NREF vs. KBWY
NREF (NexPoint Real Estate Finance, Inc.) is a stock, while KBWY (Invesco KBW Premium Yield Equity REIT ETF) is REIT fund tracking the KBW Nasdaq Premium Yield Equity REIT Index. Over the past 5 years, NREF returned 10.55%/yr vs 2.70%/yr for KBWY. Their 0.44 correlation means their historical movements had little consistent relationship.
Performance
NREF vs. KBWY - Performance Comparison
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Returns By Period
In the year-to-date period, NREF achieves a 28.92% return, which is significantly higher than KBWY's 25.42% return.
NREF
- 1D
- 0.41%
- 1M
- 7.82%
- 6M
- 22.90%
- YTD
- 28.92%
- 1Y
- 42.00%
- 3Y*
- 14.37%
- 5Y*
- 10.55%
- 10Y*
- —
- ALL TIME*
- 11.01%
KBWY
- 1D
- -1.02%
- 1M
- -1.98%
- 6M
- 20.28%
- YTD
- 25.42%
- 1Y
- 32.49%
- 3Y*
- 7.59%
- 5Y*
- 2.70%
- 10Y*
- 0.68%
- ALL TIME*
- 5.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.57M | $2.83M | $2.51M | |
| $806.64K | $810.88K | $986.69K |
NREF vs. KBWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
NREF NexPoint Real Estate Finance, Inc. | 28.92% | 2.28% | 13.51% | 17.36% | -8.90% | 27.81% | -3.83% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 25.42% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -24.29% |
Correlation
The correlation between NREF and KBWY is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.51 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2020 | 0.44 |
The correlation between NREF and KBWY shifts across timeframes, from 0.44 (all time) to 0.55 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NREF vs. KBWY — Risk / Return Rank
NREF
KBWY
NREF vs. KBWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NexPoint Real Estate Finance, Inc. (NREF) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). 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.
| NREF | KBWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.32 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.16 | 3.46 | -0.29 |
| Martin ratioReturn relative to average drawdown | 8.13 | 8.62 | -0.49 |
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Drawdowns
NREF vs. KBWY - Drawdown Comparison
The maximum NREF drawdown since its inception was -66.09%, which is greater than KBWY's maximum drawdown of -57.68%. Use the drawdown chart below to compare losses from any high point for NREF and KBWY.
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Drawdown Indicators
| NREF | KBWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.09% | -57.68% | -8.41% |
Max Drawdown (1Y)Largest decline over 1 year | -12.92% | -9.24% | -3.68% |
Max Drawdown (3Y)Largest decline over 3 years | -24.00% | -29.93% | +5.93% |
Max Drawdown (5Y)Largest decline over 5 years | -44.78% | -32.29% | -12.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.68% | — |
Current DrawdownCurrent decline from peak | -0.99% | -4.45% | +3.46% |
Average DrawdownAverage peak-to-trough decline | -16.47% | -14.08% | -2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.01% | 3.70% | +1.31% |
Volatility
NREF vs. KBWY - Volatility Comparison
NexPoint Real Estate Finance, Inc. (NREF) has a higher volatility of 6.68% compared to Invesco KBW Premium Yield Equity REIT ETF (KBWY) at 4.52%. This indicates that NREF's price experiences larger fluctuations and is considered to be riskier than KBWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NREF | KBWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.68% | 4.52% | +2.16% |
Volatility (6M)Calculated over the trailing 6-month period | 16.78% | 12.24% | +4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.11% | 16.51% | +7.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.30% | 21.56% | +11.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.33% | 27.06% | +18.27% |
Dividends
NREF vs. KBWY - Dividend Comparison
NREF's dividend yield for the trailing twelve months is around 11.79%, more than KBWY's 8.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.11% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
NREF NexPoint Real Estate Finance, Inc. | 11.79% | 14.20% | 12.75% | 17.40% | 12.59% | 9.87% | 8.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NREF and KBWY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NREF has higher volatility (6.68%) compared to KBWY (4.52%). In terms of maximum drawdown, NREF dropped -66.09% vs KBWY's -57.68%.
KBWY currently has the higher Sharpe Ratio (1.94 vs 1.72), 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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