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REZ vs. GQRE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

REZ vs. GQRE

Last updated Jun 4, 2026

REZ (iShares Residential Real Estate ETF) and GQRE (FlexShares Global Quality Real Estate Index Fund) are both REIT funds - REZ tracks the FTSE NAREIT All Residential Capped Index while GQRE tracks the Northern Trust Global Quality Real Estate (NR). Both are passively managed. Over the past 10 years, REZ returned 6.37%/yr vs 3.78%/yr for GQRE. Their correlation of 0.81 suggests significant overlap in exposure. REZ charges 0.48%/yr vs 0.45%/yr for GQRE.

Performance

REZ vs. GQRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Residential Real Estate ETF (REZ) 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, REZ achieves a 6.86% return, which is significantly lower than GQRE's 7.34% return. Over the past 10 years, REZ has outperformed GQRE with an annualized return of 6.37%, while GQRE has yielded a comparatively lower 3.78% annualized return.

REZ

1D
0.48%
1M
-1.45%
YTD
6.86%
6M
3.65%
1Y
9.32%
3Y*
9.90%
5Y*
3.98%
10Y*
6.37%

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)

REZ vs. GQRE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
REZ
iShares Residential Real Estate ETF		6.86%4.80%12.73%10.97%-28.31%47.86%-6.62%24.49%3.89%3.87%
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 REZ and GQRE is 0.83, 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

0.83

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

0.86

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

0.88

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

0.84

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

0.81

The correlation between REZ and GQRE has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

REZ vs. GQRE - Sectors Allocation Comparison

Sectors
REZ
GQRE

Real Estate

99.4%
87.9%

Financial Services

0.1%
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

REZ
99.4%
GQRE
87.9%

Financial Services

REZ
0.1%
GQRE
2.0%

Basic Materials

REZ

-

GQRE
0.0%

Communication Services

REZ

-

GQRE
0.5%

Consumer Cyclical

REZ

-

GQRE
1.0%

Consumer Defensive

REZ

-

GQRE
0.5%

Energy

REZ

-

GQRE

-

Healthcare

REZ

-

GQRE
0.6%

Industrials

REZ

-

GQRE
0.2%

Technology

REZ

-

GQRE
0.8%

Utilities

REZ

-

GQRE
0.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Residential Real Estate ETF

FlexShares Global Quality Real Estate Index Fund

Often compared with REZ:
REZ vs. VNQREZ vs. IYRREZ vs. HAUSREZ vs. NUREREZ vs. AVBREZ vs. UREREZ vs. FRESX
Often compared with GQRE:
GQRE vs. RWOGQRE vs. RLYGQRE vs. UCONGQRE vs. SPREGQRE vs. XLREGQRE vs. MORTGQRE vs. vnqi

Return for Risk

REZ vs. GQRE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
REZ
REZ Risk / Return Rank: 2020
Overall Rank
REZ Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
REZ Sortino Ratio Rank: 1818
Sortino Ratio Rank
REZ Omega Ratio Rank: 1818
Omega Ratio Rank
REZ Calmar Ratio Rank: 2323
Calmar Ratio Rank
REZ Martin Ratio Rank: 2424
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.

REZ vs. GQRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Residential Real Estate ETF (REZ) 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.

REZGQREDifference
Sharpe ratioReturn per unit of total volatility
0.66
1.01

-0.36

Sortino ratioReturn per unit of downside risk
0.97
1.43

-0.47

Omega ratioGain probability vs. loss probability

1.12

1.18

-0.06

Calmar ratioReturn relative to maximum drawdown

1.07

1.16

-0.09

Martin ratioReturn relative to average drawdown

3.27

4.42

-1.15

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

REZ vs. GQRE - Sharpe Ratio Comparison

The current REZ Sharpe Ratio is 0.66, which is lower than the GQRE Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of REZ 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

REZGQREDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.66

1.01

-0.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

0.12

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.30

0.21

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.24

0.30

-0.06

Drawdowns

REZ vs. GQRE - Drawdown Comparison

The maximum REZ drawdown since its inception was -66.87%, which is greater than GQRE's maximum drawdown of -41.87%. Use the drawdown chart below to compare losses from any high point for REZ and GQRE.

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Drawdown Indicators

REZGQREDifference

Max Drawdown

Largest peak-to-trough decline

-66.87%

-41.87%

-25.00%

Max Drawdown (1Y)

Largest decline over 1 year

-8.76%

-10.15%

+1.39%

Max Drawdown (3Y)

Largest decline over 3 years

-18.39%

-16.17%

-2.22%

Max Drawdown (5Y)

Largest decline over 5 years

-35.05%

-35.08%

+0.03%

Max Drawdown (10Y)

Largest decline over 10 years

-44.15%

-41.87%

-2.28%

Current Drawdown

Current decline from peak

-4.21%

-3.43%

-0.78%

Average Drawdown

Average peak-to-trough decline

-12.69%

-9.24%

-3.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.86%

2.66%

+0.20%

Volatility

REZ vs. GQRE - Volatility Comparison

iShares Residential Real Estate ETF (REZ) has a higher volatility of 4.39% compared to FlexShares Global Quality Real Estate Index Fund (GQRE) at 3.53%. This indicates that REZ'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

REZGQREDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.39%

3.53%

+0.86%

Volatility (6M)

Calculated over the trailing 6-month period

10.66%

8.77%

+1.89%

Volatility (1Y)

Calculated over the trailing 1-year period

14.32%

11.64%

+2.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.91%

16.45%

+2.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.52%

17.66%

+3.86%

REZ vs. GQRE - Expense Ratio Comparison

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

Dividends

REZ vs. GQRE - Dividend Comparison

REZ's dividend yield for the trailing twelve months is around 2.15%, less 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%
REZ
iShares Residential Real Estate ETF		2.15%2.74%2.26%2.94%3.37%1.81%3.17%2.90%3.63%3.57%5.55%3.18%

Frequently Asked Questions

REZ and GQRE have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

REZ has higher volatility (4.39%) compared to GQRE (3.53%). In terms of maximum drawdown, REZ dropped -66.87% vs GQRE's -41.87%.

On 10-year performance, REZ leads with 6.37% vs 3.78% for GQRE. 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, REZ has performed better with a 6.37% return vs 3.78%. 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 REZ.

GQRE has the higher dividend yield at 4.36%, compared with 2.15% for REZ.

REZ tracks FTSE NAREIT All Residential 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 REZ and 0.45% for GQRE.

GQRE currently has the higher Sharpe Ratio (1.01 vs 0.66), 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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