PHRAX vs. PJEZX

Last updated Jun 4, 2026

PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) and PJEZX (PGIM US Real Estate Fund) are both REIT funds. Over the past 10 years, PHRAX returned 6.15%/yr vs 8.93%/yr for PJEZX. With a 0.98 correlation, they move nearly in lockstep. PHRAX charges 1.36%/yr vs 1.00%/yr for PJEZX.

Performance

PHRAX vs. PJEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) and PGIM US Real Estate Fund (PJEZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHRAX achieves a 11.63% return, which is significantly lower than PJEZX's 12.78% return. Over the past 10 years, PHRAX has underperformed PJEZX with an annualized return of 6.15%, while PJEZX has yielded a comparatively higher 8.93% annualized return.

PHRAX

• 1D: 0.41%
• 1M: -1.30%
• YTD: 11.63%
• 6M: 10.47%
• 1Y: 11.41%
• 3Y*: 10.12%
• 5Y*: 3.87%
• 10Y*: 6.15%

PJEZX

• 1D: 0.52%
• 1M: -1.42%
• YTD: 12.78%
• 6M: 10.82%
• 1Y: 14.92%
• 3Y*: 12.87%
• 5Y*: 5.66%
• 10Y*: 8.93%

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

PHRAX vs. PJEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	11.63%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%
PJEZX PGIM US Real Estate Fund	12.78%	2.49%	13.08%	15.85%	-27.26%	48.32%	-4.86%	44.30%	-3.54%	5.60%

Correlation

The correlation between PHRAX and PJEZX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
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 Dec 22, 2010	0.98

The correlation between PHRAX and PJEZX has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

PHRAX vs. PJEZX — Risk / Return Rank

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

PHRAX

PHRAX Risk / Return Rank: 12
PHRAX Sharpe Ratio Rank: 10
PHRAX Sortino Ratio Rank: 10
PHRAX Omega Ratio Rank: 10
PHRAX Calmar Ratio Rank: 16
PHRAX Martin Ratio Rank: 14

PJEZX

PJEZX Risk / Return Rank: 19
PJEZX Sharpe Ratio Rank: 15
PJEZX Sortino Ratio Rank: 14
PJEZX Omega Ratio Rank: 14
PJEZX Calmar Ratio Rank: 28
PJEZX Martin Ratio Rank: 24

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.

PHRAX vs. PJEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) and PGIM US Real Estate Fund (PJEZX). 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	PJEZX	Difference
Sharpe ratio Return per unit of total volatility	0.85	1.08	-0.24
Sortino ratio Return per unit of downside risk	1.20	1.53	-0.33
Omega ratio Gain probability vs. loss probability	1.15	1.19	-0.04
Calmar ratio Return relative to maximum drawdown	1.42	2.00	-0.58
Martin ratio Return relative to average drawdown	4.15	5.91	-1.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHRAX vs. PJEZX - Sharpe Ratio Comparison

The current PHRAX Sharpe Ratio is 0.85, which is comparable to the PJEZX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of PHRAX and PJEZX, 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

	PHRAX	PJEZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	1.08	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.30	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.42	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.47	-0.07

Drawdowns

PHRAX vs. PJEZX - Drawdown Comparison

The maximum PHRAX drawdown since its inception was -72.56%, which is greater than PJEZX's maximum drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for PHRAX and PJEZX.

Drawdown Indicators

	PHRAX	PJEZX	Difference
Max Drawdown Largest peak-to-trough decline	-72.56%	-43.43%	-29.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-7.32%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-19.09%	-19.19%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-33.51%	-34.60%	+1.09%
Max Drawdown (10Y) Largest decline over 10 years	-42.00%	-43.43%	+1.43%
Current Drawdown Current decline from peak	-3.51%	-3.66%	+0.15%
Average Drawdown Average peak-to-trough decline	-11.37%	-8.11%	-3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.47%	+0.20%

Volatility

PHRAX vs. PJEZX - Volatility Comparison

Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) and PGIM US Real Estate Fund (PJEZX) have volatilities of 3.94% and 4.02%, 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.

Volatility by Period

	PHRAX	PJEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	4.02%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	9.74%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	13.50%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.08%	18.90%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.98%	21.15%	-0.17%

PHRAX vs. PJEZX - Expense Ratio Comparison

PHRAX has a 1.36% expense ratio, which is higher than PJEZX's 1.00% expense ratio.

Dividends

PHRAX vs. PJEZX - Dividend Comparison

PHRAX's dividend yield for the trailing twelve months is around 5.30%, more than PJEZX's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	5.30%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%
PJEZX PGIM US Real Estate Fund	1.85%	2.05%	1.93%	1.65%	3.21%	9.54%	1.56%	13.21%	5.43%	6.31%	15.48%	9.39%

Frequently Asked Questions

Can I hold both PHRAX and PJEZX in my portfolio?

With a correlation of 0.98, PHRAX and PJEZX 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.

Which is riskier, PHRAX or PJEZX?

PJEZX has higher volatility (4.02%) compared to PHRAX (3.94%). In terms of maximum drawdown, PHRAX dropped -72.56% vs PJEZX's -43.43%.

Which has better risk-adjusted returns?

PJEZX currently has the higher Sharpe Ratio (1.08 vs 0.85), 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.