REZ vs. USRT
REZ (iShares Residential and Multisector Real Estate ETF) and USRT (iShares Core U.S. REIT ETF) are both REIT funds from iShares - REZ tracks the FTSE NAREIT All Residential Capped Index while USRT tracks the FTSE Nareit Equity REITS 40 Act Capped Index. Both are passively managed. Over the past 10 years, REZ returned 6.93%/yr vs 6.25%/yr for USRT. Their correlation of 0.88 suggests significant overlap in exposure. REZ charges 0.48%/yr vs 0.08%/yr for USRT.
Performance
REZ vs. USRT - Performance Comparison
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Returns By Period
In the year-to-date period, REZ achieves a 19.38% return, which is significantly lower than USRT's 21.89% return. Over the past 10 years, REZ has outperformed USRT with an annualized return of 6.93%, while USRT has yielded a comparatively lower 6.25% annualized return.
REZ
- 1D
- 3.14%
- 1M
- 7.54%
- 6M
- 15.80%
- YTD
- 19.38%
- 1Y
- 20.80%
- 3Y*
- 12.17%
- 5Y*
- 4.61%
- 10Y*
- 6.93%
USRT
- 1D
- 2.59%
- 1M
- 4.04%
- 6M
- 17.91%
- YTD
- 21.89%
- 1Y
- 24.37%
- 3Y*
- 12.38%
- 5Y*
- 5.63%
- 10Y*
- 6.25%
REZ vs. USRT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REZ iShares Residential and Multisector Real Estate ETF | 19.38% | 4.80% | 12.73% | 10.97% | -28.31% | 47.86% | -6.62% | 24.49% | 3.89% | 3.87% |
USRT iShares Core U.S. REIT ETF | 21.89% | 2.44% | 8.58% | 13.64% | -24.43% | 43.26% | -8.06% | 25.98% | -4.67% | 5.27% |
Correlation
The correlation between REZ and USRT is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 4, 2007 | 0.88 |
The correlation between REZ and USRT has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.
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Return for Risk
REZ vs. USRT — Risk / Return Rank
REZ
USRT
REZ vs. USRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Residential and Multisector Real Estate ETF (REZ) and iShares Core U.S. REIT ETF (USRT). 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 | USRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.31 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 3.04 | -0.66 |
| Martin ratioReturn relative to average drawdown | 7.17 | 9.86 | -2.69 |
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Drawdowns
REZ vs. USRT - Drawdown Comparison
The maximum REZ drawdown since its inception was -66.87%, roughly equal to the maximum USRT drawdown of -69.92%. Use the drawdown chart below to compare losses from any high point for REZ and USRT.
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Drawdown Indicators
| REZ | USRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.87% | -69.92% | +3.05% |
Max Drawdown (1Y)Largest decline over 1 year | -8.76% | -8.04% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -18.39% | -18.70% | +0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -35.05% | -31.03% | -4.02% |
Max Drawdown (10Y)Largest decline over 10 years | -44.15% | -44.38% | +0.23% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -12.62% | -12.90% | +0.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 2.48% | +0.43% |
Volatility
REZ vs. USRT - Volatility Comparison
iShares Residential and Multisector Real Estate ETF (REZ) has a higher volatility of 6.21% compared to iShares Core U.S. REIT ETF (USRT) at 5.25%. This indicates that REZ's price experiences larger fluctuations and is considered to be riskier than USRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REZ | USRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 5.25% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 12.34% | 10.69% | +1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.70% | 14.01% | +1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.09% | 18.97% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.61% | 21.33% | +0.28% |
REZ vs. USRT - Expense Ratio Comparison
REZ has a 0.48% expense ratio, which is higher than USRT's 0.08% expense ratio.
Dividends
REZ vs. USRT - Dividend Comparison
REZ's dividend yield for the trailing twelve months is around 1.92%, less than USRT's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REZ iShares Residential and Multisector Real Estate ETF | 1.92% | 2.74% | 2.26% | 2.94% | 3.37% | 1.81% | 3.17% | 2.90% | 3.63% | 3.57% | 5.55% | 3.18% |
USRT iShares Core U.S. REIT ETF | 2.48% | 3.07% | 2.85% | 3.18% | 3.46% | 2.27% | 3.12% | 3.34% | 5.66% | 3.44% | 3.98% | 3.59% |
Frequently Asked Questions
With a correlation of 0.91, REZ and USRT 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.
REZ has higher volatility (6.21%) compared to USRT (5.25%). In terms of maximum drawdown, REZ dropped -66.87% vs USRT's -69.92%.
On 10-year performance, REZ leads with 6.93% vs 6.25% for USRT. On fees, USRT is cheaper at 0.08% per year. On volatility, USRT has been the lower-risk option at 5.25%. 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 6.93% return vs 6.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USRT is cheaper with a 0.08% expense ratio, compared with 0.48% for REZ.
USRT has the higher dividend yield at 2.48%, compared with 1.92% for REZ.
REZ tracks FTSE NAREIT All Residential Capped Index, while USRT tracks FTSE Nareit Equity REITS 40 Act Capped Index. Their fees differ too: 0.48% for REZ and 0.08% for USRT.
USRT currently has the higher Sharpe Ratio (1.75 vs 1.33), 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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