IYR vs. ICF
IYR (iShares U.S. Real Estate ETF) and ICF (iShares Cohen & Steers REIT ETF) are both REIT funds from iShares - IYR tracks the Dow Jones U.S. Real Estate Capped Index while ICF tracks the Cohen & Steers Realty Majors Index. Both are passively managed. Over the past 10 years, IYR returned 5.61%/yr vs 5.61%/yr for ICF. With a 0.97 correlation, they move nearly in lockstep. IYR charges 0.38%/yr vs 0.34%/yr for ICF.
Performance
IYR vs. ICF - Performance Comparison
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Returns By Period
In the year-to-date period, IYR achieves a 9.06% return, which is significantly lower than ICF's 14.47% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: IYR at 5.61% and ICF at 5.61%.
IYR
- 1D
- 1.15%
- 1M
- -0.59%
- YTD
- 9.06%
- 6M
- 9.39%
- 1Y
- 9.98%
- 3Y*
- 10.10%
- 5Y*
- 2.37%
- 10Y*
- 5.61%
ICF
- 1D
- 1.27%
- 1M
- -0.33%
- YTD
- 14.47%
- 6M
- 15.03%
- 1Y
- 13.26%
- 3Y*
- 11.62%
- 5Y*
- 3.18%
- 10Y*
- 5.61%
IYR vs. ICF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYR iShares U.S. Real Estate ETF | 9.06% | 3.38% | 4.41% | 11.89% | -25.51% | 38.74% | -5.23% | 28.21% | -4.33% | 9.31% |
ICF iShares Cohen & Steers REIT ETF | 14.47% | 1.85% | 5.30% | 10.36% | -26.12% | 44.17% | -5.43% | 25.48% | -2.55% | 4.90% |
Correlation
The correlation between IYR and ICF is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2001 | 0.97 |
The correlation between IYR and ICF has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
IYR vs. ICF — Risk / Return Rank
IYR
ICF
IYR vs. ICF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Real Estate ETF (IYR) and iShares Cohen & Steers REIT ETF (ICF). 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.
| IYR | ICF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.17 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 1.62 | -0.45 |
| Martin ratioReturn relative to average drawdown | 3.64 | 4.58 | -0.94 |
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Drawdowns
IYR vs. ICF - Drawdown Comparison
The maximum IYR drawdown since its inception was -74.13%, roughly equal to the maximum ICF drawdown of -76.74%. Use the drawdown chart below to compare losses from any high point for IYR and ICF.
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Drawdown Indicators
| IYR | ICF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.13% | -76.74% | +2.61% |
Max Drawdown (1Y)Largest decline over 1 year | -8.54% | -8.20% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -17.52% | -17.25% | -0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -33.75% | -34.74% | +0.99% |
Max Drawdown (10Y)Largest decline over 10 years | -42.32% | -40.22% | -2.10% |
Current DrawdownCurrent decline from peak | -2.17% | -2.11% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -12.89% | -14.15% | +1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 2.90% | -0.15% |
Volatility
IYR vs. ICF - Volatility Comparison
iShares U.S. Real Estate ETF (IYR) has a higher volatility of 5.22% compared to iShares Cohen & Steers REIT ETF (ICF) at 4.94%. This indicates that IYR's price experiences larger fluctuations and is considered to be riskier than ICF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IYR | ICF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.22% | 4.94% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 10.28% | 10.61% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.90% | 14.20% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.77% | 18.96% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.37% | 20.63% | -0.26% |
IYR vs. ICF - Expense Ratio Comparison
IYR has a 0.38% expense ratio, which is higher than ICF's 0.34% expense ratio.
Dividends
IYR vs. ICF - Dividend Comparison
IYR's dividend yield for the trailing twelve months is around 2.23%, less than ICF's 2.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICF iShares Cohen & Steers REIT ETF | 2.45% | 2.88% | 2.66% | 2.76% | 2.64% | 1.82% | 2.38% | 2.55% | 3.20% | 3.10% | 4.21% | 3.30% |
IYR iShares U.S. Real Estate ETF | 2.23% | 2.48% | 2.57% | 2.75% | 2.92% | 2.06% | 2.58% | 3.05% | 3.53% | 3.73% | 4.41% | 3.92% |
Frequently Asked Questions
With a correlation of 0.97, IYR and ICF 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.
IYR has higher volatility (5.22%) compared to ICF (4.94%). In terms of maximum drawdown, IYR dropped -74.13% vs ICF's -76.74%.
On 10-year performance, ICF leads with 5.61% vs 5.61% for IYR. On fees, ICF is cheaper at 0.34% per year. On volatility, ICF has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICF has performed better with a 5.61% return vs 5.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICF is cheaper with a 0.34% expense ratio, compared with 0.38% for IYR.
ICF has the higher dividend yield at 2.45%, compared with 2.23% for IYR.
IYR tracks Dow Jones U.S. Real Estate Capped Index, while ICF tracks Cohen & Steers Realty Majors Index. Their fees differ too: 0.38% for IYR and 0.34% for ICF.
ICF currently has the higher Sharpe Ratio (0.94 vs 0.72), 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.
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