RPFRX vs. PHRAX

Last updated Jun 5, 2026

RPFRX (Davis Real Estate Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both REIT funds. Over the past 10 years, RPFRX returned 3.76%/yr vs 6.16%/yr for PHRAX. With a 0.96 correlation, they move nearly in lockstep. RPFRX charges 0.95%/yr vs 1.36%/yr for PHRAX.

Performance

RPFRX vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davis Real Estate Fund (RPFRX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPFRX achieves a 7.12% return, which is significantly lower than PHRAX's 11.75% return. Over the past 10 years, RPFRX has underperformed PHRAX with an annualized return of 3.76%, while PHRAX has yielded a comparatively higher 6.16% annualized return.

RPFRX

• 1D: -0.48%
• 1M: 0.90%
• YTD: 7.12%
• 6M: 7.14%
• 1Y: 3.62%
• 3Y*: 4.51%
• 5Y*: -0.60%
• 10Y*: 3.76%

PHRAX

• 1D: 0.10%
• 1M: -1.54%
• YTD: 11.75%
• 6M: 11.00%
• 1Y: 11.40%
• 3Y*: 10.15%
• 5Y*: 3.87%
• 10Y*: 6.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RPFRX vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPFRX Davis Real Estate Fund	7.12%	-6.17%	2.30%	10.48%	-26.78%	43.26%	-8.25%	25.39%	-4.52%	8.32%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	11.75%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%

Correlation

The correlation between RPFRX and PHRAX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Mar 1, 1995	0.96

The correlation between RPFRX and PHRAX has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

Return for Risk

RPFRX vs. PHRAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RPFRX

RPFRX Risk / Return Rank: 5
RPFRX Sharpe Ratio Rank: 5
RPFRX Sortino Ratio Rank: 4
RPFRX Omega Ratio Rank: 4
RPFRX Calmar Ratio Rank: 5
RPFRX Martin Ratio Rank: 5

PHRAX

PHRAX Risk / Return Rank: 13
PHRAX Sharpe Ratio Rank: 11
PHRAX Sortino Ratio Rank: 11
PHRAX Omega Ratio Rank: 11
PHRAX Calmar Ratio Rank: 18
PHRAX Martin Ratio Rank: 16

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.

RPFRX vs. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis Real Estate Fund (RPFRX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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.

	RPFRX	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	0.27	0.88	-0.61
Sortino ratio: Return per unit of downside risk	0.47	1.25	-0.77
Omega ratio: Gain probability vs. loss probability	1.06	1.16	-0.10
Calmar ratio: Return relative to maximum drawdown	0.38	1.48	-1.09
Martin ratio: Return relative to average drawdown	0.93	4.31	-3.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPFRX vs. PHRAX - Sharpe Ratio Comparison

The current RPFRX Sharpe Ratio is 0.27, which is lower than the PHRAX Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of RPFRX and PHRAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RPFRX	PHRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	0.88	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.20	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.29	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.40	-0.03

Drawdowns

RPFRX vs. PHRAX - Drawdown Comparison

The maximum RPFRX drawdown since its inception was -75.01%, roughly equal to the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for RPFRX and PHRAX.

Drawdown Indicators

	RPFRX	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-75.01%	-72.56%	-2.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	-7.83%	-2.30%
Max Drawdown (3Y) Largest decline over 3 years	-22.20%	-19.09%	-3.11%
Max Drawdown (5Y) Largest decline over 5 years	-35.52%	-33.51%	-2.01%
Max Drawdown (10Y) Largest decline over 10 years	-42.29%	-42.00%	-0.29%
Current Drawdown Current decline from peak	-16.94%	-3.42%	-13.52%
Average Drawdown Average peak-to-trough decline	-13.41%	-11.37%	-2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	2.68%	+1.50%

Volatility

RPFRX vs. PHRAX - Volatility Comparison

Davis Real Estate Fund (RPFRX) has a higher volatility of 4.38% compared to Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) at 3.91%. This indicates that RPFRX's price experiences larger fluctuations and is considered to be riskier than PHRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPFRX	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	3.91%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	9.35%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	14.30%	13.12%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	19.08%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	20.97%	+0.14%

RPFRX vs. PHRAX - Expense Ratio Comparison

RPFRX has a 0.95% expense ratio, which is lower than PHRAX's 1.36% expense ratio.

Dividends

RPFRX vs. PHRAX - Dividend Comparison

RPFRX's dividend yield for the trailing twelve months is around 6.73%, more than PHRAX's 5.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	5.29%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%
RPFRX Davis Real Estate Fund	6.73%	6.48%	1.43%	2.26%	5.33%	1.05%	1.77%	2.78%	6.03%	5.84%	1.61%	1.19%

Frequently Asked Questions

Can I hold both RPFRX and PHRAX in my portfolio?

With a correlation of 0.90, RPFRX and PHRAX 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.

Which is riskier, RPFRX or PHRAX?

RPFRX has higher volatility (4.38%) compared to PHRAX (3.91%). In terms of maximum drawdown, RPFRX dropped -75.01% vs PHRAX's -72.56%.

Which has better risk-adjusted returns?

PHRAX currently has the higher Sharpe Ratio (0.88 vs 0.27), 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.