ICF vs. IYRI

Last updated Jun 25, 2026

ICF (iShares Cohen & Steers REIT ETF) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - ICF is a REIT fund tracking the Cohen & Steers Realty Majors Index, while IYRI is a Derivative Income fund actively managed by Neos. ICF is passively managed, while IYRI is actively managed. Over the past year, ICF returned 12.27% vs 8.76% for IYRI. Their correlation of 0.93 suggests significant overlap in exposure. ICF charges 0.34%/yr vs 0.68%/yr for IYRI.

Performance

ICF vs. IYRI - Performance Comparison

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

Returns By Period

In the year-to-date period, ICF achieves a 15.45% return, which is significantly higher than IYRI's 7.03% return.

ICF

• 1D: -0.41%
• 1M: 0.52%
• YTD: 15.45%
• 6M: 15.24%
• 1Y: 12.27%
• 3Y*: 11.94%
• 5Y*: 3.33%
• 10Y*: 5.70%

IYRI

• 1D: -0.04%
• 1M: 0.79%
• YTD: 7.03%
• 6M: 6.33%
• 1Y: 8.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICF vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
ICF iShares Cohen & Steers REIT ETF	15.45%	3.72%
IYRI NEOS Real Estate High Income ETF	7.03%	6.99%

Correlation

The correlation between ICF and IYRI 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 (All Time) Calculated using the full available price history since Jan 15, 2025	0.93

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

Return for Risk

ICF vs. IYRI — Risk / Return Rank

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

ICF

ICF Risk / Return Rank: 28
ICF Sharpe Ratio Rank: 26
ICF Sortino Ratio Rank: 24
ICF Omega Ratio Rank: 24
ICF Calmar Ratio Rank: 33
ICF Martin Ratio Rank: 32

IYRI

IYRI Risk / Return Rank: 25
IYRI Sharpe Ratio Rank: 24
IYRI Sortino Ratio Rank: 23
IYRI Omega Ratio Rank: 23
IYRI Calmar Ratio Rank: 26
IYRI Martin Ratio Rank: 31

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. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Cohen & Steers REIT ETF (ICF) and NEOS Real Estate High Income ETF (IYRI). 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	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	0.87	0.82	+0.05
Sortino ratio: Return per unit of downside risk	1.25	1.18	+0.07
Omega ratio: Gain probability vs. loss probability	1.16	1.15	+0.01
Calmar ratio: Return relative to maximum drawdown	1.50	1.17	+0.34
Martin ratio: Return relative to average drawdown	4.31	4.20	+0.11

ICF vs. IYRI - Sharpe Ratio Comparison

The current ICF Sharpe Ratio is 0.87, which is comparable to the IYRI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of ICF and IYRI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ICF vs. IYRI - Drawdown Comparison

The maximum ICF drawdown since its inception was -76.74%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for ICF and IYRI.

Drawdown Indicators

	ICF	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-76.74%	-12.12%	-64.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	-7.53%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.22%	—	—
Current Drawdown Current decline from peak	-1.27%	-0.56%	-0.71%
Average Drawdown Average peak-to-trough decline	-14.15%	-1.69%	-12.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.10%	+0.80%

Volatility

ICF vs. IYRI - Volatility Comparison

iShares Cohen & Steers REIT ETF (ICF) has a higher volatility of 5.11% compared to NEOS Real Estate High Income ETF (IYRI) at 4.21%. This indicates that ICF's price experiences larger fluctuations and is considered to be riskier than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICF	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	4.21%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	7.92%	+2.72%
Volatility (1Y) Calculated over the trailing 1-year period	14.17%	10.74%	+3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.97%	13.18%	+5.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.63%	13.18%	+7.45%

ICF vs. IYRI - Expense Ratio Comparison

ICF has a 0.34% expense ratio, which is lower than IYRI's 0.68% expense ratio.

Dividends

ICF vs. IYRI - Dividend Comparison

ICF's dividend yield for the trailing twelve months is around 2.43%, less than IYRI's 11.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICF iShares Cohen & Steers REIT ETF	2.43%	2.88%	2.66%	2.76%	2.64%	1.82%	2.38%	2.55%	3.20%	3.10%	4.21%	3.30%
IYRI NEOS Real Estate High Income ETF	11.97%	11.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICF and IYRI in my portfolio?

With a correlation of 0.93, ICF and IYRI 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 IYRI?

ICF has higher volatility (5.11%) compared to IYRI (4.21%). In terms of maximum drawdown, ICF dropped -76.74% vs IYRI's -12.12%.

Which ETF is better, ICF or IYRI?

On 1-year performance, ICF leads with 12.27% vs 8.76% for IYRI. On fees, ICF is cheaper at 0.34% per year. On volatility, IYRI has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICF or IYRI?

Over the 1-year period, ICF has performed better with a 12.27% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICF or IYRI?

ICF is cheaper with a 0.34% expense ratio, compared with 0.68% for IYRI.

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

IYRI has the higher dividend yield at 11.97%, compared with 2.43% for ICF.

What is the main difference between ICF and IYRI?

ICF is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: iShares and Neos. Their fees differ too: 0.34% for ICF and 0.68% for IYRI.

Which has better risk-adjusted returns?

ICF currently has the higher Sharpe Ratio (0.87 vs 0.82), 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.