LCAP vs. BYRE

Last updated Jun 23, 2026

LCAP (Principal Capital Appreciation Select ETF) and BYRE (Principal Real Estate Active Opportunities ETF) are both exchange-traded funds - LCAP is a Large Cap Blend Equities fund actively managed by Principal, while BYRE is a REIT fund actively managed by Principal. Both are actively managed. Over the past year, LCAP returned 26.90% vs 9.46% for BYRE. At a 0.30 correlation, their price movements are largely independent. LCAP charges 0.29%/yr vs 0.65%/yr for BYRE.

Performance

LCAP vs. BYRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Capital Appreciation Select ETF (LCAP) and Principal Real Estate Active Opportunities ETF (BYRE). 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 LCAP having a 11.31% return and BYRE slightly higher at 11.67%.

LCAP

• 1D: -0.48%
• 1M: 0.18%
• YTD: 11.31%
• 6M: 10.79%
• 1Y: 26.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BYRE

• 1D: 0.81%
• 1M: -1.35%
• YTD: 11.67%
• 6M: 12.32%
• 1Y: 9.46%
• 3Y*: 10.59%
• 5Y*: —
• 10Y*: —

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

LCAP vs. BYRE - Yearly Performance Comparison

	2026 (YTD)	2025
LCAP Principal Capital Appreciation Select ETF	11.31%	17.53%
BYRE Principal Real Estate Active Opportunities ETF	11.67%	-0.57%

Correlation

The correlation between LCAP and BYRE is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	0.30

Return for Risk

LCAP vs. BYRE — Risk / Return Rank

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

LCAP

LCAP Risk / Return Rank: 63
LCAP Sharpe Ratio Rank: 64
LCAP Sortino Ratio Rank: 63
LCAP Omega Ratio Rank: 62
LCAP Calmar Ratio Rank: 60
LCAP Martin Ratio Rank: 65

BYRE

BYRE Risk / Return Rank: 22
BYRE Sharpe Ratio Rank: 22
BYRE Sortino Ratio Rank: 20
BYRE Omega Ratio Rank: 20
BYRE Calmar Ratio Rank: 26
BYRE Martin Ratio Rank: 24

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.

LCAP vs. BYRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Capital Appreciation Select ETF (LCAP) and Principal Real Estate Active Opportunities ETF (BYRE). 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.

	LCAP	BYRE	Difference
Sharpe ratio: Return per unit of total volatility	2.03	0.74	+1.29
Sortino ratio: Return per unit of downside risk	2.84	1.06	+1.78
Omega ratio: Gain probability vs. loss probability	1.36	1.13	+0.23
Calmar ratio: Return relative to maximum drawdown	2.90	1.22	+1.67
Martin ratio: Return relative to average drawdown	11.57	3.06	+8.50

LCAP vs. BYRE - Sharpe Ratio Comparison

The current LCAP Sharpe Ratio is 2.03, which is higher than the BYRE Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of LCAP and BYRE, 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

LCAP vs. BYRE - Drawdown Comparison

The maximum LCAP drawdown since its inception was -11.78%, smaller than the maximum BYRE drawdown of -25.70%. Use the drawdown chart below to compare losses from any high point for LCAP and BYRE.

Drawdown Indicators

	LCAP	BYRE	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-25.70%	+13.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-7.76%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.20%	—
Current Drawdown Current decline from peak	-1.50%	-1.91%	+0.41%
Average Drawdown Average peak-to-trough decline	-1.68%	-9.48%	+7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	3.10%	-0.77%

Volatility

LCAP vs. BYRE - Volatility Comparison

Principal Capital Appreciation Select ETF (LCAP) has a higher volatility of 4.58% compared to Principal Real Estate Active Opportunities ETF (BYRE) at 4.35%. This indicates that LCAP's price experiences larger fluctuations and is considered to be riskier than BYRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCAP	BYRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.35%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	10.71%	9.63%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.33%	12.93%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	18.08%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	18.08%	-1.12%

LCAP vs. BYRE - Expense Ratio Comparison

LCAP has a 0.29% expense ratio, which is lower than BYRE's 0.65% expense ratio.

Dividends

LCAP vs. BYRE - Dividend Comparison

LCAP's dividend yield for the trailing twelve months is around 0.10%, less than BYRE's 2.46% yield.

Position	TTM	2025	2024	2023	2022
BYRE Principal Real Estate Active Opportunities ETF	2.46%	2.71%	2.31%	2.63%	1.86%
LCAP Principal Capital Appreciation Select ETF	0.10%	0.11%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LCAP and BYRE in my portfolio?

LCAP and BYRE have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LCAP or BYRE?

LCAP has higher volatility (4.58%) compared to BYRE (4.35%). In terms of maximum drawdown, LCAP dropped -11.78% vs BYRE's -25.70%.

Which ETF is better, LCAP or BYRE?

On 1-year performance, LCAP leads with 26.90% vs 9.46% for BYRE. On fees, LCAP is cheaper at 0.29% per year. On volatility, BYRE has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LCAP or BYRE?

Over the 1-year period, LCAP has performed better with a 26.90% return vs 9.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LCAP or BYRE?

LCAP is cheaper with a 0.29% expense ratio, compared with 0.65% for BYRE.

Which ETF pays a higher dividend yield, LCAP or BYRE?

BYRE has the higher dividend yield at 2.46%, compared with 0.10% for LCAP.

What is the main difference between LCAP and BYRE?

LCAP is categorized as Large Cap Blend Equities, while BYRE is REIT. Their fees differ too: 0.29% for LCAP and 0.65% for BYRE.

Which has better risk-adjusted returns?

LCAP currently has the higher Sharpe Ratio (2.03 vs 0.74), 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.