KREF vs. SPG
KREF (KKR Real Estate Finance Trust Inc.) and SPG (Simon Property Group, Inc.) are both stocks. Both are in the Real Estate sector — KREF in REIT - Mortgage, SPG in REIT - Retail. Over the past 5 years, KREF returned -10.87%/yr vs 18.80%/yr for SPG. Their 0.45 correlation means their historical movements had little consistent relationship.
Performance
KREF vs. SPG - Performance Comparison
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Returns By Period
In the year-to-date period, KREF achieves a -10.55% return, which is significantly lower than SPG's 26.72% return.
KREF
- 1D
- -1.28%
- 1M
- -1.00%
- 6M
- -11.19%
- YTD
- -10.55%
- 1Y
- -14.12%
- 3Y*
- -7.47%
- 5Y*
- -10.87%
- 10Y*
- —
- ALL TIME*
- -1.98%
SPG
- 1D
- -0.46%
- 1M
- 1.46%
- 6M
- 22.61%
- YTD
- 26.72%
- 1Y
- 49.54%
- 3Y*
- 28.68%
- 5Y*
- 18.80%
- 10Y*
- 5.56%
- ALL TIME*
- 13.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.73M | $8.76M | $7.87M | |
| $307.53M | $341.88M | $412.90M |
KREF vs. SPG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KREF KKR Real Estate Finance Trust Inc. | -10.55% | -9.25% | -15.80% | 9.15% | -25.89% | 27.86% | -2.82% | 16.15% | 4.26% | -0.09% |
SPG Simon Property Group, Inc. | 26.72% | 12.94% | 26.92% | 29.24% | -21.91% | 95.72% | -38.64% | -6.74% | 2.55% | 7.42% |
Correlation
The correlation between KREF and SPG is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (All Time) Calculated using the full available price history since May 5, 2017 | 0.45 |
The correlation between KREF and SPG shifts across timeframes, from 0.33 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
KREF:
$447.53M
SPG:
$74.38B
KREF:
-$2.95
SPG:
$19.29
KREF:
1.32
SPG:
7.51
KREF:
$341.29M
SPG:
$6.65B
KREF:
$279.11M
SPG:
$5.71B
KREF:
$159.07M
SPG:
$7.77B
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Return for Risk
KREF vs. SPG — Risk / Return Rank
KREF
SPG
KREF vs. SPG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KKR Real Estate Finance Trust Inc. (KREF) and Simon Property Group, Inc. (SPG). 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.
| KREF | SPG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.85 | ||
| Sortino ratioReturn per unit of downside risk | -3.73 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.41 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 4.07 | -4.47 |
| Martin ratioReturn relative to average drawdown | -0.73 | 14.65 | -15.38 |
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Drawdowns
KREF vs. SPG - Drawdown Comparison
The maximum KREF drawdown since its inception was -57.33%, smaller than the maximum SPG drawdown of -77.00%. Use the drawdown chart below to compare losses from any high point for KREF and SPG.
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Drawdown Indicators
| KREF | SPG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.33% | -77.00% | +19.67% |
Max Drawdown (1Y)Largest decline over 1 year | -34.53% | -11.54% | -22.99% |
Max Drawdown (3Y)Largest decline over 3 years | -44.87% | -24.32% | -20.55% |
Max Drawdown (5Y)Largest decline over 5 years | -57.33% | -45.84% | -11.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.28% | — |
Current DrawdownCurrent decline from peak | -48.56% | -3.10% | -45.46% |
Average DrawdownAverage peak-to-trough decline | -19.98% | -13.78% | -6.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.03% | 3.20% | +15.83% |
Volatility
KREF vs. SPG - Volatility Comparison
KKR Real Estate Finance Trust Inc. (KREF) has a higher volatility of 9.79% compared to Simon Property Group, Inc. (SPG) at 6.53%. This indicates that KREF's price experiences larger fluctuations and is considered to be riskier than SPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KREF | SPG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.79% | 6.53% | +3.26% |
Volatility (6M)Calculated over the trailing 6-month period | 26.10% | 15.35% | +10.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.11% | 19.56% | +11.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.27% | 26.12% | +4.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.77% | 37.14% | -6.37% |
Dividends
KREF vs. SPG - Dividend Comparison
KREF's dividend yield for the trailing twelve months is around 12.21%, more than SPG's 3.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KREF KKR Real Estate Finance Trust Inc. | 12.21% | 12.17% | 9.90% | 13.00% | 12.32% | 9.53% | 9.60% | 8.42% | 8.83% | 4.95% | 0.00% | 0.00% |
SPG Simon Property Group, Inc. | 3.84% | 4.62% | 4.70% | 5.22% | 5.87% | 3.66% | 7.04% | 5.57% | 4.70% | 4.16% | 3.66% | 3.11% |
Financials
KREF vs. SPG - Financials Comparison
This section allows you to compare key financial metrics between KKR Real Estate Finance Trust Inc. and Simon Property Group, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
Frequently Asked Questions
KREF and SPG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KREF has higher volatility (9.79%) compared to SPG (6.53%). In terms of maximum drawdown, KREF dropped -57.33% vs SPG's -77.00%.
SPG currently has the higher Sharpe Ratio (2.40 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.
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