PIREX vs. SOAAX

Last updated Jun 24, 2026

PIREX (Principal Real Estate Securities Fund Institutional) and SOAAX (Spirit of America Real Estate Income & Growth Fund) are both REIT funds. Over the past 10 years, PIREX returned 6.49%/yr vs 5.31%/yr for SOAAX. With a 0.96 correlation, they move nearly in lockstep. PIREX charges 0.86%/yr vs 1.52%/yr for SOAAX.

Performance

PIREX vs. SOAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Real Estate Securities Fund Institutional (PIREX) and Spirit of America Real Estate Income & Growth Fund (SOAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIREX achieves a 12.94% return, which is significantly lower than SOAAX's 14.89% return. Over the past 10 years, PIREX has outperformed SOAAX with an annualized return of 6.49%, while SOAAX has yielded a comparatively lower 5.31% 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%

SOAAX

• 1D: 1.21%
• 1M: -0.11%
• YTD: 14.89%
• 6M: 15.33%
• 1Y: 13.22%
• 3Y*: 10.72%
• 5Y*: 3.04%
• 10Y*: 5.31%

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

PIREX vs. SOAAX - 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%
SOAAX Spirit of America Real Estate Income & Growth Fund	14.89%	-0.90%	7.57%	9.60%	-28.40%	42.01%	-5.06%	28.09%	-6.82%	6.80%

Correlation

The correlation between PIREX and SOAAX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 28, 2001	0.96

The correlation between PIREX and SOAAX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

PIREX vs. SOAAX — Risk / Return Rank

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

PIREX

PIREX Risk / Return Rank: 13
PIREX Sharpe Ratio Rank: 11
PIREX Sortino Ratio Rank: 10
PIREX Omega Ratio Rank: 11
PIREX Calmar Ratio Rank: 19
PIREX Martin Ratio Rank: 16

SOAAX

SOAAX Risk / Return Rank: 21
SOAAX Sharpe Ratio Rank: 17
SOAAX Sortino Ratio Rank: 16
SOAAX Omega Ratio Rank: 16
SOAAX Calmar Ratio Rank: 29
SOAAX Martin Ratio Rank: 25

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. SOAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Real Estate Securities Fund Institutional (PIREX) and Spirit of America Real Estate Income & Growth Fund (SOAAX). 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	SOAAX	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.10	-0.27
Sortino ratio: Return per unit of downside risk	1.18	1.53	-0.35
Omega ratio: Gain probability vs. loss probability	1.15	1.20	-0.05
Calmar ratio: Return relative to maximum drawdown	1.48	1.88	-0.40
Martin ratio: Return relative to average drawdown	3.96	5.58	-1.62

PIREX vs. SOAAX - Sharpe Ratio Comparison

The current PIREX Sharpe Ratio is 0.83, which is comparable to the SOAAX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of PIREX and SOAAX, 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. SOAAX - Drawdown Comparison

The maximum PIREX drawdown since its inception was -69.88%, smaller than the maximum SOAAX drawdown of -78.19%. Use the drawdown chart below to compare losses from any high point for PIREX and SOAAX.

Drawdown Indicators

	PIREX	SOAAX	Difference
Max Drawdown Largest peak-to-trough decline	-69.88%	-78.19%	+8.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.44%	-7.74%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-15.72%	-19.29%	+3.57%
Max Drawdown (5Y) Largest decline over 5 years	-30.84%	-36.03%	+5.19%
Max Drawdown (10Y) Largest decline over 10 years	-41.22%	-41.24%	+0.02%
Current Drawdown Current decline from peak	-1.66%	-3.90%	+2.24%
Average Drawdown Average peak-to-trough decline	-11.27%	-14.60%	+3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.60%	+0.17%

Volatility

PIREX vs. SOAAX - Volatility Comparison

Principal Real Estate Securities Fund Institutional (PIREX) and Spirit of America Real Estate Income & Growth Fund (SOAAX) have volatilities of 4.83% and 4.65%, 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

	PIREX	SOAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	4.65%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	9.74%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	13.33%	13.29%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.40%	18.24%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.72%	19.75%	-0.03%

PIREX vs. SOAAX - Expense Ratio Comparison

PIREX has a 0.86% expense ratio, which is lower than SOAAX's 1.52% expense ratio.

Dividends

PIREX vs. SOAAX - Dividend Comparison

PIREX's dividend yield for the trailing twelve months is around 2.25%, less than SOAAX's 9.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SOAAX Spirit of America Real Estate Income & Growth Fund	9.26%	10.64%	9.53%	9.32%	9.32%	6.12%	8.13%	7.11%	8.47%	6.87%	7.18%	8.97%

Frequently Asked Questions

Can I hold both PIREX and SOAAX in my portfolio?

With a correlation of 0.95, PIREX and SOAAX 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, PIREX or SOAAX?

PIREX has higher volatility (4.83%) compared to SOAAX (4.65%). In terms of maximum drawdown, PIREX dropped -69.88% vs SOAAX's -78.19%.

Which has better risk-adjusted returns?

SOAAX currently has the higher Sharpe Ratio (1.10 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.