IVRSX vs. IRVIX

Last updated Jun 24, 2026

IVRSX (VY CBRE Real Estate Portfolio) and IRVIX (Voya Russell Large Cap Value Index Portfolio) are both mutual funds - IVRSX is a REIT fund managed by Voya, while IRVIX is a Large Cap Value Equities fund managed by Voya. Over the past 10 years, IVRSX returned 5.41%/yr vs 12.04%/yr for IRVIX. A 0.65 correlation means they provide meaningful diversification when combined. IVRSX charges 0.93%/yr vs 0.35%/yr for IRVIX.

Performance

IVRSX vs. IRVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VY CBRE Real Estate Portfolio (IVRSX) and Voya Russell Large Cap Value Index Portfolio (IRVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IVRSX having a 15.96% return and IRVIX slightly higher at 16.35%. Over the past 10 years, IVRSX has underperformed IRVIX with an annualized return of 5.41%, while IRVIX has yielded a comparatively higher 12.04% annualized return.

IVRSX

• 1D: 1.28%
• 1M: 0.54%
• YTD: 15.96%
• 6M: 16.29%
• 1Y: 15.63%
• 3Y*: 11.12%
• 5Y*: 3.88%
• 10Y*: 5.41%

IRVIX

• 1D: 0.49%
• 1M: 3.21%
• YTD: 16.35%
• 6M: 15.89%
• 1Y: 30.06%
• 3Y*: 19.33%
• 5Y*: 12.12%
• 10Y*: 12.04%

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

IVRSX vs. IRVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVRSX VY CBRE Real Estate Portfolio	15.96%	-0.01%	4.32%	14.11%	-27.22%	51.91%	-6.66%	28.15%	-10.29%	5.20%
IRVIX Voya Russell Large Cap Value Index Portfolio	16.35%	18.08%	14.99%	10.26%	-5.48%	22.95%	1.38%	25.75%	-6.61%	13.47%

Correlation

The correlation between IVRSX and IRVIX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 4, 2009	0.65

The correlation between IVRSX and IRVIX shifts across timeframes, from 0.52 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IVRSX vs. IRVIX — Risk / Return Rank

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

IVRSX

IVRSX Risk / Return Rank: 30
IVRSX Sharpe Ratio Rank: 25
IVRSX Sortino Ratio Rank: 22
IVRSX Omega Ratio Rank: 23
IVRSX Calmar Ratio Rank: 44
IVRSX Martin Ratio Rank: 36

IRVIX

IRVIX Risk / Return Rank: 93
IRVIX Sharpe Ratio Rank: 95
IRVIX Sortino Ratio Rank: 92
IRVIX Omega Ratio Rank: 87
IRVIX Calmar Ratio Rank: 95
IRVIX Martin Ratio Rank: 96

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. IRVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VY CBRE Real Estate Portfolio (IVRSX) and Voya Russell Large Cap Value Index Portfolio (IRVIX). 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.

	IVRSX	IRVIX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	3.05	-1.73
Sortino ratio: Return per unit of downside risk	1.83	4.26	-2.44
Omega ratio: Gain probability vs. loss probability	1.23	1.56	-0.33
Calmar ratio: Return relative to maximum drawdown	2.42	5.26	-2.84
Martin ratio: Return relative to average drawdown	7.47	21.81	-14.34

IVRSX vs. IRVIX - Sharpe Ratio Comparison

The current IVRSX Sharpe Ratio is 1.32, which is lower than the IRVIX Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of IVRSX and IRVIX, 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

IVRSX vs. IRVIX - Drawdown Comparison

The maximum IVRSX drawdown since its inception was -73.77%, which is greater than IRVIX's maximum drawdown of -35.67%. Use the drawdown chart below to compare losses from any high point for IVRSX and IRVIX.

Drawdown Indicators

	IVRSX	IRVIX	Difference
Max Drawdown Largest peak-to-trough decline	-73.77%	-35.67%	-38.10%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-6.64%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-19.29%	-13.38%	-5.91%
Max Drawdown (5Y) Largest decline over 5 years	-34.51%	-18.37%	-16.14%
Max Drawdown (10Y) Largest decline over 10 years	-45.19%	-35.67%	-9.52%
Current Drawdown Current decline from peak	-1.25%	-0.06%	-1.19%
Average Drawdown Average peak-to-trough decline	-11.91%	-3.82%	-8.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	1.55%	+0.89%

Volatility

IVRSX vs. IRVIX - Volatility Comparison

VY CBRE Real Estate Portfolio (IVRSX) has a higher volatility of 5.04% compared to Voya Russell Large Cap Value Index Portfolio (IRVIX) at 3.92%. This indicates that IVRSX's price experiences larger fluctuations and is considered to be riskier than IRVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVRSX	IRVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	3.92%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	9.10%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	14.18%	11.48%	+2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	14.33%	+5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	16.89%	+4.69%

IVRSX vs. IRVIX - Expense Ratio Comparison

IVRSX has a 0.93% expense ratio, which is higher than IRVIX's 0.35% expense ratio.

Dividends

IVRSX vs. IRVIX - Dividend Comparison

IVRSX's dividend yield for the trailing twelve months is around 4.24%, more than IRVIX's 3.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRVIX Voya Russell Large Cap Value Index Portfolio	3.79%	29.89%	3.60%	2.01%	1.36%	1.94%	3.78%	5.91%	6.32%	1.94%	2.90%	3.11%
IVRSX VY CBRE Real Estate Portfolio	4.24%	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 IRVIX in my portfolio?

IVRSX and IRVIX have a correlation of 0.52, 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 IRVIX?

IVRSX has higher volatility (5.04%) compared to IRVIX (3.92%). In terms of maximum drawdown, IVRSX dropped -73.77% vs IRVIX's -35.67%.

Which has better risk-adjusted returns?

IRVIX currently has the higher Sharpe Ratio (3.05 vs 1.32), 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.