ICF vs. IYR
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 Capped Index. Both are passively managed. Over the past 10 years, ICF returned 5.21%/yr vs 5.31%/yr for IYR. Their 0.97 correlation means they have historically moved very closely together. ICF charges 0.34%/yr vs 0.38%/yr for IYR.
Performance
ICF vs. IYR - Performance Comparison
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Returns By Period
In the year-to-date period, ICF achieves a 16.55% return, which is significantly higher than IYR's 12.85% return. Both investments have delivered pretty close results over the past 10 years, with ICF having a 5.21% annualized return and IYR not far ahead at 5.31%.
ICF
- 1D
- -0.16%
- 1M
- 1.43%
- 6M
- 12.80%
- YTD
- 16.55%
- 1Y
- 16.46%
- 3Y*
- 10.97%
- 5Y*
- 2.64%
- 10Y*
- 5.21%
- ALL TIME*
- 8.83%
IYR
- 1D
- 0.02%
- 1M
- 1.85%
- 6M
- 9.96%
- YTD
- 12.85%
- 1Y
- 12.14%
- 3Y*
- 9.82%
- 5Y*
- 2.21%
- 10Y*
- 5.31%
- ALL TIME*
- 8.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.80M | $10.18M | $9.97M | |
| $625.56M | $553.55M | $592.88M |
ICF vs. IYR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 16.55% | 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 | 12.85% | 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 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 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.
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Return for Risk
ICF vs. IYR — Risk / Return Rank
ICF
IYR
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.
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.
| ICF | IYR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.16 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 1.43 | +0.59 |
| Martin ratioReturn relative to average drawdown | 6.52 | 4.58 | +1.95 |
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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.
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Drawdown Indicators
| ICF | IYR | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -16.91% | -0.34% |
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 DrawdownCurrent decline from peak | -2.10% | -1.98% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -14.09% | -12.83% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.54% | 2.66% | -0.12% |
Volatility
ICF vs. IYR - Volatility Comparison
iShares Cohen & Steers REIT ETF (ICF) and iShares U.S. Real Estate ETF (IYR) have volatilities of 4.08% and 4.15%, 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.
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Volatility by Period
| ICF | IYR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 4.15% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 10.97% | 10.81% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.03% | 13.89% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.00% | 18.82% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.64% | 20.38% | +0.26% |
ICF vs. IYR - Expense Ratio Comparison
ICF has a 0.34% expense ratio, which is lower than IYR's 0.38% 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 2.15% 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 | 2.15% | 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
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.
IYR has higher volatility (4.15%) compared to ICF (4.08%). In terms of maximum drawdown, ICF dropped -76.74% vs IYR's -74.13%.
On 10-year performance, IYR leads with 5.31% vs 5.21% for ICF. On fees, ICF is cheaper at 0.34% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYR has performed better with a 5.31% return vs 5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICF is cheaper with a 0.34% expense ratio, compared with 0.38% for IYR.
ICF has the higher dividend yield at 2.41%, compared with 2.15% for IYR.
ICF tracks Cohen & Steers Realty Majors Index, while IYR tracks Dow Jones U.S. Real Estate Capped Index. Their fees differ too: 0.34% for ICF and 0.38% for IYR.
ICF currently has the higher Sharpe Ratio (1.18 vs 0.88), 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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