MREL.TO vs. TGRE.TO
MREL.TO (Middlefield Real Estate Dividend ETF) and TGRE.TO (TD Active Global Real Estate Equity ETF) are both REIT funds. Both are actively managed. Over the past 5 years, MREL.TO returned 5.44%/yr vs 2.68%/yr for TGRE.TO. A 0.55 correlation means they provide meaningful diversification when combined.
Performance
MREL.TO vs. TGRE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MREL.TO achieves a 16.48% return, which is significantly higher than TGRE.TO's 12.46% return.
MREL.TO
- 1D
- 0.00%
- 1M
- 4.38%
- 6M
- 9.92%
- YTD
- 16.48%
- 1Y
- 20.03%
- 3Y*
- 13.64%
- 5Y*
- 5.44%
- 10Y*
- 7.53%
TGRE.TO
- 1D
- -0.50%
- 1M
- 2.32%
- 6M
- 5.89%
- YTD
- 12.46%
- 1Y
- 12.83%
- 3Y*
- 11.56%
- 5Y*
- 2.68%
- 10Y*
- —
MREL.TO vs. TGRE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MREL.TO Middlefield Real Estate Dividend ETF | 16.48% | 13.13% | 6.12% | 7.86% | -21.63% | 36.36% | -3.77% | -1.90% |
TGRE.TO TD Active Global Real Estate Equity ETF | 12.46% | 0.39% | 14.77% | 8.69% | -27.34% | 32.66% | 2.37% | -0.70% |
Correlation
The correlation between MREL.TO and TGRE.TO is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2019 | 0.55 |
The correlation between MREL.TO and TGRE.TO has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.
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Return for Risk
MREL.TO vs. TGRE.TO — Risk / Return Rank
MREL.TO
TGRE.TO
MREL.TO vs. TGRE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Middlefield Real Estate Dividend ETF (MREL.TO) and TD Active Global Real Estate Equity ETF (TGRE.TO). 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.
| MREL.TO | TGRE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.17 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 1.53 | +1.12 |
| Martin ratioReturn relative to average drawdown | 10.89 | 4.02 | +6.87 |
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Drawdowns
MREL.TO vs. TGRE.TO - Drawdown Comparison
The maximum MREL.TO drawdown since its inception was -35.00%, roughly equal to the maximum TGRE.TO drawdown of -33.49%. Use the drawdown chart below to compare losses from any high point for MREL.TO and TGRE.TO.
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Drawdown Indicators
| MREL.TO | TGRE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.00% | -33.49% | -1.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.59% | -8.40% | +0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -15.18% | -12.62% | -2.56% |
Max Drawdown (5Y)Largest decline over 5 years | -29.49% | -33.49% | +4.00% |
Max Drawdown (10Y)Largest decline over 10 years | -35.00% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.61% | +0.61% |
Average DrawdownAverage peak-to-trough decline | -7.11% | -12.75% | +5.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 3.20% | -1.35% |
Volatility
MREL.TO vs. TGRE.TO - Volatility Comparison
The current volatility for Middlefield Real Estate Dividend ETF (MREL.TO) is 3.41%, while TD Active Global Real Estate Equity ETF (TGRE.TO) has a volatility of 3.68%. This indicates that MREL.TO experiences smaller price fluctuations and is considered to be less risky than TGRE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MREL.TO | TGRE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.41% | 3.68% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 9.32% | 10.52% | -1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.81% | 13.52% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.24% | 15.27% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.63% | 17.36% | +1.27% |
Dividends
MREL.TO vs. TGRE.TO - Dividend Comparison
MREL.TO's dividend yield for the trailing twelve months is around 6.36%, more than TGRE.TO's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MREL.TO Middlefield Real Estate Dividend ETF | 6.36% | 7.16% | 7.53% | 7.42% | 7.42% | 5.43% | 6.97% | 6.06% | 6.29% | 6.27% | 6.33% | 6.40% |
TGRE.TO TD Active Global Real Estate Equity ETF | 4.75% | 5.21% | 4.50% | 4.93% | 5.00% | 1.92% | 2.04% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MREL.TO and TGRE.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Middlefield and TD.
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