REZ vs. KBWY
REZ (iShares Residential and Multisector Real Estate ETF) and KBWY (Invesco KBW Premium Yield Equity REIT ETF) are both REIT funds - REZ tracks the FTSE NAREIT All Residential Capped Index while KBWY tracks the KBW Nasdaq Premium Yield Equity REIT Index. Both are passively managed. Over the past 10 years, REZ returned 6.74%/yr vs 0.68%/yr for KBWY. Their 0.77 correlation means they have sometimes moved together and sometimes differently. REZ charges 0.48%/yr vs 0.35%/yr for KBWY.
Performance
REZ vs. KBWY - Performance Comparison
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Returns By Period
In the year-to-date period, REZ achieves a 16.94% return, which is significantly lower than KBWY's 25.42% return. Over the past 10 years, REZ has outperformed KBWY with an annualized return of 6.74%, while KBWY has yielded a comparatively lower 0.68% annualized return.
REZ
- 1D
- 0.01%
- 1M
- -1.36%
- 6M
- 15.00%
- YTD
- 16.94%
- 1Y
- 20.55%
- 3Y*
- 12.14%
- 5Y*
- 3.89%
- 10Y*
- 6.74%
- ALL TIME*
- 7.32%
KBWY
- 1D
- -1.02%
- 1M
- -1.98%
- 6M
- 20.28%
- YTD
- 25.42%
- 1Y
- 32.49%
- 3Y*
- 7.59%
- 5Y*
- 2.70%
- 10Y*
- 0.68%
- ALL TIME*
- 5.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.57M | $2.83M | $2.51M | |
| $3.79M | $3.86M | $3.20M |
REZ vs. KBWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REZ iShares Residential and Multisector Real Estate ETF | 16.94% | 4.80% | 12.73% | 10.97% | -28.31% | 47.86% | -6.62% | 24.49% | 3.89% | 3.87% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 25.42% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
Correlation
The correlation between REZ and KBWY is 0.70, 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. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | 0.77 |
The correlation between REZ and KBWY has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.
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Return for Risk
REZ vs. KBWY — Risk / Return Rank
REZ
KBWY
REZ vs. KBWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Residential and Multisector Real Estate ETF (REZ) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). 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.
| REZ | KBWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.32 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 3.46 | -1.03 |
| Martin ratioReturn relative to average drawdown | 7.59 | 8.62 | -1.03 |
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Drawdowns
REZ vs. KBWY - Drawdown Comparison
The maximum REZ drawdown since its inception was -66.87%, which is greater than KBWY's maximum drawdown of -57.68%. Use the drawdown chart below to compare losses from any high point for REZ and KBWY.
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Drawdown Indicators
| REZ | KBWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.87% | -57.68% | -9.19% |
Max Drawdown (1Y)Largest decline over 1 year | -8.76% | -9.24% | +0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -15.28% | -29.93% | +14.65% |
Max Drawdown (5Y)Largest decline over 5 years | -35.05% | -32.29% | -2.76% |
Max Drawdown (10Y)Largest decline over 10 years | -44.15% | -57.68% | +13.53% |
Current DrawdownCurrent decline from peak | -3.23% | -4.45% | +1.22% |
Average DrawdownAverage peak-to-trough decline | -12.59% | -14.08% | +1.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 3.70% | -0.90% |
Volatility
REZ vs. KBWY - Volatility Comparison
iShares Residential and Multisector Real Estate ETF (REZ) has a higher volatility of 5.95% compared to Invesco KBW Premium Yield Equity REIT ETF (KBWY) at 4.52%. This indicates that REZ's price experiences larger fluctuations and is considered to be riskier than KBWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REZ | KBWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.95% | 4.52% | +1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 12.35% | 12.24% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.55% | 16.51% | -0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.06% | 21.56% | -2.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.62% | 27.06% | -5.44% |
REZ vs. KBWY - Expense Ratio Comparison
REZ has a 0.48% expense ratio, which is higher than KBWY's 0.35% expense ratio.
Dividends
REZ vs. KBWY - Dividend Comparison
REZ's dividend yield for the trailing twelve months is around 1.96%, less than KBWY's 8.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.11% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
REZ iShares Residential and Multisector Real Estate ETF | 1.96% | 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 KBWY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REZ has higher volatility (5.95%) compared to KBWY (4.52%). In terms of maximum drawdown, REZ dropped -66.87% vs KBWY's -57.68%.
On 10-year performance, REZ leads with 6.74% vs 0.68% for KBWY. On fees, KBWY is cheaper at 0.35% per year. On volatility, KBWY has been the lower-risk option at 4.52%. 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 6.74% return vs 0.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWY is cheaper with a 0.35% expense ratio, compared with 0.48% for REZ.
KBWY has the higher dividend yield at 8.11%, compared with 1.96% for REZ.
REZ tracks FTSE NAREIT All Residential Capped Index, while KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.48% for REZ and 0.35% for KBWY.
KBWY currently has the higher Sharpe Ratio (1.94 vs 1.38), 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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