JAREX vs. PHRAX

Last updated Jun 4, 2026

JAREX (Easterly Global Real Estate Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both REIT funds. Over the past 10 years, JAREX returned 4.75%/yr vs 6.15%/yr for PHRAX. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 1.36% expense ratio.

Performance

JAREX vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Easterly Global Real Estate Fund (JAREX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAREX achieves a 8.70% return, which is significantly lower than PHRAX's 11.63% return. Over the past 10 years, JAREX has underperformed PHRAX with an annualized return of 4.75%, while PHRAX has yielded a comparatively higher 6.15% annualized return.

JAREX

• 1D: 0.20%
• 1M: -0.41%
• YTD: 8.70%
• 6M: 9.96%
• 1Y: 5.38%
• 3Y*: 7.40%
• 5Y*: -0.46%
• 10Y*: 4.75%

PHRAX

• 1D: 0.41%
• 1M: -1.30%
• YTD: 11.63%
• 6M: 10.47%
• 1Y: 11.41%
• 3Y*: 10.12%
• 5Y*: 3.87%
• 10Y*: 6.15%

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

JAREX vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JAREX Easterly Global Real Estate Fund	8.70%	5.33%	0.44%	6.88%	-24.45%	21.95%	-2.02%	33.87%	-7.40%	16.80%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	11.63%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%

Correlation

The correlation between JAREX and PHRAX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 27, 2009	0.80

The correlation between JAREX and PHRAX has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

Return for Risk

JAREX vs. PHRAX — Risk / Return Rank

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

JAREX

JAREX Risk / Return Rank: 5
JAREX Sharpe Ratio Rank: 5
JAREX Sortino Ratio Rank: 5
JAREX Omega Ratio Rank: 5
JAREX Calmar Ratio Rank: 5
JAREX Martin Ratio Rank: 5

PHRAX

PHRAX Risk / Return Rank: 12
PHRAX Sharpe Ratio Rank: 10
PHRAX Sortino Ratio Rank: 10
PHRAX Omega Ratio Rank: 10
PHRAX Calmar Ratio Rank: 16
PHRAX Martin Ratio Rank: 14

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.

JAREX vs. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Easterly Global Real Estate Fund (JAREX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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.

	JAREX	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	0.42	0.85	-0.43
Sortino ratio: Return per unit of downside risk	0.64	1.20	-0.56
Omega ratio: Gain probability vs. loss probability	1.08	1.15	-0.07
Calmar ratio: Return relative to maximum drawdown	0.42	1.42	-1.00
Martin ratio: Return relative to average drawdown	1.13	4.15	-3.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JAREX vs. PHRAX - Sharpe Ratio Comparison

The current JAREX Sharpe Ratio is 0.42, which is lower than the PHRAX Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of JAREX and PHRAX, 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

	JAREX	PHRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	0.85	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.20	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.29	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.40	-0.02

Drawdowns

JAREX vs. PHRAX - Drawdown Comparison

The maximum JAREX drawdown since its inception was -40.58%, smaller than the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for JAREX and PHRAX.

Drawdown Indicators

	JAREX	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.58%	-72.56%	+31.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.74%	-7.83%	-3.91%
Max Drawdown (3Y) Largest decline over 3 years	-17.88%	-19.09%	+1.21%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-33.51%	-1.54%
Max Drawdown (10Y) Largest decline over 10 years	-40.58%	-42.00%	+1.42%
Current Drawdown Current decline from peak	-7.98%	-3.51%	-4.47%
Average Drawdown Average peak-to-trough decline	-8.79%	-11.37%	+2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	2.67%	+1.63%

Volatility

JAREX vs. PHRAX - Volatility Comparison

The current volatility for Easterly Global Real Estate Fund (JAREX) is 3.57%, while Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a volatility of 3.94%. This indicates that JAREX experiences smaller price fluctuations and is considered to be less risky than PHRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAREX	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	3.94%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	9.17%	9.43%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	11.76%	13.12%	-1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.50%	19.08%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	20.98%	-3.56%

JAREX vs. PHRAX - Expense Ratio Comparison

Both JAREX and PHRAX have an expense ratio of 1.36%.

Dividends

JAREX vs. PHRAX - Dividend Comparison

JAREX's dividend yield for the trailing twelve months is around 3.00%, less than PHRAX's 5.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAREX Easterly Global Real Estate Fund	3.00%	3.25%	2.98%	2.16%	5.76%	10.54%	6.95%	13.63%	11.79%	10.05%	8.78%	10.96%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	5.30%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%

Frequently Asked Questions

Can I hold both JAREX and PHRAX in my portfolio?

JAREX and PHRAX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAREX or PHRAX?

PHRAX has higher volatility (3.94%) compared to JAREX (3.57%). In terms of maximum drawdown, JAREX dropped -40.58% vs PHRAX's -72.56%.

Which has better risk-adjusted returns?

PHRAX currently has the higher Sharpe Ratio (0.85 vs 0.42), 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.