JRE vs. IYRI

Last updated Aug 2, 2026

JRE (Janus Henderson U.S. Real Estate ETF) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - JRE is a REIT fund actively managed by Janus Henderson, while IYRI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past year, JRE returned 25.57% vs 12.34% for IYRI. Their correlation of 0.90 means they have usually moved in the same direction. JRE charges 0.65%/yr vs 0.68%/yr for IYRI.

Performance

JRE vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson U.S. Real Estate ETF (JRE) and NEOS Real Estate High Income ETF (IYRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JRE achieves a 21.26% return, which is significantly higher than IYRI's 9.45% return.

JRE

• 1D: -0.56%
• 1M: 1.57%
• 6M: 18.21%
• YTD: 21.26%
• 1Y: 25.57%
• 3Y*: 11.22%
• 5Y*: 4.22%
• 10Y*: —
• ALL TIME*: 5.28%

IYRI

• 1D: -0.34%
• 1M: 1.23%
• 6M: 6.89%
• YTD: 9.45%
• 1Y: 12.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IYRI NEOS Real Estate High Income ETF	$3.30M	$3.47M	$3.75M
JRE Janus Henderson U.S. Real Estate ETF	$46.81K	$44.87K	$37.37K

JRE vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
JRE Janus Henderson U.S. Real Estate ETF	21.26%	5.91%
IYRI NEOS Real Estate High Income ETF	9.45%	6.99%

Correlation

The correlation between JRE and IYRI is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.90

The correlation between JRE and IYRI has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

JRE vs. IYRI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JRE

JRE Risk / Return Rank: 83
JRE Sharpe Ratio Rank: 81
JRE Sortino Ratio Rank: 80
JRE Omega Ratio Rank: 79
JRE Calmar Ratio Rank: 88
JRE Martin Ratio Rank: 85

IYRI

IYRI Risk / Return Rank: 44
IYRI Sharpe Ratio Rank: 44
IYRI Sortino Ratio Rank: 42
IYRI Omega Ratio Rank: 42
IYRI Calmar Ratio Rank: 43
IYRI Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JRE vs. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson U.S. Real Estate ETF (JRE) and NEOS Real Estate High Income ETF (IYRI). 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.

	JRE	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.08	+0.78
Sortino ratio: Return per unit of downside risk	2.59	1.55	+1.04
Omega ratio: Gain probability vs. loss probability	1.33	1.20	+0.13
Calmar ratio: Return relative to maximum drawdown	3.62	1.54	+2.08
Martin ratio: Return relative to average drawdown	11.81	5.62	+6.18

JRE vs. IYRI - Sharpe Ratio Comparison

The current JRE Sharpe Ratio is 1.87, which is higher than the IYRI Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of JRE and IYRI, 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

JRE vs. IYRI - Drawdown Comparison

The maximum JRE drawdown since its inception was -31.69%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for JRE and IYRI.

Drawdown Indicators

	JRE	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-31.69%	-12.12%	-19.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-7.53%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-18.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	—	—
Current Drawdown Current decline from peak	-2.97%	-0.83%	-2.14%
Average Drawdown Average peak-to-trough decline	-12.26%	-1.60%	-10.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.06%	+0.12%

Volatility

JRE vs. IYRI - Volatility Comparison

Janus Henderson U.S. Real Estate ETF (JRE) has a higher volatility of 5.05% compared to NEOS Real Estate High Income ETF (IYRI) at 2.97%. This indicates that JRE's price experiences larger fluctuations and is considered to be riskier than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JRE	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	2.97%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	8.17%	+2.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	10.77%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.75%	13.01%	+5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	13.01%	+5.68%

JRE vs. IYRI - Expense Ratio Comparison

JRE has a 0.65% expense ratio, which is lower than IYRI's 0.68% expense ratio.

Dividends

JRE vs. IYRI - Dividend Comparison

JRE's dividend yield for the trailing twelve months is around 4.64%, less than IYRI's 10.84% yield.

Position	TTM	2025	2024	2023	2022	2021
IYRI NEOS Real Estate High Income ETF	10.84%	11.72%	0.00%	0.00%	0.00%	0.00%
JRE Janus Henderson U.S. Real Estate ETF	4.64%	5.81%	2.20%	2.77%	2.87%	0.90%

Frequently Asked Questions

Can I hold both JRE and IYRI in my portfolio?

JRE and IYRI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JRE or IYRI?

JRE has higher volatility (5.05%) compared to IYRI (2.97%). In terms of maximum drawdown, JRE dropped -31.69% vs IYRI's -12.12%.

Which ETF is better, JRE or IYRI?

On 1-year performance, JRE leads with 25.57% vs 12.34% for IYRI. On fees, JRE is cheaper at 0.65% per year. On volatility, IYRI has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JRE or IYRI?

Over the 1-year period, JRE has performed better with a 25.57% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JRE or IYRI?

JRE is cheaper with a 0.65% expense ratio, compared with 0.68% for IYRI.

Which ETF pays a higher dividend yield, JRE or IYRI?

IYRI has the higher dividend yield at 10.84%, compared with 4.64% for JRE.

What is the main difference between JRE and IYRI?

JRE is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: Janus Henderson and Neos. Their fees differ too: 0.65% for JRE and 0.68% for IYRI.

Which has better risk-adjusted returns?

JRE currently has the higher Sharpe Ratio (1.87 vs 1.08), 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.