PGZ vs. OUSM

Last updated Jun 13, 2026

PGZ (Principal Real Estate Income Fund) is a stock, while OUSM (OShares U.S. Small-Cap Quality Dividend ETF) is Small Cap Blend Equities fund tracking the O'Shares US Small-Cap Quality Dividend Index. Over the past 5 years, PGZ returned 2.17%/yr vs 7.57%/yr for OUSM. At a 0.42 correlation, their price movements are largely independent.

Performance

PGZ vs. OUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Real Estate Income Fund (PGZ) and OShares U.S. Small-Cap Quality Dividend ETF (OUSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGZ achieves a 6.74% return, which is significantly lower than OUSM's 8.25% return.

PGZ

• 1D: -0.03%
• 1M: 3.28%
• YTD: 6.74%
• 6M: 7.55%
• 1Y: 8.40%
• 3Y*: 15.84%
• 5Y*: 2.17%
• 10Y*: 4.01%

OUSM

• 1D: 0.94%
• 1M: 2.04%
• YTD: 8.25%
• 6M: 6.15%
• 1Y: 11.79%
• 3Y*: 11.20%
• 5Y*: 7.57%
• 10Y*: —

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

PGZ vs. OUSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGZ Principal Real Estate Income Fund	6.74%	14.50%	17.99%	4.05%	-27.98%	38.70%	-36.50%	36.77%	3.92%	18.23%
OUSM OShares U.S. Small-Cap Quality Dividend ETF	8.25%	2.17%	13.45%	18.82%	-7.89%	21.45%	7.64%	28.04%	-10.60%	10.85%

Correlation

The correlation between PGZ and OUSM is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Dec 30, 2016	0.42

Return for Risk

PGZ vs. OUSM — Risk / Return Rank

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

PGZ

PGZ Risk / Return Rank: 65
PGZ Sharpe Ratio Rank: 69
PGZ Sortino Ratio Rank: 62
PGZ Omega Ratio Rank: 63
PGZ Calmar Ratio Rank: 61
PGZ Martin Ratio Rank: 69

OUSM

OUSM Risk / Return Rank: 28
OUSM Sharpe Ratio Rank: 28
OUSM Sortino Ratio Rank: 29
OUSM Omega Ratio Rank: 26
OUSM Calmar Ratio Rank: 30
OUSM Martin Ratio Rank: 29

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.

PGZ vs. OUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Real Estate Income Fund (PGZ) and OShares U.S. Small-Cap Quality Dividend ETF (OUSM). 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.

	PGZ	OUSM	Difference
Sharpe ratio: Return per unit of total volatility	0.82	0.89	-0.07
Sortino ratio: Return per unit of downside risk	1.23	1.42	-0.19
Omega ratio: Gain probability vs. loss probability	1.17	1.16	+0.01
Calmar ratio: Return relative to maximum drawdown	0.86	1.29	-0.43
Martin ratio: Return relative to average drawdown	3.22	3.76	-0.54

PGZ vs. OUSM - Sharpe Ratio Comparison

The current PGZ Sharpe Ratio is 0.82, which is comparable to the OUSM Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of PGZ and OUSM, 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

PGZ vs. OUSM - Drawdown Comparison

The maximum PGZ drawdown since its inception was -53.58%, which is greater than OUSM's maximum drawdown of -39.84%. Use the drawdown chart below to compare losses from any high point for PGZ and OUSM.

Drawdown Indicators

	PGZ	OUSM	Difference
Max Drawdown Largest peak-to-trough decline	-53.58%	-39.84%	-13.74%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-9.21%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-10.56%	-19.44%	+8.88%
Max Drawdown (5Y) Largest decline over 5 years	-35.34%	-19.44%	-15.90%
Max Drawdown (10Y) Largest decline over 10 years	-53.58%	—	—
Current Drawdown Current decline from peak	-9.07%	-0.33%	-8.74%
Average Drawdown Average peak-to-trough decline	-16.12%	-5.20%	-10.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	3.15%	-0.54%

Volatility

PGZ vs. OUSM - Volatility Comparison

The current volatility for Principal Real Estate Income Fund (PGZ) is 3.05%, while OShares U.S. Small-Cap Quality Dividend ETF (OUSM) has a volatility of 3.89%. This indicates that PGZ experiences smaller price fluctuations and is considered to be less risky than OUSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGZ	OUSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	3.89%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	8.85%	9.31%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	10.27%	13.26%	-2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	16.32%	-1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.80%	18.92%	+2.88%

Dividends

PGZ vs. OUSM - Dividend Comparison

PGZ's dividend yield for the trailing twelve months is around 12.42%, more than OUSM's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OUSM OShares U.S. Small-Cap Quality Dividend ETF	2.04%	2.09%	1.62%	1.64%	1.98%	1.55%	2.02%	1.99%	2.63%	2.17%	0.00%	0.00%
PGZ Principal Real Estate Income Fund	12.42%	12.59%	12.75%	13.33%	11.86%	6.32%	10.34%	6.25%	7.98%	9.51%	10.90%	10.40%

Frequently Asked Questions

Can I hold both PGZ and OUSM in my portfolio?

PGZ and OUSM have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGZ or OUSM?

OUSM has higher volatility (3.89%) compared to PGZ (3.05%). In terms of maximum drawdown, PGZ dropped -53.58% vs OUSM's -39.84%.

Which has better risk-adjusted returns?

OUSM currently has the higher Sharpe Ratio (0.89 vs 0.82), 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.