PFFR vs. BREIX

Last updated Jun 4, 2026

PFFR (InfraCap REIT Preferred ETF) and BREIX (Baron Real Estate Fund) are both funds - PFFR is a Preferred Stock/Convertible Bonds fund tracking the Indxx REIT Preferred Stock Index, while BREIX is a REIT fund managed by Baron Capital Group, Inc.. Over the past 5 years, PFFR returned 0.97%/yr vs 2.55%/yr for BREIX. At a 0.44 correlation, their price movements are largely independent. PFFR charges 0.45%/yr vs 1.05%/yr for BREIX.

Performance

PFFR vs. BREIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap REIT Preferred ETF (PFFR) and Baron Real Estate Fund (BREIX). 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 PFFR having a 0.80% return and BREIX slightly higher at 0.84%.

PFFR

• 1D: -0.22%
• 1M: -0.75%
• YTD: 0.80%
• 6M: 0.96%
• 1Y: 6.82%
• 3Y*: 9.27%
• 5Y*: 0.97%
• 10Y*: —

BREIX

• 1D: 0.07%
• 1M: 1.04%
• YTD: 0.84%
• 6M: -0.48%
• 1Y: 13.24%
• 3Y*: 11.02%
• 5Y*: 2.55%
• 10Y*: 11.13%

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

PFFR vs. BREIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFFR InfraCap REIT Preferred ETF	0.80%	5.36%	7.12%	21.04%	-23.90%	6.76%	0.19%	20.28%	-7.45%	7.60%
BREIX Baron Real Estate Fund	0.84%	5.18%	12.46%	25.04%	-28.45%	24.41%	44.35%	44.60%	-22.05%	26.98%

Correlation

The correlation between PFFR and BREIX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.44

Return for Risk

PFFR vs. BREIX — Risk / Return Rank

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

PFFR

PFFR Risk / Return Rank: 23
PFFR Sharpe Ratio Rank: 24
PFFR Sortino Ratio Rank: 23
PFFR Omega Ratio Rank: 23
PFFR Calmar Ratio Rank: 23
PFFR Martin Ratio Rank: 20

BREIX

BREIX Risk / Return Rank: 11
BREIX Sharpe Ratio Rank: 11
BREIX Sortino Ratio Rank: 11
BREIX Omega Ratio Rank: 11
BREIX Calmar Ratio Rank: 12
BREIX Martin Ratio Rank: 11

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.

PFFR vs. BREIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap REIT Preferred ETF (PFFR) and Baron Real Estate Fund (BREIX). 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.

	PFFR	BREIX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	0.86	+0.01
Sortino ratio: Return per unit of downside risk	1.27	1.33	-0.06
Omega ratio: Gain probability vs. loss probability	1.16	1.16	0.00
Calmar ratio: Return relative to maximum drawdown	1.04	1.13	-0.09
Martin ratio: Return relative to average drawdown	2.44	3.25	-0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFFR vs. BREIX - Sharpe Ratio Comparison

The current PFFR Sharpe Ratio is 0.87, which is comparable to the BREIX Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of PFFR and BREIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFFR	BREIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	0.86	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.12	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.64	-0.48

Drawdowns

PFFR vs. BREIX - Drawdown Comparison

The maximum PFFR drawdown since its inception was -53.02%, which is greater than BREIX's maximum drawdown of -38.47%. Use the drawdown chart below to compare losses from any high point for PFFR and BREIX.

Drawdown Indicators

	PFFR	BREIX	Difference
Max Drawdown Largest peak-to-trough decline	-53.02%	-38.47%	-14.55%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-12.56%	+5.99%
Max Drawdown (3Y) Largest decline over 3 years	-11.16%	-23.91%	+12.75%
Max Drawdown (5Y) Largest decline over 5 years	-29.80%	-33.93%	+4.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.47%	—
Current Drawdown Current decline from peak	-3.05%	-4.37%	+1.32%
Average Drawdown Average peak-to-trough decline	-7.00%	-7.56%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	4.37%	-1.57%

Volatility

PFFR vs. BREIX - Volatility Comparison

The current volatility for InfraCap REIT Preferred ETF (PFFR) is 2.81%, while Baron Real Estate Fund (BREIX) has a volatility of 4.32%. This indicates that PFFR experiences smaller price fluctuations and is considered to be less risky than BREIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFR	BREIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	4.32%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	11.85%	-5.71%
Volatility (1Y) Calculated over the trailing 1-year period	7.91%	16.62%	-8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.47%	20.71%	-10.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	21.21%	-0.67%

PFFR vs. BREIX - Expense Ratio Comparison

PFFR has a 0.45% expense ratio, which is lower than BREIX's 1.05% expense ratio.

Dividends

PFFR vs. BREIX - Dividend Comparison

PFFR's dividend yield for the trailing twelve months is around 8.29%, more than BREIX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BREIX Baron Real Estate Fund	3.76%	3.79%	0.40%	0.43%	2.85%	7.95%	6.18%	13.78%	12.19%	4.71%	1.17%	1.96%
PFFR InfraCap REIT Preferred ETF	8.29%	7.99%	7.78%	7.72%	8.60%	6.08%	6.11%	5.77%	6.48%	6.59%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFFR and BREIX in my portfolio?

PFFR and BREIX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFFR or BREIX?

BREIX has higher volatility (4.32%) compared to PFFR (2.81%). In terms of maximum drawdown, PFFR dropped -53.02% vs BREIX's -38.47%.

Which has better risk-adjusted returns?

PFFR currently has the higher Sharpe Ratio (0.87 vs 0.86), 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.