PSR vs. IYR
PSR (Invesco Active U.S. Real Estate Fund) and IYR (iShares U.S. Real Estate ETF) are both REIT funds. PSR is actively managed, while IYR is passively managed. Over the past 10 years, PSR returned 5.73%/yr vs 5.61%/yr for IYR. Their correlation of 0.86 suggests significant overlap in exposure. PSR charges 0.35%/yr vs 0.38%/yr for IYR.
Performance
PSR vs. IYR - Performance Comparison
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Returns By Period
In the year-to-date period, PSR achieves a 14.74% return, which is significantly higher than IYR's 9.06% return. Both investments have delivered pretty close results over the past 10 years, with PSR having a 5.73% annualized return and IYR not far behind at 5.61%.
PSR
- 1D
- 1.10%
- 1M
- 0.20%
- YTD
- 14.74%
- 6M
- 15.23%
- 1Y
- 14.47%
- 3Y*
- 10.60%
- 5Y*
- 2.48%
- 10Y*
- 5.73%
IYR
- 1D
- 1.15%
- 1M
- -0.59%
- YTD
- 9.06%
- 6M
- 9.39%
- 1Y
- 9.98%
- 3Y*
- 10.10%
- 5Y*
- 2.37%
- 10Y*
- 5.61%
PSR vs. IYR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSR Invesco Active U.S. Real Estate Fund | 14.74% | 2.63% | 1.79% | 8.34% | -25.52% | 41.71% | -6.04% | 28.76% | -4.58% | 11.95% |
IYR iShares U.S. Real Estate ETF | 9.06% | 3.38% | 4.41% | 11.89% | -25.51% | 38.74% | -5.23% | 28.21% | -4.33% | 9.31% |
Correlation
The correlation between PSR and IYR is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2008 | 0.86 |
The correlation between PSR and IYR shifts across timeframes, from 0.86 (all time) to 0.98 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PSR vs. IYR — Risk / Return Rank
PSR
IYR
PSR vs. IYR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Active U.S. Real Estate Fund (PSR) and iShares U.S. Real Estate ETF (IYR). 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.
| PSR | IYR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.13 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.17 | +0.57 |
| Martin ratioReturn relative to average drawdown | 5.45 | 3.64 | +1.81 |
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Drawdowns
PSR vs. IYR - Drawdown Comparison
The maximum PSR drawdown since its inception was -42.31%, smaller than the maximum IYR drawdown of -74.13%. Use the drawdown chart below to compare losses from any high point for PSR and IYR.
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Drawdown Indicators
| PSR | IYR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.31% | -74.13% | +31.82% |
Max Drawdown (1Y)Largest decline over 1 year | -8.33% | -8.54% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -16.58% | -17.52% | +0.94% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -33.75% | -1.06% |
Max Drawdown (10Y)Largest decline over 10 years | -42.31% | -42.32% | +0.01% |
Current DrawdownCurrent decline from peak | -3.28% | -2.17% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -9.31% | -12.89% | +3.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 2.75% | -0.09% |
Volatility
PSR vs. IYR - Volatility Comparison
Invesco Active U.S. Real Estate Fund (PSR) and iShares U.S. Real Estate ETF (IYR) have volatilities of 5.14% and 5.22%, 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.
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Volatility by Period
| PSR | IYR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 5.22% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.40% | 10.28% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.76% | 13.90% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.57% | 18.77% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 20.37% | -0.02% |
PSR vs. IYR - Expense Ratio Comparison
PSR has a 0.35% expense ratio, which is lower than IYR's 0.38% expense ratio.
Dividends
PSR vs. IYR - Dividend Comparison
PSR's dividend yield for the trailing twelve months is around 3.14%, more than IYR's 2.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYR iShares U.S. Real Estate ETF | 2.23% | 2.48% | 2.57% | 2.75% | 2.92% | 2.06% | 2.58% | 3.05% | 3.53% | 3.73% | 4.41% | 3.92% |
PSR Invesco Active U.S. Real Estate Fund | 3.14% | 2.56% | 3.06% | 2.93% | 2.95% | 2.12% | 3.09% | 2.55% | 2.64% | 0.14% | 3.60% | 3.20% |
Frequently Asked Questions
With a correlation of 0.97, PSR and IYR 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.
IYR has higher volatility (5.22%) compared to PSR (5.14%). In terms of maximum drawdown, PSR dropped -42.31% vs IYR's -74.13%.
On 10-year performance, PSR leads with 5.73% vs 5.61% for IYR. On fees, PSR is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSR has performed better with a 5.73% return vs 5.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSR is cheaper with a 0.35% expense ratio, compared with 0.38% for IYR.
PSR has the higher dividend yield at 3.14%, compared with 2.23% for IYR.
They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for PSR and 0.38% for IYR.
PSR currently has the higher Sharpe Ratio (1.06 vs 0.72), 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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