PREAX vs. MXREX

Last updated Jun 24, 2026

PREAX (PACE Global Real Estate Securities Investments) and MXREX (Great-West Real Estate Index Fund) are both REIT funds. Over the past 10 years, PREAX returned 1.95%/yr vs 4.21%/yr for MXREX. Their correlation of 0.85 suggests significant overlap in exposure. PREAX charges 1.45%/yr vs 0.70%/yr for MXREX.

Performance

PREAX vs. MXREX - Performance Comparison

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

Returns By Period

In the year-to-date period, PREAX achieves a 7.01% return, which is significantly lower than MXREX's 15.55% return. Over the past 10 years, PREAX has underperformed MXREX with an annualized return of 1.95%, while MXREX has yielded a comparatively higher 4.21% annualized return.

PREAX

• 1D: 0.43%
• 1M: 0.43%
• YTD: 7.01%
• 6M: 7.34%
• 1Y: 6.45%
• 3Y*: 6.35%
• 5Y*: -1.40%
• 10Y*: 1.95%

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%

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

PREAX vs. MXREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PREAX PACE Global Real Estate Securities Investments	7.01%	3.29%	-3.16%	10.93%	-27.85%	32.65%	-11.23%	20.46%	-8.44%	6.62%
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 PREAX and MXREX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.85

The correlation between PREAX and MXREX has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

Return for Risk

PREAX vs. MXREX — Risk / Return Rank

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

PREAX

PREAX Risk / Return Rank: 9
PREAX Sharpe Ratio Rank: 9
PREAX Sortino Ratio Rank: 9
PREAX Omega Ratio Rank: 9
PREAX Calmar Ratio Rank: 9
PREAX Martin Ratio Rank: 10

MXREX

MXREX Risk / Return Rank: 35
MXREX Sharpe Ratio Rank: 29
MXREX Sortino Ratio Rank: 26
MXREX Omega Ratio Rank: 27
MXREX Calmar Ratio Rank: 50
MXREX Martin Ratio Rank: 42

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.

PREAX vs. MXREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE Global Real Estate Securities Investments (PREAX) 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.

	PREAX	MXREX	Difference
Sharpe ratio: Return per unit of total volatility	0.68	1.44	-0.76
Sortino ratio: Return per unit of downside risk	1.02	1.97	-0.95
Omega ratio: Gain probability vs. loss probability	1.13	1.25	-0.13
Calmar ratio: Return relative to maximum drawdown	0.80	2.59	-1.79
Martin ratio: Return relative to average drawdown	2.71	8.56	-5.85

PREAX vs. MXREX - Sharpe Ratio Comparison

The current PREAX Sharpe Ratio is 0.68, which is lower than the MXREX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PREAX and MXREX, 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. MXREX - Drawdown Comparison

The maximum PREAX drawdown since its inception was -72.43%, which is greater than MXREX's maximum drawdown of -43.89%. Use the drawdown chart below to compare losses from any high point for PREAX and MXREX.

Drawdown Indicators

	PREAX	MXREX	Difference
Max Drawdown Largest peak-to-trough decline	-72.43%	-43.89%	-28.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-7.73%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-21.93%	-18.79%	-3.14%
Max Drawdown (5Y) Largest decline over 5 years	-35.95%	-33.06%	-2.89%
Max Drawdown (10Y) Largest decline over 10 years	-43.59%	-43.89%	+0.30%
Current Drawdown Current decline from peak	-14.33%	-1.33%	-13.00%
Average Drawdown Average peak-to-trough decline	-20.28%	-11.59%	-8.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.31%	+0.66%

Volatility

PREAX vs. MXREX - Volatility Comparison

The current volatility for PACE Global Real Estate Securities Investments (PREAX) is 3.96%, while Great-West Real Estate Index Fund (MXREX) has a volatility of 5.29%. This indicates that PREAX 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.

Volatility by Period

	PREAX	MXREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	5.29%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	10.21%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	13.94%	-1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	19.37%	-2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	21.98%	-4.02%

PREAX vs. MXREX - Expense Ratio Comparison

PREAX has a 1.45% expense ratio, which is higher than MXREX's 0.70% expense ratio.

Dividends

PREAX vs. MXREX - Dividend Comparison

PREAX's dividend yield for the trailing twelve months is around 2.34%, 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%
PREAX PACE Global Real Estate Securities Investments	2.34%	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 MXREX in my portfolio?

PREAX and MXREX have a correlation of 0.78, 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 MXREX?

MXREX has higher volatility (5.29%) compared to PREAX (3.96%). In terms of maximum drawdown, PREAX dropped -72.43% vs MXREX's -43.89%.

Which has better risk-adjusted returns?

MXREX currently has the higher Sharpe Ratio (1.44 vs 0.68), 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.