IFRA vs. AAAZX

Last updated Jun 5, 2026

IFRA (iShares U.S. Infrastructure ETF) and AAAZX (DWS RREEF Real Assets Fund) are both funds - IFRA is a Industrials Equities fund tracking the NYSE FactSet U.S. Infrastructure Index, while AAAZX is a Global Allocation fund managed by DWS. Over the past 5 years, IFRA returned 13.21%/yr vs 5.12%/yr for AAAZX. A 0.77 correlation means they provide meaningful diversification when combined. IFRA charges 0.30%/yr vs 0.90%/yr for AAAZX.

Performance

IFRA vs. AAAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Infrastructure ETF (IFRA) and DWS RREEF Real Assets Fund (AAAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IFRA achieves a 17.78% return, which is significantly higher than AAAZX's 10.45% return.

IFRA

• 1D: 0.78%
• 1M: -1.89%
• YTD: 17.78%
• 6M: 17.29%
• 1Y: 30.32%
• 3Y*: 20.60%
• 5Y*: 13.21%
• 10Y*: —

AAAZX

• 1D: -0.29%
• 1M: -2.47%
• YTD: 10.45%
• 6M: 10.78%
• 1Y: 16.97%
• 3Y*: 11.57%
• 5Y*: 5.12%
• 10Y*: 7.45%

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

IFRA vs. AAAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IFRA iShares U.S. Infrastructure ETF	17.78%	15.90%	17.02%	13.42%	-3.32%	29.81%	7.37%	27.00%	-8.57%
AAAZX DWS RREEF Real Assets Fund	10.45%	13.14%	5.49%	2.64%	-9.57%	23.83%	3.91%	21.79%	-3.11%

Correlation

The correlation between IFRA and AAAZX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 6, 2018	0.77

The correlation between IFRA and AAAZX shifts across timeframes, from 0.62 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IFRA vs. AAAZX — Risk / Return Rank

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

IFRA

IFRA Risk / Return Rank: 67
IFRA Sharpe Ratio Rank: 63
IFRA Sortino Ratio Rank: 67
IFRA Omega Ratio Rank: 58
IFRA Calmar Ratio Rank: 73
IFRA Martin Ratio Rank: 73

AAAZX

AAAZX Risk / Return Rank: 48
AAAZX Sharpe Ratio Rank: 42
AAAZX Sortino Ratio Rank: 38
AAAZX Omega Ratio Rank: 43
AAAZX Calmar Ratio Rank: 61
AAAZX Martin Ratio Rank: 54

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.

IFRA vs. AAAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Infrastructure ETF (IFRA) and DWS RREEF Real Assets Fund (AAAZX). 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.

	IFRA	AAAZX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.88	+0.19
Sortino ratio: Return per unit of downside risk	3.02	2.56	+0.46
Omega ratio: Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	3.63	2.98	+0.64
Martin ratio: Return relative to average drawdown	13.52	10.84	+2.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IFRA vs. AAAZX - Sharpe Ratio Comparison

The current IFRA Sharpe Ratio is 2.07, which is comparable to the AAAZX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of IFRA and AAAZX, 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

	IFRA	AAAZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.88	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.42	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.40	+0.24

Drawdowns

IFRA vs. AAAZX - Drawdown Comparison

The maximum IFRA drawdown since its inception was -41.06%, roughly equal to the maximum AAAZX drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for IFRA and AAAZX.

Drawdown Indicators

	IFRA	AAAZX	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-40.45%	-0.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-5.68%	-2.72%
Max Drawdown (3Y) Largest decline over 3 years	-19.93%	-10.15%	-9.78%
Max Drawdown (5Y) Largest decline over 5 years	-19.93%	-22.52%	+2.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.44%	—
Current Drawdown Current decline from peak	-1.89%	-3.01%	+1.12%
Average Drawdown Average peak-to-trough decline	-5.14%	-6.62%	+1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.56%	+0.69%

Volatility

IFRA vs. AAAZX - Volatility Comparison

iShares U.S. Infrastructure ETF (IFRA) has a higher volatility of 4.74% compared to DWS RREEF Real Assets Fund (AAAZX) at 2.54%. This indicates that IFRA's price experiences larger fluctuations and is considered to be riskier than AAAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IFRA	AAAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	2.54%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	11.31%	7.31%	+4.00%
Volatility (1Y) Calculated over the trailing 1-year period	14.77%	9.02%	+5.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.92%	12.13%	+5.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.37%	12.71%	+8.66%

IFRA vs. AAAZX - Expense Ratio Comparison

IFRA has a 0.30% expense ratio, which is lower than AAAZX's 0.90% expense ratio.

Dividends

IFRA vs. AAAZX - Dividend Comparison

IFRA's dividend yield for the trailing twelve months is around 1.58%, less than AAAZX's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAAZX DWS RREEF Real Assets Fund	3.75%	4.15%	2.85%	2.40%	4.50%	2.62%	1.60%	2.07%	1.89%	1.79%	1.82%	2.53%
IFRA iShares U.S. Infrastructure ETF	1.58%	1.84%	1.75%	1.98%	1.98%	1.63%	2.08%	1.68%	2.50%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IFRA and AAAZX in my portfolio?

IFRA and AAAZX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFRA or AAAZX?

IFRA has higher volatility (4.74%) compared to AAAZX (2.54%). In terms of maximum drawdown, IFRA dropped -41.06% vs AAAZX's -40.45%.

Which has better risk-adjusted returns?

IFRA currently has the higher Sharpe Ratio (2.07 vs 1.88), 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.