IARCX vs. PFFR

Last updated Jun 4, 2026

IARCX (Invesco Real Estate Fund) and PFFR (InfraCap REIT Preferred ETF) are both funds - IARCX is a REIT fund managed by Invesco, while PFFR is a Preferred Stock/Convertible Bonds fund tracking the Indxx REIT Preferred Stock Index. Over the past 5 years, IARCX returned 0.56%/yr vs 0.97%/yr for PFFR. At a 0.37 correlation, their price movements are largely independent. IARCX charges 1.98%/yr vs 0.45%/yr for PFFR.

Performance

IARCX vs. PFFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Real Estate Fund (IARCX) and InfraCap REIT Preferred ETF (PFFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IARCX achieves a 10.50% return, which is significantly higher than PFFR's 0.80% return.

IARCX

• 1D: 0.52%
• 1M: -0.63%
• YTD: 10.50%
• 6M: 9.82%
• 1Y: 8.39%
• 3Y*: 6.04%
• 5Y*: 0.56%
• 10Y*: 3.38%

PFFR

• 1D: -0.22%
• 1M: -0.75%
• YTD: 0.80%
• 6M: 0.96%
• 1Y: 6.82%
• 3Y*: 9.27%
• 5Y*: 0.97%
• 10Y*: —

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

IARCX vs. PFFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IARCX Invesco Real Estate Fund	10.50%	-0.91%	1.03%	7.95%	-25.40%	39.81%	-11.68%	26.50%	-6.36%	6.89%
PFFR InfraCap REIT Preferred ETF	0.80%	5.36%	7.12%	21.04%	-23.90%	6.76%	0.19%	20.28%	-7.45%	7.60%

Correlation

The correlation between IARCX and PFFR is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.37

The correlation between IARCX and PFFR shifts across timeframes, from 0.24 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IARCX vs. PFFR — Risk / Return Rank

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

IARCX

IARCX Risk / Return Rank: 8
IARCX Sharpe Ratio Rank: 7
IARCX Sortino Ratio Rank: 7
IARCX Omega Ratio Rank: 7
IARCX Calmar Ratio Rank: 10
IARCX Martin Ratio Rank: 9

PFFR

PFFR Risk / Return Rank: 23
PFFR Sharpe Ratio Rank: 24
PFFR Sortino Ratio Rank: 23
PFFR Omega Ratio Rank: 23
PFFR Calmar Ratio Rank: 23
PFFR Martin Ratio Rank: 20

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.

IARCX vs. PFFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Real Estate Fund (IARCX) and InfraCap REIT Preferred ETF (PFFR). 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.

	IARCX	PFFR	Difference
Sharpe ratio: Return per unit of total volatility	0.60	0.87	-0.27
Sortino ratio: Return per unit of downside risk	0.89	1.27	-0.38
Omega ratio: Gain probability vs. loss probability	1.11	1.16	-0.04
Calmar ratio: Return relative to maximum drawdown	0.97	1.04	-0.07
Martin ratio: Return relative to average drawdown	2.73	2.44	+0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IARCX vs. PFFR - Sharpe Ratio Comparison

The current IARCX Sharpe Ratio is 0.60, which is lower than the PFFR Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of IARCX and PFFR, 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

	IARCX	PFFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.60	0.87	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.09	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.16	-0.14

Drawdowns

IARCX vs. PFFR - Drawdown Comparison

The maximum IARCX drawdown since its inception was -82.76%, which is greater than PFFR's maximum drawdown of -53.02%. Use the drawdown chart below to compare losses from any high point for IARCX and PFFR.

Drawdown Indicators

	IARCX	PFFR	Difference
Max Drawdown Largest peak-to-trough decline	-82.76%	-53.02%	-29.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-6.57%	-1.61%
Max Drawdown (3Y) Largest decline over 3 years	-18.05%	-11.16%	-6.89%
Max Drawdown (5Y) Largest decline over 5 years	-34.83%	-29.80%	-5.03%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	—	—
Current Drawdown Current decline from peak	-10.92%	-3.05%	-7.87%
Average Drawdown Average peak-to-trough decline	-36.14%	-7.00%	-29.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.80%	+0.10%

Volatility

IARCX vs. PFFR - Volatility Comparison

Invesco Real Estate Fund (IARCX) has a higher volatility of 4.03% compared to InfraCap REIT Preferred ETF (PFFR) at 2.81%. This indicates that IARCX's price experiences larger fluctuations and is considered to be riskier than PFFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IARCX	PFFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	2.81%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	6.14%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	13.13%	7.91%	+5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.73%	10.47%	+8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	20.54%	+0.30%

IARCX vs. PFFR - Expense Ratio Comparison

IARCX has a 1.98% expense ratio, which is higher than PFFR's 0.45% expense ratio.

Dividends

IARCX vs. PFFR - Dividend Comparison

IARCX's dividend yield for the trailing twelve months is around 4.65%, less than PFFR's 8.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IARCX Invesco Real Estate Fund	4.65%	5.26%	3.66%	2.50%	9.87%	4.94%	6.58%	7.98%	6.65%	5.22%	14.83%	16.26%
PFFR InfraCap REIT Preferred ETF	8.29%	7.99%	7.78%	7.72%	8.60%	6.08%	6.11%	5.77%	6.48%	6.59%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IARCX and PFFR in my portfolio?

IARCX and PFFR have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IARCX or PFFR?

IARCX has higher volatility (4.03%) compared to PFFR (2.81%). In terms of maximum drawdown, IARCX dropped -82.76% vs PFFR's -53.02%.

Which has better risk-adjusted returns?

PFFR currently has the higher Sharpe Ratio (0.87 vs 0.60), 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.