PHRAX vs. USRT

Last updated Jun 3, 2026

PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) and USRT (iShares Core U.S. REIT ETF) are both REIT funds. Over the past 10 years, PHRAX returned 6.10%/yr vs 6.21%/yr for USRT. Their correlation of 0.93 suggests significant overlap in exposure. PHRAX charges 1.36%/yr vs 0.08%/yr for USRT.

Performance

PHRAX vs. USRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) and iShares Core U.S. REIT ETF (USRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHRAX achieves a 11.18% return, which is significantly lower than USRT's 12.59% return. Both investments have delivered pretty close results over the past 10 years, with PHRAX having a 6.10% annualized return and USRT not far ahead at 6.21%.

PHRAX

• 1D: -1.94%
• 1M: -2.28%
• YTD: 11.18%
• 6M: 10.03%
• 1Y: 10.60%
• 3Y*: 9.97%
• 5Y*: 3.75%
• 10Y*: 6.10%

USRT

• 1D: 0.08%
• 1M: -0.19%
• YTD: 12.59%
• 6M: 11.36%
• 1Y: 15.26%
• 3Y*: 11.53%
• 5Y*: 4.73%
• 10Y*: 6.21%

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

PHRAX vs. USRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	11.18%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%
USRT iShares Core U.S. REIT ETF	12.59%	2.44%	8.58%	13.64%	-24.43%	43.26%	-8.06%	25.98%	-4.67%	5.27%

Correlation

The correlation between PHRAX and USRT 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	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since May 7, 2007	0.93

The correlation between PHRAX and USRT has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.

Return for Risk

PHRAX vs. USRT — Risk / Return Rank

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

PHRAX

PHRAX Risk / Return Rank: 11
PHRAX Sharpe Ratio Rank: 10
PHRAX Sortino Ratio Rank: 9
PHRAX Omega Ratio Rank: 9
PHRAX Calmar Ratio Rank: 15
PHRAX Martin Ratio Rank: 14

USRT

USRT Risk / Return Rank: 33
USRT Sharpe Ratio Rank: 31
USRT Sortino Ratio Rank: 29
USRT Omega Ratio Rank: 29
USRT Calmar Ratio Rank: 38
USRT Martin Ratio Rank: 38

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. USRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) and iShares Core U.S. REIT ETF (USRT). 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	USRT	Difference
Sharpe ratio Return per unit of total volatility	0.83	1.15	-0.33
Sortino ratio Return per unit of downside risk	1.18	1.63	-0.45
Omega ratio Gain probability vs. loss probability	1.15	1.20	-0.05
Calmar ratio Return relative to maximum drawdown	1.40	1.91	-0.51
Martin ratio Return relative to average drawdown	4.12	6.15	-2.03
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. USRT - Sharpe Ratio Comparison

The current PHRAX Sharpe Ratio is 0.83, which is comparable to the USRT Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of PHRAX and USRT, 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	USRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	1.15	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.25	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.29	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.18	+0.21

Drawdowns

PHRAX vs. USRT - Drawdown Comparison

The maximum PHRAX drawdown since its inception was -72.56%, roughly equal to the maximum USRT drawdown of -69.91%. Use the drawdown chart below to compare losses from any high point for PHRAX and USRT.

Drawdown Indicators

	PHRAX	USRT	Difference
Max Drawdown Largest peak-to-trough decline	-72.56%	-69.91%	-2.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-8.04%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-19.09%	-18.70%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-33.51%	-31.03%	-2.48%
Max Drawdown (10Y) Largest decline over 10 years	-42.00%	-44.38%	+2.38%
Current Drawdown Current decline from peak	-3.90%	-3.01%	-0.89%
Average Drawdown Average peak-to-trough decline	-11.37%	-12.97%	+1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.49%	+0.17%

Volatility

PHRAX vs. USRT - Volatility Comparison

Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) and iShares Core U.S. REIT ETF (USRT) have volatilities of 3.90% and 3.92%, 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	USRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.92%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	9.25%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	13.28%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.09%	18.89%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	21.28%	-0.31%

PHRAX vs. USRT - Expense Ratio Comparison

PHRAX has a 1.36% expense ratio, which is higher than USRT's 0.08% expense ratio.

Dividends

PHRAX vs. USRT - Dividend Comparison

PHRAX's dividend yield for the trailing twelve months is around 5.32%, more than USRT's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	5.32%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%
USRT iShares Core U.S. REIT ETF	2.67%	3.07%	2.85%	3.18%	3.46%	2.27%	3.12%	3.34%	5.66%	3.44%	3.98%	3.59%

Frequently Asked Questions

Can I hold both PHRAX and USRT in my portfolio?

With a correlation of 0.98, PHRAX and USRT 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 USRT?

USRT has higher volatility (3.92%) compared to PHRAX (3.90%). In terms of maximum drawdown, PHRAX dropped -72.56% vs USRT's -69.91%.

Which has better risk-adjusted returns?

USRT currently has the higher Sharpe Ratio (1.15 vs 0.83), 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.