PIREX vs. CASH.TO

Last updated Jun 23, 2026

PIREX (Principal Real Estate Securities Fund Institutional) and CASH.TO (Global X High Interest Savings ETF) are both funds - PIREX is a REIT fund tracking the U.S. REIT Linked Index, while CASH.TO is a Money Market fund actively managed by Global X. PIREX is passively managed, while CASH.TO is actively managed. Over the past 3 years, PIREX returned 8.73%/yr vs 0.99%/yr for CASH.TO. At a 0.05 correlation, their price movements are largely independent. PIREX charges 0.86%/yr vs 0.11%/yr for CASH.TO.

Performance

PIREX vs. CASH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Real Estate Securities Fund Institutional (PIREX) and Global X High Interest Savings ETF (CASH.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PIREX is traded in USD, while CASH.TO is traded in CAD. To make them comparable, the CASH.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PIREX achieves a 11.59% return, which is significantly higher than CASH.TO's -2.46% return.

PIREX

• 1D: -0.03%
• 1M: -1.91%
• YTD: 11.59%
• 6M: 11.86%
• 1Y: 9.62%
• 3Y*: 8.73%
• 5Y*: 3.40%
• 10Y*: 6.36%

CASH.TO

• 1D: -0.22%
• 1M: -2.66%
• YTD: -2.46%
• 6M: -1.71%
• 1Y: -1.24%
• 3Y*: 0.99%
• 5Y*: —
• 10Y*: —

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

PIREX vs. CASH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PIREX Principal Real Estate Securities Fund Institutional	11.59%	1.21%	5.43%	13.32%	-25.23%	6.08%
CASH.TO Global X High Interest Savings ETF	-2.46%	7.36%	-3.63%	7.67%	-3.72%	-2.56%

Correlation

The correlation between PIREX and CASH.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021	0.05

Return for Risk

PIREX vs. CASH.TO — Risk / Return Rank

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

PIREX

PIREX Risk / Return Rank: 11
PIREX Sharpe Ratio Rank: 9
PIREX Sortino Ratio Rank: 9
PIREX Omega Ratio Rank: 9
PIREX Calmar Ratio Rank: 15
PIREX Martin Ratio Rank: 13

CASH.TO

CASH.TO Risk / Return Rank: 99
CASH.TO Sharpe Ratio Rank: 99
CASH.TO Sortino Ratio Rank: 99
CASH.TO Omega Ratio Rank: 99
CASH.TO Calmar Ratio Rank: 100
CASH.TO Martin Ratio Rank: 100

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.

PIREX vs. CASH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Real Estate Securities Fund Institutional (PIREX) and Global X High Interest Savings ETF (CASH.TO). 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.

	PIREX	CASH.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.72	-0.28	+1.01
Sortino ratio: Return per unit of downside risk	1.04	-0.40	+1.44
Omega ratio: Gain probability vs. loss probability	1.13	0.96	+0.18
Calmar ratio: Return relative to maximum drawdown	1.29	-0.31	+1.60
Martin ratio: Return relative to average drawdown	3.46	-0.76	+4.21

PIREX vs. CASH.TO - Sharpe Ratio Comparison

The current PIREX Sharpe Ratio is 0.72, which is higher than the CASH.TO Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of PIREX and CASH.TO, 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

PIREX vs. CASH.TO - Drawdown Comparison

The maximum PIREX drawdown since its inception was -69.88%, which is greater than CASH.TO's maximum drawdown of -9.29%. Use the drawdown chart below to compare losses from any high point for PIREX and CASH.TO.

Drawdown Indicators

	PIREX	CASH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-69.88%	-9.29%	-60.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.44%	-4.05%	-3.39%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-7.69%	-8.03%
Max Drawdown (5Y) Largest decline over 5 years	-30.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.22%	—	—
Current Drawdown Current decline from peak	-2.83%	-4.05%	+1.22%
Average Drawdown Average peak-to-trough decline	-11.27%	-2.80%	-8.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	1.64%	+1.13%

Volatility

PIREX vs. CASH.TO - Volatility Comparison

Principal Real Estate Securities Fund Institutional (PIREX) has a higher volatility of 4.81% compared to Global X High Interest Savings ETF (CASH.TO) at 1.02%. This indicates that PIREX's price experiences larger fluctuations and is considered to be riskier than CASH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIREX	CASH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	1.02%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	3.29%	+6.69%
Volatility (1Y) Calculated over the trailing 1-year period	13.25%	4.39%	+8.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.41%	6.24%	+12.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	6.24%	+13.47%

PIREX vs. CASH.TO - Expense Ratio Comparison

PIREX has a 0.86% expense ratio, which is higher than CASH.TO's 0.11% expense ratio.

Dividends

PIREX vs. CASH.TO - Dividend Comparison

PIREX's dividend yield for the trailing twelve months is around 2.28%, more than CASH.TO's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CASH.TO Global X High Interest Savings ETF	2.19%	2.53%	4.37%	5.05%	2.30%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PIREX Principal Real Estate Securities Fund Institutional	2.28%	2.67%	4.16%	2.67%	3.56%	4.18%	2.67%	3.02%	4.17%	3.65%	4.45%	6.96%

Frequently Asked Questions

Can I hold both PIREX and CASH.TO in my portfolio?

PIREX and CASH.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.