PIREX vs. PHRAX
PIREX (Principal Real Estate Securities Fund Institutional) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both REIT funds. Over the past 10 years, PIREX returned 6.49%/yr vs 6.36%/yr for PHRAX. With a 0.99 correlation, they move nearly in lockstep. PIREX charges 0.86%/yr vs 1.36%/yr for PHRAX.
Performance
PIREX vs. PHRAX - 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 PHRAX's 15.62% return. Both investments have delivered pretty close results over the past 10 years, with PIREX having a 6.49% annualized return and PHRAX not far behind at 6.36%.
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%
PHRAX
- 1D
- 1.39%
- 1M
- 0.47%
- YTD
- 15.62%
- 6M
- 16.01%
- 1Y
- 14.04%
- 3Y*
- 12.52%
- 5Y*
- 4.42%
- 10Y*
- 6.36%
PIREX vs. PHRAX - 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% |
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 15.62% | 0.23% | 10.15% | 10.98% | -26.33% | 46.79% | -1.98% | 27.09% | -7.41% | 5.65% |
Correlation
The correlation between PIREX and PHRAX is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2001 | 0.99 |
The correlation between PIREX and PHRAX has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
PIREX vs. PHRAX — Risk / Return Rank
PIREX
PHRAX
PIREX vs. PHRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Real Estate Securities Fund Institutional (PIREX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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 | PHRAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.20 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 1.97 | -0.50 |
| Martin ratioReturn relative to average drawdown | 3.96 | 5.73 | -1.77 |
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Drawdowns
PIREX vs. PHRAX - Drawdown Comparison
The maximum PIREX drawdown since its inception was -69.88%, roughly equal to the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for PIREX and PHRAX.
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Drawdown Indicators
| PIREX | PHRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.88% | -72.56% | +2.68% |
Max Drawdown (1Y)Largest decline over 1 year | -7.44% | -7.83% | +0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | -19.09% | +3.37% |
Max Drawdown (5Y)Largest decline over 5 years | -30.84% | -33.51% | +2.67% |
Max Drawdown (10Y)Largest decline over 10 years | -41.22% | -42.00% | +0.78% |
Current DrawdownCurrent decline from peak | -1.66% | -1.04% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -11.27% | -11.35% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 2.69% | +0.08% |
Volatility
PIREX vs. PHRAX - Volatility Comparison
The current volatility for Principal Real Estate Securities Fund Institutional (PIREX) is 4.83%, while Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a volatility of 5.14%. This indicates that PIREX experiences smaller price fluctuations and is considered to be less risky than PHRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIREX | PHRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.83% | 5.14% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 10.04% | 10.16% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.33% | 13.75% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.40% | 19.11% | -0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.72% | 21.02% | -1.30% |
PIREX vs. PHRAX - Expense Ratio Comparison
PIREX has a 0.86% expense ratio, which is lower than PHRAX's 1.36% expense ratio.
Dividends
PIREX vs. PHRAX - Dividend Comparison
PIREX's dividend yield for the trailing twelve months is around 2.25%, less than PHRAX's 5.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 5.06% | 5.93% | 8.39% | 12.35% | 11.12% | 4.45% | 5.58% | 21.34% | 19.03% | 18.54% | 21.22% | 20.04% |
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 0.96, PIREX and PHRAX 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 (5.14%) compared to PIREX (4.83%). In terms of maximum drawdown, PIREX dropped -69.88% vs PHRAX's -72.56%.
PHRAX currently has the higher Sharpe Ratio (1.13 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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