP-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.11	-0.75	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.21	-0.65	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	-0.25	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.11	-0.04

Drawdowns

HR-UN.TO vs. AP-UN.TO - Drawdown Comparison

The maximum HR-UN.TO drawdown since its inception was -81.30%, which is greater than AP-UN.TO's maximum drawdown of -76.73%. Use the drawdown chart below to compare losses from any high point for HR-UN.TO and AP-UN.TO.

Drawdown Indicators

	HR-UN.TO	AP-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-81.30%	-76.73%	-4.57%
Max Drawdown (1Y) Largest decline over 1 year	-19.45%	-58.74%	+39.29%
Max Drawdown (3Y) Largest decline over 3 years	-23.34%	-58.74%	+35.40%
Max Drawdown (5Y) Largest decline over 5 years	-46.67%	-73.59%	+26.92%
Max Drawdown (10Y) Largest decline over 10 years	-66.68%	-76.73%	+10.05%
Current Drawdown Current decline from peak	-40.26%	-73.41%	+33.15%
Average Drawdown Average peak-to-trough decline	-21.55%	-19.57%	-1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.15%	36.78%	-25.63%

Volatility

HR-UN.TO vs. AP-UN.TO - Volatility Comparison

The current volatility for H&R Real Estate Investment Trust (HR-UN.TO) is 4.93%, while Allied Properties Real Estate Investment Trust (AP-UN.TO) has a volatility of 5.26%. This indicates that HR-UN.TO experiences smaller price fluctuations and is considered to be less risky than AP-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HR-UN.TO	AP-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.93%	5.26%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	38.30%	-26.66%
Volatility (1Y) Calculated over the trailing 1-year period	25.93%	42.94%	-17.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.49%	30.40%	-5.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.89%	27.49%	-0.60%

Dividends

HR-UN.TO vs. AP-UN.TO - Dividend Comparison

HR-UN.TO's dividend yield for the trailing twelve months is around 5.84%, less than AP-UN.TO's 12.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AP-UN.TO Allied Properties Real Estate Investment Trust	12.68%	12.79%	10.50%	11.30%	6.83%	3.87%	4.36%	3.07%	3.53%	3.64%	4.18%	4.63%
HR-UN.TO H&R Real Estate Investment Trust	5.84%	5.87%	8.14%	7.07%	4.87%	5.04%	6.92%	6.68%	6.92%	6.46%	6.05%	6.73%

Financials

Frequently Asked Questions

Can I hold both HR-UN.TO and AP-UN.TO in my portfolio?

HR-UN.TO and AP-UN.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.