PIREX vs. MXREX
PIREX (Principal Real Estate Securities Fund Institutional) and MXREX (Great-West Real Estate Index Fund) are both REIT funds. Over the past 10 years, PIREX returned 6.49%/yr vs 4.21%/yr for MXREX. Their correlation of 0.93 suggests significant overlap in exposure. PIREX charges 0.86%/yr vs 0.70%/yr for MXREX.
Performance
PIREX vs. MXREX - Performance Comparison
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Returns By Period
In the year-to-date period, PIREX achieves a 12.94% return, which is significantly lower than MXREX's 15.55% return. Over the past 10 years, PIREX has outperformed MXREX with an annualized return of 6.49%, while MXREX has yielded a comparatively lower 4.21% annualized return.
PIREX
- 1D
- 1.21%
- 1M
- -0.72%
- YTD
- 12.94%
- 6M
- 13.29%
- 1Y
- 9.49%
- 3Y*
- 10.94%
- 5Y*
- 3.35%
- 10Y*
- 6.49%
MXREX
- 1D
- 1.36%
- 1M
- 0.64%
- YTD
- 15.55%
- 6M
- 15.86%
- 1Y
- 18.03%
- 3Y*
- 13.16%
- 5Y*
- 4.48%
- 10Y*
- 4.21%
PIREX vs. MXREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIREX Principal Real Estate Securities Fund Institutional | 12.94% | 1.21% | 5.43% | 13.32% | -25.23% | 39.62% | -3.32% | 31.14% | -4.34% | 9.00% |
MXREX Great-West Real Estate Index Fund | 15.55% | 3.16% | 7.47% | 13.31% | -26.44% | 45.80% | -12.52% | 22.41% | -4.92% | 2.25% |
Correlation
The correlation between PIREX and MXREX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.93 |
The correlation between PIREX and MXREX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
PIREX vs. MXREX — Risk / Return Rank
PIREX
MXREX
PIREX vs. MXREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Real Estate Securities Fund Institutional (PIREX) and Great-West Real Estate Index Fund (MXREX). 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 | MXREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.25 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 2.59 | -1.11 |
| Martin ratioReturn relative to average drawdown | 3.96 | 8.56 | -4.59 |
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Drawdowns
PIREX vs. MXREX - Drawdown Comparison
The maximum PIREX drawdown since its inception was -69.88%, which is greater than MXREX's maximum drawdown of -43.89%. Use the drawdown chart below to compare losses from any high point for PIREX and MXREX.
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Drawdown Indicators
| PIREX | MXREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.88% | -43.89% | -25.99% |
Max Drawdown (1Y)Largest decline over 1 year | -7.44% | -7.73% | +0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | -18.79% | +3.07% |
Max Drawdown (5Y)Largest decline over 5 years | -30.84% | -33.06% | +2.22% |
Max Drawdown (10Y)Largest decline over 10 years | -41.22% | -43.89% | +2.67% |
Current DrawdownCurrent decline from peak | -1.66% | -1.33% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -11.27% | -11.59% | +0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 2.31% | +0.46% |
Volatility
PIREX vs. MXREX - Volatility Comparison
The current volatility for Principal Real Estate Securities Fund Institutional (PIREX) is 4.83%, while Great-West Real Estate Index Fund (MXREX) has a volatility of 5.29%. This indicates that PIREX experiences smaller price fluctuations and is considered to be less risky than MXREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIREX | MXREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.83% | 5.29% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 10.04% | 10.21% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.33% | 13.94% | -0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.40% | 19.37% | -0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.72% | 21.98% | -2.26% |
PIREX vs. MXREX - Expense Ratio Comparison
PIREX has a 0.86% expense ratio, which is higher than MXREX's 0.70% expense ratio.
Dividends
PIREX vs. MXREX - Dividend Comparison
PIREX's dividend yield for the trailing twelve months is around 2.25%, more than MXREX's 1.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MXREX Great-West Real Estate Index Fund | 1.79% | 2.07% | 6.74% | 1.85% | 4.69% | 1.93% | 1.60% | 4.51% | 4.10% | 3.36% | 0.00% | 0.00% |
PIREX Principal Real Estate Securities Fund Institutional | 2.25% | 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
With a correlation of 0.93, PIREX and MXREX 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.
MXREX has higher volatility (5.29%) compared to PIREX (4.83%). In terms of maximum drawdown, PIREX dropped -69.88% vs MXREX's -43.89%.
MXREX currently has the higher Sharpe Ratio (1.44 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.
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