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ICF vs. BBRE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICF vs. BBRE

Last updated Jun 4, 2026

ICF (iShares Cohen & Steers REIT ETF) and BBRE (JPMorgan BetaBuilders MSCI US REIT ETF) are both REIT funds - ICF tracks the Cohen & Steers Realty Majors Index while BBRE tracks the MSCI US REIT Index. Both are passively managed. Over the past 5 years, ICF returned 3.01%/yr vs 4.42%/yr for BBRE. Their correlation of 0.95 suggests significant overlap in exposure. ICF charges 0.34%/yr vs 0.11%/yr for BBRE.

Performance

ICF vs. BBRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Cohen & Steers REIT ETF (ICF) and JPMorgan BetaBuilders MSCI US REIT ETF (BBRE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with ICF having a 12.19% return and BBRE slightly lower at 11.77%.

ICF

1D
0.17%
1M
-0.92%
YTD
12.19%
6M
11.56%
1Y
11.29%
3Y*
10.12%
5Y*
3.01%
10Y*
5.54%

BBRE

1D
0.16%
1M
-0.16%
YTD
11.77%
6M
10.56%
1Y
14.11%
3Y*
10.99%
5Y*
4.42%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICF vs. BBRE - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ICF
iShares Cohen & Steers REIT ETF		12.19%1.85%5.30%10.36%-26.12%44.17%-5.43%25.48%1.13%
BBRE
JPMorgan BetaBuilders MSCI US REIT ETF		11.77%2.09%8.24%13.85%-24.68%42.99%-7.55%26.06%-2.60%

Correlation

The correlation between ICF and BBRE is 0.93, 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

0.93

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Jun 19, 2018

0.95

The correlation between ICF and BBRE has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

ICF vs. BBRE - Sectors Allocation Comparison

Sectors
ICF
BBRE

Real Estate

100.0%
98.9%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

0.1%

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

-

Real Estate

ICF
100.0%
BBRE
98.9%

Basic Materials

ICF

-

BBRE

-

Communication Services

ICF

-

BBRE

-

Consumer Cyclical

ICF

-

BBRE

-

Consumer Defensive

ICF

-

BBRE

-

Energy

ICF

-

BBRE

-

Financial Services

ICF

-

BBRE
0.1%

Healthcare

ICF

-

BBRE

-

Industrials

ICF

-

BBRE

-

Technology

ICF

-

BBRE

-

Utilities

ICF

-

BBRE

-

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iShares Cohen & Steers REIT ETF

JPMorgan BetaBuilders MSCI US REIT ETF

Often compared with ICF:
ICF vs. VNQICF vs. USRTICF vs. IYRICF vs. FRELICF vs. ICFIICF vs. SDIVICF vs. XLRE
Often compared with BBRE:
BBRE vs. VNQBBRE vs. USRTBBRE vs. BBUSBBRE vs. PPTYBBRE vs. DFGRBBRE vs. XLREBBRE vs. SCHH

Return for Risk

ICF vs. BBRE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICF
ICF Risk / Return Rank: 2525
Overall Rank
ICF Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
ICF Sortino Ratio Rank: 2222
Sortino Ratio Rank
ICF Omega Ratio Rank: 2222
Omega Ratio Rank
ICF Calmar Ratio Rank: 2828
Calmar Ratio Rank
ICF Martin Ratio Rank: 2828
Martin Ratio Rank
BBRE
BBRE Risk / Return Rank: 3131
Overall Rank
BBRE Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
BBRE Sortino Ratio Rank: 2727
Sortino Ratio Rank
BBRE Omega Ratio Rank: 2727
Omega Ratio Rank
BBRE Calmar Ratio Rank: 3535
Calmar Ratio Rank
BBRE Martin Ratio Rank: 3535
Martin Ratio Rank
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.

ICF vs. BBRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Cohen & Steers REIT ETF (ICF) and JPMorgan BetaBuilders MSCI US REIT ETF (BBRE). 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.

