PREAX vs. IRSAX

Last updated Aug 4, 2026

PREAX (PACE Global Real Estate Securities Investments) and IRSAX (Delaware Ivy Securian Real Estate Securities Fund) are both REIT funds. Over the past 10 years, PREAX returned 1.54%/yr vs 7.35%/yr for IRSAX. Their correlation of 0.87 means they have usually moved in the same direction. PREAX charges 1.45%/yr vs 1.20%/yr for IRSAX.

Performance

PREAX vs. IRSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE Global Real Estate Securities Investments (PREAX) and Delaware Ivy Securian Real Estate Securities Fund (IRSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PREAX achieves a 11.74% return, which is significantly lower than IRSAX's 19.63% return. Over the past 10 years, PREAX has underperformed IRSAX with an annualized return of 1.54%, while IRSAX has yielded a comparatively higher 7.35% annualized return.

PREAX

• 1D: -1.08%
• 1M: 1.66%
• 6M: 10.39%
• YTD: 11.74%
• 1Y: 15.07%
• 3Y*: 5.70%
• 5Y*: -1.02%
• 10Y*: 1.54%
• ALL TIME*: 1.34%

IRSAX

• 1D: -0.53%
• 1M: 0.66%
• 6M: 18.70%
• YTD: 19.63%
• 1Y: 26.40%
• 3Y*: 17.69%
• 5Y*: 7.50%
• 10Y*: 7.35%
• ALL TIME*: 8.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IRSAX Delaware Ivy Securian Real Estate Securities Fund	$0.00	$0.00	$0.00
PREAX PACE Global Real Estate Securities Investments	$0.00	$0.00	$0.00

PREAX vs. IRSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PREAX PACE Global Real Estate Securities Investments	11.74%	3.29%	-3.16%	10.93%	-27.85%	32.65%	-11.23%	20.46%	-8.44%	6.62%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	19.63%	7.28%	23.62%	9.53%	-25.47%	43.57%	-3.51%	24.13%	-5.69%	5.29%

Correlation

The correlation between PREAX and IRSAX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007	0.87

The correlation between PREAX and IRSAX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

PREAX vs. IRSAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PREAX

PREAX Risk / Return Rank: 38
PREAX Sharpe Ratio Rank: 41
PREAX Sortino Ratio Rank: 41
PREAX Omega Ratio Rank: 40
PREAX Calmar Ratio Rank: 33
PREAX Martin Ratio Rank: 35

IRSAX

IRSAX Risk / Return Rank: 81
IRSAX Sharpe Ratio Rank: 80
IRSAX Sortino Ratio Rank: 75
IRSAX Omega Ratio Rank: 73
IRSAX Calmar Ratio Rank: 87
IRSAX Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PREAX vs. IRSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Global Real Estate Securities Investments (PREAX) and Delaware Ivy Securian Real Estate Securities Fund (IRSAX). 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.

	PREAX	IRSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.94	-0.62
Sortino ratio: Return per unit of downside risk	1.92	2.65	-0.73
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	1.54	3.22	-1.69
Martin ratio: Return relative to average drawdown	5.44	12.30	-6.85

PREAX vs. IRSAX - Sharpe Ratio Comparison

The current PREAX Sharpe Ratio is 1.33, which is lower than the IRSAX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of PREAX and IRSAX, 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

PREAX vs. IRSAX - Drawdown Comparison

The maximum PREAX drawdown since its inception was -72.43%, roughly equal to the maximum IRSAX drawdown of -72.03%. Use the drawdown chart below to compare losses from any high point for PREAX and IRSAX.

Drawdown Indicators

	PREAX	IRSAX	Difference
Max Drawdown Largest peak-to-trough decline	-72.43%	-72.03%	-0.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-8.04%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-21.93%	-16.11%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-35.95%	-37.56%	+1.61%
Max Drawdown (10Y) Largest decline over 10 years	-43.59%	-40.71%	-2.88%
Current Drawdown Current decline from peak	-10.54%	-3.01%	-7.53%
Average Drawdown Average peak-to-trough decline	-20.23%	-13.17%	-7.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.10%	+0.86%

Volatility

PREAX vs. IRSAX - Volatility Comparison

The current volatility for PACE Global Real Estate Securities Investments (PREAX) is 3.55%, while Delaware Ivy Securian Real Estate Securities Fund (IRSAX) has a volatility of 4.47%. This indicates that PREAX experiences smaller price fluctuations and is considered to be less risky than IRSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PREAX	IRSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	4.47%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	10.65%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	13.40%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	28.61%	-11.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	25.65%	-7.74%

PREAX vs. IRSAX - Expense Ratio Comparison

PREAX has a 1.45% expense ratio, which is higher than IRSAX's 1.20% expense ratio.

Dividends

PREAX vs. IRSAX - Dividend Comparison

PREAX's dividend yield for the trailing twelve months is around 2.24%, less than IRSAX's 20.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRSAX Delaware Ivy Securian Real Estate Securities Fund	20.08%	24.77%	29.95%	9.61%	34.76%	13.03%	1.81%	9.69%	7.51%	12.71%	10.34%	5.88%
PREAX PACE Global Real Estate Securities Investments	2.24%	2.50%	1.65%	1.19%	0.66%	2.77%	2.47%	4.68%	3.43%	0.50%	4.21%	2.72%

Frequently Asked Questions

Can I hold both PREAX and IRSAX in my portfolio?

PREAX and IRSAX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PREAX or IRSAX?

IRSAX has higher volatility (4.47%) compared to PREAX (3.55%). In terms of maximum drawdown, PREAX dropped -72.43% vs IRSAX's -72.03%.

Which has better risk-adjusted returns?

IRSAX currently has the higher Sharpe Ratio (1.94 vs 1.33), 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.