PHRAX vs. BIREX
PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) and BIREX (BlackRock Real Estate Securities Fund) are both REIT funds. Over the past 10 years, PHRAX returned 6.16%/yr vs 6.43%/yr for BIREX. With a 0.98 correlation, they move nearly in lockstep. PHRAX charges 1.36%/yr vs 0.75%/yr for BIREX.
Performance
PHRAX vs. BIREX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PHRAX having a 11.75% return and BIREX slightly higher at 12.31%. Both investments have delivered pretty close results over the past 10 years, with PHRAX having a 6.16% annualized return and BIREX not far ahead at 6.43%.
PHRAX
- 1D
- 0.10%
- 1M
- -1.54%
- YTD
- 11.75%
- 6M
- 11.00%
- 1Y
- 11.40%
- 3Y*
- 10.15%
- 5Y*
- 3.87%
- 10Y*
- 6.16%
BIREX
- 1D
- -0.06%
- 1M
- -0.42%
- YTD
- 12.31%
- 6M
- 11.54%
- 1Y
- 14.24%
- 3Y*
- 10.52%
- 5Y*
- 3.23%
- 10Y*
- 6.43%
PHRAX vs. BIREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 11.75% | 0.23% | 10.15% | 10.98% | -26.33% | 46.79% | -1.98% | 27.09% | -7.41% | 5.65% |
BIREX BlackRock Real Estate Securities Fund | 12.31% | 3.08% | 3.75% | 13.57% | -27.58% | 46.24% | -4.17% | 27.75% | -2.95% | 6.19% |
Correlation
The correlation between PHRAX and BIREX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013 | 0.98 |
The correlation between PHRAX and BIREX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
PHRAX vs. BIREX — Risk / Return Rank
PHRAX
BIREX
PHRAX vs. BIREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) and BlackRock Real Estate Securities Fund (BIREX). 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.
| PHRAX | BIREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.20 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 1.77 | -0.29 |
| Martin ratioReturn relative to average drawdown | 4.31 | 5.84 | -1.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PHRAX | BIREX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 1.11 | -0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.17 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.31 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.39 | 0.00 |
Drawdowns
PHRAX vs. BIREX - Drawdown Comparison
The maximum PHRAX drawdown since its inception was -72.56%, which is greater than BIREX's maximum drawdown of -41.92%. Use the drawdown chart below to compare losses from any high point for PHRAX and BIREX.
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Drawdown Indicators
| PHRAX | BIREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.56% | -41.92% | -30.64% |
Max Drawdown (1Y)Largest decline over 1 year | -7.83% | -8.16% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -19.09% | -18.05% | -1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -33.51% | -34.76% | +1.25% |
Max Drawdown (10Y)Largest decline over 10 years | -42.00% | -41.92% | -0.08% |
Current DrawdownCurrent decline from peak | -3.42% | -2.47% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -11.37% | -9.73% | -1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 2.47% | +0.21% |
Volatility
PHRAX vs. BIREX - Volatility Comparison
Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) and BlackRock Real Estate Securities Fund (BIREX) have volatilities of 3.91% and 3.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHRAX | BIREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 3.74% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 9.35% | 9.45% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.12% | 13.00% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.08% | 18.75% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.97% | 20.89% | +0.08% |
PHRAX vs. BIREX - Expense Ratio Comparison
PHRAX has a 1.36% expense ratio, which is higher than BIREX's 0.75% expense ratio.
Dividends
PHRAX vs. BIREX - Dividend Comparison
PHRAX's dividend yield for the trailing twelve months is around 5.29%, more than BIREX's 2.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIREX BlackRock Real Estate Securities Fund | 2.71% | 2.98% | 2.88% | 2.87% | 4.36% | 1.63% | 2.16% | 1.93% | 3.07% | 9.88% | 6.72% | 6.75% |
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 5.29% | 5.93% | 8.39% | 12.35% | 11.12% | 4.45% | 5.58% | 21.34% | 19.03% | 18.54% | 21.22% | 20.04% |
Frequently Asked Questions
With a correlation of 0.97, PHRAX and BIREX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PHRAX has higher volatility (3.91%) compared to BIREX (3.74%). In terms of maximum drawdown, PHRAX dropped -72.56% vs BIREX's -41.92%.
BIREX currently has the higher Sharpe Ratio (1.11 vs 0.88), 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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