ICFBBREDifference
Sharpe ratioReturn per unit of total volatility
0.84
1.06

-0.22

Sortino ratioReturn per unit of downside risk
1.20
1.50

-0.30

Omega ratioGain probability vs. loss probability

1.15

1.19

-0.04

Calmar ratioReturn relative to maximum drawdown

1.38

1.76

-0.37

Martin ratioReturn relative to average drawdown

3.92

5.54

-1.62

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICF vs. BBRE - Sharpe Ratio Comparison

The current ICF Sharpe Ratio is 0.84, which is comparable to the BBRE Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of ICF and BBRE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ICFBBREDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.84

1.06

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.24

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.27

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.31

0.00

Drawdowns

ICF vs. BBRE - Drawdown Comparison

The maximum ICF drawdown since its inception was -76.74%, which is greater than BBRE's maximum drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for ICF and BBRE.

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Drawdown Indicators

ICFBBREDifference

Max Drawdown

Largest peak-to-trough decline

-76.74%

-43.61%

-33.13%

Max Drawdown (1Y)

Largest decline over 1 year

-8.20%

-8.07%

-0.13%

Max Drawdown (3Y)

Largest decline over 3 years

-17.25%

-18.92%

+1.67%

Max Drawdown (5Y)

Largest decline over 5 years

-34.74%

-31.15%

-3.59%

Max Drawdown (10Y)

Largest decline over 10 years

-40.22%

—

—

Current Drawdown

Current decline from peak

-2.67%

-3.12%

+0.45%

Average Drawdown

Average peak-to-trough decline

-14.18%

-10.53%

-3.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.88%

2.55%

+0.33%

Volatility

ICF vs. BBRE - Volatility Comparison

The current volatility for iShares Cohen & Steers REIT ETF (ICF) is 3.71%, while JPMorgan BetaBuilders MSCI US REIT ETF (BBRE) has a volatility of 3.99%. This indicates that ICF experiences smaller price fluctuations and is considered to be less risky than BBRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICFBBREDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.71%

3.99%

-0.28%

Volatility (6M)

Calculated over the trailing 6-month period

9.85%

9.47%

+0.38%

Volatility (1Y)

Calculated over the trailing 1-year period

13.57%

13.39%

+0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.91%

18.77%

+0.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.58%

22.56%

-1.98%

ICF vs. BBRE - Expense Ratio Comparison

ICF has a 0.34% expense ratio, which is higher than BBRE's 0.11% expense ratio.

Dividends

ICF vs. BBRE - Dividend Comparison

ICF's dividend yield for the trailing twelve months is around 2.48%, less than BBRE's 2.81% yield.

PositionTTM20252024202320222021202020192018201720162015
BBRE
JPMorgan BetaBuilders MSCI US REIT ETF		2.81%3.24%3.19%3.68%2.62%1.70%3.17%2.19%1.96%0.00%0.00%0.00%
ICF
iShares Cohen & Steers REIT ETF		2.48%2.88%2.66%2.76%2.64%1.82%2.38%2.55%3.20%3.10%4.21%3.30%

Frequently Asked Questions

With a correlation of 0.93, ICF and BBRE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

BBRE has higher volatility (3.99%) compared to ICF (3.71%). In terms of maximum drawdown, ICF dropped -76.74% vs BBRE's -43.61%.

On 5-year performance, BBRE leads with 4.42% vs 3.01% for ICF. On fees, BBRE is cheaper at 0.11% per year. On volatility, ICF has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, BBRE has performed better with a 4.42% return vs 3.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BBRE is cheaper with a 0.11% expense ratio, compared with 0.34% for ICF.

BBRE has the higher dividend yield at 2.81%, compared with 2.48% for ICF.

ICF tracks Cohen & Steers Realty Majors Index, while BBRE tracks MSCI US REIT Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.34% for ICF and 0.11% for BBRE.

BBRE currently has the higher Sharpe Ratio (1.06 vs 0.84), 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.

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