IIP-UN.TO vs. ZRE.TO

Last updated Jun 4, 2026

IIP-UN.TO (InterRent Real Estate Investment Trust) is a stock, while ZRE.TO (BMO Equal Weight REITs Index ETF) is REIT fund tracking the Solactive Equal Weight Canada REIT Index. Over the past 10 years, IIP-UN.TO returned 7.78%/yr vs 6.80%/yr for ZRE.TO. At a 0.48 correlation, their price movements are largely independent.

Performance

IIP-UN.TO vs. ZRE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in InterRent Real Estate Investment Trust (IIP-UN.TO) and BMO Equal Weight REITs Index ETF (ZRE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IIP-UN.TO achieves a -1.74% return, which is significantly lower than ZRE.TO's 9.53% return. Over the past 10 years, IIP-UN.TO has outperformed ZRE.TO with an annualized return of 7.78%, while ZRE.TO has yielded a comparatively lower 6.80% annualized return.

IIP-UN.TO

• 1D: -0.78%
• 1M: -2.27%
• YTD: -1.74%
• 6M: -1.57%
• 1Y: -3.10%
• 3Y*: 1.55%
• 5Y*: -1.17%
• 10Y*: 7.78%

ZRE.TO

• 1D: -0.34%
• 1M: 0.68%
• YTD: 9.53%
• 6M: 10.66%
• 1Y: 11.30%
• 3Y*: 8.06%
• 5Y*: 3.45%
• 10Y*: 6.80%

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

IIP-UN.TO vs. ZRE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IIP-UN.TO InterRent Real Estate Investment Trust	-1.74%	34.25%	-20.84%	6.33%	-24.09%	29.06%	-10.48%	22.25%	46.53%	26.20%
ZRE.TO BMO Equal Weight REITs Index ETF	9.53%	11.21%	2.82%	0.84%	-17.80%	33.96%	-7.79%	25.79%	3.29%	14.28%

Correlation

The correlation between IIP-UN.TO and ZRE.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since May 27, 2010	0.48

Over the past year, the correlation between IIP-UN.TO and ZRE.TO has dropped to 0.24 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

Return for Risk

IIP-UN.TO vs. ZRE.TO — Risk / Return Rank

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

IIP-UN.TO

IIP-UN.TO Risk / Return Rank: 8
IIP-UN.TO Sharpe Ratio Rank: 8
IIP-UN.TO Sortino Ratio Rank: 9
IIP-UN.TO Omega Ratio Rank: 11
IIP-UN.TO Calmar Ratio Rank: 12
IIP-UN.TO Martin Ratio Rank: 0

ZRE.TO

ZRE.TO Risk / Return Rank: 29
ZRE.TO Sharpe Ratio Rank: 28
ZRE.TO Sortino Ratio Rank: 28
ZRE.TO Omega Ratio Rank: 26
ZRE.TO Calmar Ratio Rank: 32
ZRE.TO 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.

IIP-UN.TO vs. ZRE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InterRent Real Estate Investment Trust (IIP-UN.TO) and BMO Equal Weight REITs Index ETF (ZRE.TO). 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.

	IIP-UN.TO	ZRE.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	1.02	-1.86
Sortino ratio: Return per unit of downside risk	-1.18	1.54	-2.72
Omega ratio: Gain probability vs. loss probability	0.86	1.18	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.78	1.61	-2.38
Martin ratio: Return relative to average drawdown	-2.42	4.29	-6.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IIP-UN.TO vs. ZRE.TO - Sharpe Ratio Comparison

The current IIP-UN.TO Sharpe Ratio is -0.84, which is lower than the ZRE.TO Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of IIP-UN.TO and ZRE.TO, 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

	IIP-UN.TO	ZRE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	1.02	-1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.22	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.39	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.52	-0.42

Drawdowns

IIP-UN.TO vs. ZRE.TO - Drawdown Comparison

The maximum IIP-UN.TO drawdown since its inception was -79.60%, which is greater than ZRE.TO's maximum drawdown of -46.29%. Use the drawdown chart below to compare losses from any high point for IIP-UN.TO and ZRE.TO.

Drawdown Indicators

	IIP-UN.TO	ZRE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-79.60%	-46.29%	-33.31%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	-7.07%	+3.07%
Max Drawdown (3Y) Largest decline over 3 years	-30.80%	-17.16%	-13.64%
Max Drawdown (5Y) Largest decline over 5 years	-42.92%	-32.52%	-10.40%
Max Drawdown (10Y) Largest decline over 10 years	-42.92%	-46.29%	+3.37%
Current Drawdown Current decline from peak	-21.04%	-0.71%	-20.33%
Average Drawdown Average peak-to-trough decline	-27.47%	-7.74%	-19.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	2.64%	-1.36%

Volatility

IIP-UN.TO vs. ZRE.TO - Volatility Comparison

The current volatility for InterRent Real Estate Investment Trust (IIP-UN.TO) is 1.68%, while BMO Equal Weight REITs Index ETF (ZRE.TO) has a volatility of 2.83%. This indicates that IIP-UN.TO experiences smaller price fluctuations and is considered to be less risky than ZRE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IIP-UN.TO	ZRE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	2.83%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	8.39%	-5.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.71%	11.09%	-7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	15.55%	+6.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	17.68%	+4.72%

Dividends

IIP-UN.TO vs. ZRE.TO - Dividend Comparison

IIP-UN.TO's dividend yield for the trailing twelve months is around 3.10%, less than ZRE.TO's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IIP-UN.TO InterRent Real Estate Investment Trust	3.10%	3.01%	3.76%	2.74%	2.70%	1.90%	2.28%	1.88%	2.09%	2.71%	3.12%	3.38%
ZRE.TO BMO Equal Weight REITs Index ETF	4.42%	4.90%	5.19%	5.07%	4.90%	3.82%	4.95%	4.11%	4.89%	4.98%	5.39%	5.92%

Frequently Asked Questions

Can I hold both IIP-UN.TO and ZRE.TO in my portfolio?

IIP-UN.TO and ZRE.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.