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REM vs. GQRE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

REM vs. GQRE

Last updated Jun 4, 2026

REM (iShares Mortgage Real Estate ETF) and GQRE (FlexShares Global Quality Real Estate Index Fund) are both REIT funds - REM tracks the FTSE NAREIT All Mortgage Capped Index while GQRE tracks the Northern Trust Global Quality Real Estate (NR). Both are passively managed. Over the past 10 years, REM returned 2.55%/yr vs 3.78%/yr for GQRE. A 0.61 correlation means they provide meaningful diversification when combined. REM charges 0.48%/yr vs 0.45%/yr for GQRE.

Performance

REM vs. GQRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Mortgage Real Estate ETF (REM) and FlexShares Global Quality Real Estate Index Fund (GQRE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, REM achieves a -2.10% return, which is significantly lower than GQRE's 7.34% return. Over the past 10 years, REM has underperformed GQRE with an annualized return of 2.55%, while GQRE has yielded a comparatively higher 3.78% annualized return.

REM

1D
-1.24%
1M
-4.86%
YTD
-2.10%
6M
-2.10%
1Y
11.53%
3Y*
8.00%
5Y*
-2.48%
10Y*
2.55%

GQRE

1D
-0.36%
1M
-1.32%
YTD
7.34%
6M
7.63%
1Y
11.71%
3Y*
10.30%
5Y*
1.99%
10Y*
3.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

REM vs. GQRE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
REM
iShares Mortgage Real Estate ETF		-2.10%13.30%-1.00%14.43%-27.56%16.14%-19.99%21.34%-3.09%18.43%
GQRE
FlexShares Global Quality Real Estate Index Fund		7.34%8.27%6.09%9.21%-27.22%32.01%-9.17%21.84%-8.88%13.60%

Correlation

The correlation between REM and GQRE is 0.65, 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

0.65

Correlation (3Y)
Calculated over the trailing 3-year period

0.68

Correlation (5Y)
Calculated over the trailing 5-year period

0.70

Correlation (10Y)
Calculated over the trailing 10-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2013

0.61

The correlation between REM and GQRE has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

REM vs. GQRE - Sectors Allocation Comparison

Sectors
REM
GQRE

Real Estate

97.2%
87.9%

Financial Services

2.4%
2.0%

Basic Materials

-

0.0%

Communication Services

-

0.5%

Consumer Cyclical

-

1.0%

Consumer Defensive

-

0.5%

Energy

-

-

Healthcare

-

0.6%

Industrials

-

0.2%

Technology

-

0.8%

Utilities

-

0.5%

Real Estate

REM
97.2%
GQRE
87.9%

Financial Services

REM
2.4%
GQRE
2.0%

Basic Materials

REM

-

GQRE
0.0%

Communication Services

REM

-

GQRE
0.5%

Consumer Cyclical

REM

-

GQRE
1.0%

Consumer Defensive

REM

-

GQRE
0.5%

Energy

REM

-

GQRE

-

Healthcare

REM

-

GQRE
0.6%

Industrials

REM

-

GQRE
0.2%

Technology

REM

-

GQRE
0.8%

Utilities

REM

-

GQRE
0.5%

Compare stocks, funds, or ETFs

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iShares Mortgage Real Estate ETF

FlexShares Global Quality Real Estate Index Fund

Often compared with REM:
REM vs. MORTREM vs. VNQREM vs. REETREM vs. IYRREM vs. NLYREM vs. OREM vs. QQQ
Often compared with GQRE:
GQRE vs. RWOGQRE vs. RLYGQRE vs. UCONGQRE vs. SPREGQRE vs. XLREGQRE vs. MORTGQRE vs. vnqi

Return for Risk

REM vs. GQRE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
REM
REM Risk / Return Rank: 2020
Overall Rank
REM Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
REM Sortino Ratio Rank: 2020
Sortino Ratio Rank
REM Omega Ratio Rank: 1919
Omega Ratio Rank
REM Calmar Ratio Rank: 1919
Calmar Ratio Rank
REM Martin Ratio Rank: 2020
Martin Ratio Rank
GQRE
GQRE Risk / Return Rank: 2727
Overall Rank
GQRE Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
GQRE Sortino Ratio Rank: 2626
Sortino Ratio Rank
GQRE Omega Ratio Rank: 2626
Omega Ratio Rank
GQRE Calmar Ratio Rank: 2525
Calmar Ratio Rank
GQRE Martin Ratio Rank: 3030
Martin Ratio Rank
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.

