PJEZX vs. BRIIX

Last updated Jun 24, 2026

PJEZX (PGIM US Real Estate Fund) and BRIIX (Baron Real Estate Income Fund) are both REIT funds. Over the past 5 years, PJEZX returned 6.11%/yr vs 4.63%/yr for BRIIX. Their correlation of 0.92 suggests significant overlap in exposure. PJEZX charges 1.00%/yr vs 1.08%/yr for BRIIX.

Performance

PJEZX vs. BRIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Real Estate Fund (PJEZX) and Baron Real Estate Income Fund (BRIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJEZX achieves a 17.00% return, which is significantly higher than BRIIX's 11.79% return.

PJEZX

• 1D: 1.52%
• 1M: 0.56%
• YTD: 17.00%
• 6M: 17.52%
• 1Y: 17.32%
• 3Y*: 15.17%
• 5Y*: 6.11%
• 10Y*: 9.18%

BRIIX

• 1D: 0.53%
• 1M: 1.92%
• YTD: 11.79%
• 6M: 10.94%
• 1Y: 16.20%
• 3Y*: 15.06%
• 5Y*: 4.63%
• 10Y*: —

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

PJEZX vs. BRIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PJEZX PGIM US Real Estate Fund	17.00%	2.49%	13.08%	15.85%	-27.26%	48.32%	-4.86%	44.30%	-3.54%	-0.17%
BRIIX Baron Real Estate Income Fund	11.79%	3.73%	17.32%	15.52%	-27.49%	29.29%	22.32%	36.54%	-11.02%	0.00%

Correlation

The correlation between PJEZX and BRIIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 29, 2017	0.92

The correlation between PJEZX and BRIIX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

PJEZX vs. BRIIX — Risk / Return Rank

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

PJEZX

PJEZX Risk / Return Rank: 32
PJEZX Sharpe Ratio Rank: 26
PJEZX Sortino Ratio Rank: 23
PJEZX Omega Ratio Rank: 23
PJEZX Calmar Ratio Rank: 50
PJEZX Martin Ratio Rank: 36

BRIIX

BRIIX Risk / Return Rank: 29
BRIIX Sharpe Ratio Rank: 23
BRIIX Sortino Ratio Rank: 21
BRIIX Omega Ratio Rank: 22
BRIIX Calmar Ratio Rank: 41
BRIIX Martin Ratio Rank: 37

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.

PJEZX vs. BRIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Real Estate Fund (PJEZX) and Baron Real Estate Income Fund (BRIIX). 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.

	PJEZX	BRIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.28	+0.06
Sortino ratio: Return per unit of downside risk	1.86	1.79	+0.07
Omega ratio: Gain probability vs. loss probability	1.23	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	2.57	2.32	+0.26
Martin ratio: Return relative to average drawdown	7.54	7.75	-0.21

PJEZX vs. BRIIX - Sharpe Ratio Comparison

The current PJEZX Sharpe Ratio is 1.34, which is comparable to the BRIIX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of PJEZX and BRIIX, 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

PJEZX vs. BRIIX - Drawdown Comparison

The maximum PJEZX drawdown since its inception was -43.43%, which is greater than BRIIX's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for PJEZX and BRIIX.

Drawdown Indicators

	PJEZX	BRIIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.43%	-37.06%	-6.37%
Max Drawdown (1Y) Largest decline over 1 year	-7.32%	-7.61%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-17.53%	-1.66%
Max Drawdown (5Y) Largest decline over 5 years	-34.60%	-32.86%	-1.74%
Max Drawdown (10Y) Largest decline over 10 years	-43.43%	—	—
Current Drawdown Current decline from peak	-0.77%	-0.83%	+0.06%
Average Drawdown Average peak-to-trough decline	-8.09%	-8.55%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.27%	+0.22%

Volatility

PJEZX vs. BRIIX - Volatility Comparison

PGIM US Real Estate Fund (PJEZX) and Baron Real Estate Income Fund (BRIIX) have volatilities of 5.08% and 5.10%, 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

	PJEZX	BRIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	5.10%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	10.15%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	13.77%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	18.41%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	20.60%	+0.59%

PJEZX vs. BRIIX - Expense Ratio Comparison

PJEZX has a 1.00% expense ratio, which is lower than BRIIX's 1.08% expense ratio.

Dividends

PJEZX vs. BRIIX - Dividend Comparison

PJEZX's dividend yield for the trailing twelve months is around 1.78%, more than BRIIX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRIIX Baron Real Estate Income Fund	1.45%	1.70%	1.39%	1.95%	2.00%	1.21%	0.77%	1.12%	3.03%	0.00%	0.00%	0.00%
PJEZX PGIM US Real Estate Fund	1.78%	2.05%	1.93%	1.65%	3.21%	9.54%	1.56%	13.21%	5.43%	6.31%	15.48%	9.39%

Frequently Asked Questions

Can I hold both PJEZX and BRIIX in my portfolio?

With a correlation of 0.91, PJEZX and BRIIX 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, PJEZX or BRIIX?

BRIIX has higher volatility (5.10%) compared to PJEZX (5.08%). In terms of maximum drawdown, PJEZX dropped -43.43% vs BRIIX's -37.06%.

Which has better risk-adjusted returns?

PJEZX currently has the higher Sharpe Ratio (1.34 vs 1.28), 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.