IVRSX vs. DCREX

Last updated Jun 3, 2026

IVRSX (VY CBRE Real Estate Portfolio) and DCREX (Dunham Real Estate Stock Fund) are both REIT funds. Over the past 10 years, IVRSX returned 5.15%/yr vs 1.18%/yr for DCREX. Their correlation of 0.93 suggests significant overlap in exposure. IVRSX charges 0.93%/yr vs 2.37%/yr for DCREX.

Performance

IVRSX vs. DCREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VY CBRE Real Estate Portfolio (IVRSX) and Dunham Real Estate Stock Fund (DCREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVRSX achieves a 11.66% return, which is significantly higher than DCREX's 8.10% return. Over the past 10 years, IVRSX has outperformed DCREX with an annualized return of 5.15%, while DCREX has yielded a comparatively lower 1.18% annualized return.

IVRSX

• 1D: -1.93%
• 1M: -1.87%
• YTD: 11.66%
• 6M: 10.00%
• 1Y: 12.29%
• 3Y*: 8.62%
• 5Y*: 3.24%
• 10Y*: 5.15%

DCREX

• 1D: -2.14%
• 1M: -2.88%
• YTD: 8.10%
• 6M: 6.73%
• 1Y: 6.20%
• 3Y*: 5.65%
• 5Y*: -6.49%
• 10Y*: 1.18%

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

IVRSX vs. DCREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVRSX VY CBRE Real Estate Portfolio	11.66%	-0.01%	4.32%	14.11%	-27.22%	51.91%	-6.66%	28.15%	-10.29%	5.20%
DCREX Dunham Real Estate Stock Fund	8.10%	-6.83%	6.05%	12.43%	-40.12%	8.93%	19.66%	26.09%	-7.29%	3.20%

Correlation

The correlation between IVRSX and DCREX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 13, 2004	0.93

The correlation between IVRSX and DCREX shifts across timeframes, from 0.77 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IVRSX vs. DCREX — Risk / Return Rank

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

IVRSX

IVRSX Risk / Return Rank: 23
IVRSX Sharpe Ratio Rank: 13
IVRSX Sortino Ratio Rank: 13
IVRSX Omega Ratio Rank: 12
IVRSX Calmar Ratio Rank: 42
IVRSX Martin Ratio Rank: 35

DCREX

DCREX Risk / Return Rank: 6
DCREX Sharpe Ratio Rank: 6
DCREX Sortino Ratio Rank: 5
DCREX Omega Ratio Rank: 5
DCREX Calmar Ratio Rank: 7
DCREX Martin Ratio Rank: 5

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.

IVRSX vs. DCREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VY CBRE Real Estate Portfolio (IVRSX) and Dunham Real Estate Stock Fund (DCREX). 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.

	IVRSX	DCREX	Difference
Sharpe ratio Return per unit of total volatility	1.03	0.45	+0.58
Sortino ratio Return per unit of downside risk	1.46	0.70	+0.77
Omega ratio Gain probability vs. loss probability	1.18	1.09	+0.09
Calmar ratio Return relative to maximum drawdown	2.48	0.73	+1.75
Martin ratio Return relative to average drawdown	8.00	1.36	+6.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVRSX vs. DCREX - Sharpe Ratio Comparison

The current IVRSX Sharpe Ratio is 1.03, which is higher than the DCREX Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of IVRSX and DCREX, 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

	IVRSX	DCREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	0.45	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	-0.30	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.06	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.10	+0.25

Drawdowns

IVRSX vs. DCREX - Drawdown Comparison

The maximum IVRSX drawdown since its inception was -73.77%, roughly equal to the maximum DCREX drawdown of -74.32%. Use the drawdown chart below to compare losses from any high point for IVRSX and DCREX.

Drawdown Indicators

	IVRSX	DCREX	Difference
Max Drawdown Largest peak-to-trough decline	-73.77%	-74.32%	+0.55%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-8.36%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-19.29%	-24.95%	+5.66%
Max Drawdown (5Y) Largest decline over 5 years	-34.51%	-49.40%	+14.89%
Max Drawdown (10Y) Largest decline over 10 years	-45.19%	-49.40%	+4.21%
Current Drawdown Current decline from peak	-3.73%	-31.72%	+27.99%
Average Drawdown Average peak-to-trough decline	-11.93%	-19.25%	+7.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	4.48%	-2.08%

Volatility

IVRSX vs. DCREX - Volatility Comparison

VY CBRE Real Estate Portfolio (IVRSX) has a higher volatility of 4.16% compared to Dunham Real Estate Stock Fund (DCREX) at 3.54%. This indicates that IVRSX's price experiences larger fluctuations and is considered to be riskier than DCREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVRSX	DCREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	3.54%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	8.74%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	13.56%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	21.49%	-1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	21.13%	+0.41%

IVRSX vs. DCREX - Expense Ratio Comparison

IVRSX has a 0.93% expense ratio, which is lower than DCREX's 2.37% expense ratio.

Dividends

IVRSX vs. DCREX - Dividend Comparison

IVRSX's dividend yield for the trailing twelve months is around 4.40%, more than DCREX's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCREX Dunham Real Estate Stock Fund	0.52%	0.56%	0.00%	1.72%	0.00%	7.09%	8.26%	7.31%	1.07%	0.80%	20.50%	10.54%
IVRSX VY CBRE Real Estate Portfolio	4.40%	2.74%	2.50%	8.77%	26.34%	1.46%	13.92%	2.44%	11.42%	2.07%	1.57%	1.31%

Frequently Asked Questions

Can I hold both IVRSX and DCREX in my portfolio?

IVRSX and DCREX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVRSX or DCREX?

IVRSX has higher volatility (4.16%) compared to DCREX (3.54%). In terms of maximum drawdown, IVRSX dropped -73.77% vs DCREX's -74.32%.

Which has better risk-adjusted returns?

IVRSX currently has the higher Sharpe Ratio (1.03 vs 0.45), 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.