REM vs. GQRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Mortgage Real Estate ETF (REM) and FlexShares Global Quality Real Estate Index Fund (GQRE). 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.

REMGQREDifference
Sharpe ratioReturn per unit of total volatility
0.69
1.01

-0.32

Sortino ratioReturn per unit of downside risk
1.04
1.43

-0.39

Omega ratioGain probability vs. loss probability

1.13

1.18

-0.05

Calmar ratioReturn relative to maximum drawdown

0.81

1.16

-0.35

Martin ratioReturn relative to average drawdown

2.33

4.42

-2.09

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REM vs. GQRE - Sharpe Ratio Comparison

The current REM Sharpe Ratio is 0.69, which is lower than the GQRE Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of REM and GQRE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

REMGQREDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.69

1.01

-0.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.11

0.12

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.09

0.21

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.05

0.30

-0.34

Drawdowns

REM vs. GQRE - Drawdown Comparison

The maximum REM drawdown since its inception was -74.73%, which is greater than GQRE's maximum drawdown of -41.87%. Use the drawdown chart below to compare losses from any high point for REM and GQRE.

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Drawdown Indicators

REMGQREDifference

Max Drawdown

Largest peak-to-trough decline

-74.73%

-41.87%

-32.86%

Max Drawdown (1Y)

Largest decline over 1 year

-14.25%

-10.15%

-4.10%

Max Drawdown (3Y)

Largest decline over 3 years

-21.91%

-16.17%

-5.74%

Max Drawdown (5Y)

Largest decline over 5 years

-43.31%

-35.08%

-8.23%

Max Drawdown (10Y)

Largest decline over 10 years

-68.52%

-41.87%

-26.65%

Current Drawdown

Current decline from peak

-23.85%

-3.43%

-20.42%

Average Drawdown

Average peak-to-trough decline

-38.35%

-9.24%

-29.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.95%

2.66%

+2.29%

Volatility

REM vs. GQRE - Volatility Comparison

iShares Mortgage Real Estate ETF (REM) has a higher volatility of 3.81% compared to FlexShares Global Quality Real Estate Index Fund (GQRE) at 3.53%. This indicates that REM's price experiences larger fluctuations and is considered to be riskier than GQRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

REMGQREDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.81%

3.53%

+0.28%

Volatility (6M)

Calculated over the trailing 6-month period

13.01%

8.77%

+4.24%

Volatility (1Y)

Calculated over the trailing 1-year period

16.85%

11.64%

+5.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.57%

16.45%

+7.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.27%

17.66%

+10.61%

REM vs. GQRE - Expense Ratio Comparison

REM has a 0.48% expense ratio, which is higher than GQRE's 0.45% expense ratio.

Dividends

REM vs. GQRE - Dividend Comparison

REM's dividend yield for the trailing twelve months is around 9.19%, more than GQRE's 4.36% yield.

PositionTTM20252024202320222021202020192018201720162015
GQRE
FlexShares Global Quality Real Estate Index Fund		4.36%4.75%3.77%2.91%2.56%2.36%2.05%4.29%3.22%1.97%4.16%2.32%
REM
iShares Mortgage Real Estate ETF		9.19%8.70%9.61%9.46%11.13%7.29%7.72%8.16%10.00%9.97%10.03%11.99%

Frequently Asked Questions

REM and GQRE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

REM has higher volatility (3.81%) compared to GQRE (3.53%). In terms of maximum drawdown, REM dropped -74.73% vs GQRE's -41.87%.

On 10-year performance, GQRE leads with 3.78% vs 2.55% for REM. On fees, GQRE is cheaper at 0.45% per year. On volatility, GQRE has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GQRE has performed better with a 3.78% return vs 2.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GQRE is cheaper with a 0.45% expense ratio, compared with 0.48% for REM.

REM has the higher dividend yield at 9.19%, compared with 4.36% for GQRE.

REM tracks FTSE NAREIT All Mortgage Capped Index, while GQRE tracks Northern Trust Global Quality Real Estate (NR). They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.48% for REM and 0.45% for GQRE.

GQRE currently has the higher Sharpe Ratio (1.01 vs 0.69), 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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