ICF vs. IYR

Last updated Jun 6, 2026

ICF (iShares Cohen & Steers REIT ETF) and IYR (iShares U.S. Real Estate ETF) are both REIT funds from iShares - ICF tracks the Cohen & Steers Realty Majors Index while IYR tracks the Dow Jones U.S. Real Estate Index. Both are passively managed. Over the past 10 years, ICF returned 5.86%/yr vs 5.74%/yr for IYR. With a 0.97 correlation, they move nearly in lockstep. ICF charges 0.34%/yr vs 0.42%/yr for IYR.

Performance

ICF vs. IYR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Cohen & Steers REIT ETF (ICF) and iShares U.S. Real Estate ETF (IYR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICF achieves a 15.27% return, which is significantly higher than IYR's 9.52% return. Both investments have delivered pretty close results over the past 10 years, with ICF having a 5.86% annualized return and IYR not far behind at 5.74%.

ICF

• 1D: 0.73%
• 1M: 0.47%
• YTD: 15.27%
• 6M: 14.79%
• 1Y: 14.27%
• 3Y*: 11.11%
• 5Y*: 3.56%
• 10Y*: 5.86%

IYR

• 1D: 0.74%
• 1M: -0.72%
• YTD: 9.52%
• 6M: 8.69%
• 1Y: 11.00%
• 3Y*: 9.53%
• 5Y*: 2.54%
• 10Y*: 5.74%

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

ICF vs. IYR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICF iShares Cohen & Steers REIT ETF	15.27%	1.85%	5.30%	10.36%	-26.12%	44.17%	-5.43%	25.48%	-2.55%	4.90%
IYR iShares U.S. Real Estate ETF	9.52%	3.38%	4.41%	11.89%	-25.51%	38.74%	-5.23%	28.21%	-4.33%	9.31%

Correlation

The correlation between ICF and IYR is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 5, 2001	0.97

The correlation between ICF and IYR has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

ICF vs. IYR - Sectors Allocation Comparison

Sectors	ICF	IYR
Real Estate	100.0%	97.9%
Basic Materials	-	1.3%
Communication Services	-	0.6%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ICF vs. IYR — Risk / Return Rank

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

ICF

ICF Risk / Return Rank: 32
ICF Sharpe Ratio Rank: 30
ICF Sortino Ratio Rank: 28
ICF Omega Ratio Rank: 29
ICF Calmar Ratio Rank: 37
ICF Martin Ratio Rank: 34

IYR

IYR Risk / Return Rank: 25
IYR Sharpe Ratio Rank: 24
IYR Sortino Ratio Rank: 23
IYR Omega Ratio Rank: 23
IYR Calmar Ratio Rank: 27
IYR Martin Ratio Rank: 29

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. IYR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Cohen & Steers REIT ETF (ICF) and iShares U.S. Real Estate ETF (IYR). 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.

	ICF	IYR	Difference
Sharpe ratio: Return per unit of total volatility	1.04	0.83	+0.22
Sortino ratio: Return per unit of downside risk	1.47	1.21	+0.26
Omega ratio: Gain probability vs. loss probability	1.19	1.15	+0.04
Calmar ratio: Return relative to maximum drawdown	1.75	1.29	+0.45
Martin ratio: Return relative to average drawdown	4.96	4.04	+0.92
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. IYR - Sharpe Ratio Comparison

The current ICF Sharpe Ratio is 1.04, which is comparable to the IYR Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of ICF and IYR, 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

	ICF	IYR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	0.83	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.14	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.28	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.33	-0.01

Drawdowns

ICF vs. IYR - Drawdown Comparison

The maximum ICF drawdown since its inception was -76.74%, roughly equal to the maximum IYR drawdown of -74.13%. Use the drawdown chart below to compare losses from any high point for ICF and IYR.

Drawdown Indicators

	ICF	IYR	Difference
Max Drawdown Largest peak-to-trough decline	-76.74%	-74.13%	-2.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	-8.54%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	-17.52%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	-34.74%	-33.75%	-0.99%
Max Drawdown (10Y) Largest decline over 10 years	-40.22%	-42.32%	+2.10%
Current Drawdown Current decline from peak	0.00%	-1.47%	+1.47%
Average Drawdown Average peak-to-trough decline	-14.18%	-12.90%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	2.73%	+0.15%

Volatility

ICF vs. IYR - Volatility Comparison

iShares Cohen & Steers REIT ETF (ICF) and iShares U.S. Real Estate ETF (IYR) have volatilities of 4.13% and 3.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICF	IYR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	3.97%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	9.52%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	13.72%	13.32%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.93%	18.72%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.59%	20.32%	+0.27%

ICF vs. IYR - Expense Ratio Comparison

ICF has a 0.34% expense ratio, which is lower than IYR's 0.42% expense ratio.

Dividends

ICF vs. IYR - Dividend Comparison

ICF's dividend yield for the trailing twelve months is around 2.41%, more than IYR's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICF iShares Cohen & Steers REIT ETF	2.41%	2.88%	2.66%	2.76%	2.64%	1.82%	2.38%	2.55%	3.20%	3.10%	4.21%	3.30%
IYR iShares U.S. Real Estate ETF	2.19%	2.48%	2.57%	2.75%	2.92%	2.06%	2.58%	3.05%	3.53%	3.73%	4.41%	3.92%

Frequently Asked Questions

Can I hold both ICF and IYR in my portfolio?

With a correlation of 0.97, ICF and IYR 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.

Which is riskier, ICF or IYR?

ICF has higher volatility (4.13%) compared to IYR (3.97%). In terms of maximum drawdown, ICF dropped -76.74% vs IYR's -74.13%.

Which ETF is better, ICF or IYR?

On 10-year performance, ICF leads with 5.86% vs 5.74% for IYR. On fees, ICF is cheaper at 0.34% per year. On volatility, IYR has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICF or IYR?

Over the 10-year period, ICF has performed better with a 5.86% return vs 5.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICF or IYR?

ICF is cheaper with a 0.34% expense ratio, compared with 0.42% for IYR.

Which ETF pays a higher dividend yield, ICF or IYR?

ICF has the higher dividend yield at 2.41%, compared with 2.19% for IYR.

What is the main difference between ICF and IYR?

ICF tracks Cohen & Steers Realty Majors Index, while IYR tracks Dow Jones U.S. Real Estate Index. Their fees differ too: 0.34% for ICF and 0.42% for IYR.

Which has better risk-adjusted returns?

ICF currently has the higher Sharpe Ratio (1.04 vs 0.83), 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.