SETAX vs. IVRSX

Last updated Jun 4, 2026

SETAX (SEI Institutional Managed Trust Real Estate Fund) and IVRSX (VY CBRE Real Estate Portfolio) are both REIT funds. Over the past 10 years, SETAX returned 6.41%/yr vs 5.20%/yr for IVRSX. With a 0.98 correlation, they move nearly in lockstep. SETAX charges 1.14%/yr vs 0.93%/yr for IVRSX.

Performance

SETAX vs. IVRSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Managed Trust Real Estate Fund (SETAX) and VY CBRE Real Estate Portfolio (IVRSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SETAX achieves a 10.26% return, which is significantly lower than IVRSX's 12.25% return. Over the past 10 years, SETAX has outperformed IVRSX with an annualized return of 6.41%, while IVRSX has yielded a comparatively lower 5.20% annualized return.

SETAX

• 1D: 0.31%
• 1M: -1.05%
• YTD: 10.26%
• 6M: 9.68%
• 1Y: 11.38%
• 3Y*: 11.80%
• 5Y*: 4.62%
• 10Y*: 6.41%

IVRSX

• 1D: 0.53%
• 1M: -0.68%
• YTD: 12.25%
• 6M: 10.78%
• 1Y: 13.40%
• 3Y*: 8.81%
• 5Y*: 3.42%
• 10Y*: 5.20%

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

SETAX vs. IVRSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SETAX SEI Institutional Managed Trust Real Estate Fund	10.26%	1.90%	10.63%	15.75%	-25.85%	44.05%	-3.51%	25.14%	-5.87%	5.17%
IVRSX VY CBRE Real Estate Portfolio	12.25%	-0.01%	4.32%	14.11%	-27.22%	51.91%	-6.66%	28.15%	-10.29%	5.20%

Correlation

The correlation between SETAX and IVRSX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 5, 2004	0.98

The correlation between SETAX and IVRSX shifts across timeframes, from 0.87 (1 year) to 0.98 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SETAX vs. IVRSX — Risk / Return Rank

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

SETAX

SETAX Risk / Return Rank: 13
SETAX Sharpe Ratio Rank: 11
SETAX Sortino Ratio Rank: 10
SETAX Omega Ratio Rank: 10
SETAX Calmar Ratio Rank: 16
SETAX Martin Ratio Rank: 15

IVRSX

IVRSX Risk / Return Rank: 18
IVRSX Sharpe Ratio Rank: 14
IVRSX Sortino Ratio Rank: 13
IVRSX Omega Ratio Rank: 14
IVRSX Calmar Ratio Rank: 25
IVRSX Martin Ratio Rank: 23

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.

SETAX vs. IVRSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Real Estate Fund (SETAX) and VY CBRE Real Estate Portfolio (IVRSX). 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.

	SETAX	IVRSX	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.06	-0.20
Sortino ratio: Return per unit of downside risk	1.23	1.49	-0.27
Omega ratio: Gain probability vs. loss probability	1.16	1.19	-0.03
Calmar ratio: Return relative to maximum drawdown	1.42	1.87	-0.45
Martin ratio: Return relative to average drawdown	4.29	5.78	-1.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SETAX vs. IVRSX - Sharpe Ratio Comparison

The current SETAX Sharpe Ratio is 0.86, which is comparable to the IVRSX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of SETAX and IVRSX, 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

	SETAX	IVRSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	1.06	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.18	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.25	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.35	-0.06

Drawdowns

SETAX vs. IVRSX - Drawdown Comparison

The maximum SETAX drawdown since its inception was -75.06%, roughly equal to the maximum IVRSX drawdown of -73.77%. Use the drawdown chart below to compare losses from any high point for SETAX and IVRSX.

Drawdown Indicators

	SETAX	IVRSX	Difference
Max Drawdown Largest peak-to-trough decline	-75.06%	-73.77%	-1.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-7.74%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-16.95%	-19.29%	+2.34%
Max Drawdown (5Y) Largest decline over 5 years	-32.26%	-34.51%	+2.25%
Max Drawdown (10Y) Largest decline over 10 years	-41.32%	-45.19%	+3.87%
Current Drawdown Current decline from peak	-3.09%	-3.23%	+0.14%
Average Drawdown Average peak-to-trough decline	-13.94%	-11.93%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.41%	+0.17%

Volatility

SETAX vs. IVRSX - Volatility Comparison

The current volatility for SEI Institutional Managed Trust Real Estate Fund (SETAX) is 3.83%, while VY CBRE Real Estate Portfolio (IVRSX) has a volatility of 4.20%. This indicates that SETAX experiences smaller price fluctuations and is considered to be less risky than IVRSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SETAX	IVRSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	4.20%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	9.49%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.95%	13.66%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.17%	19.64%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	21.54%	-0.42%

SETAX vs. IVRSX - Expense Ratio Comparison

SETAX has a 1.14% expense ratio, which is higher than IVRSX's 0.93% expense ratio.

Dividends

SETAX vs. IVRSX - Dividend Comparison

SETAX's dividend yield for the trailing twelve months is around 10.76%, more than IVRSX's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVRSX VY CBRE Real Estate Portfolio	4.38%	2.74%	2.50%	8.77%	26.34%	1.46%	13.92%	2.44%	11.42%	2.07%	1.57%	1.31%
SETAX SEI Institutional Managed Trust Real Estate Fund	10.76%	11.86%	5.19%	2.10%	5.36%	6.86%	6.34%	8.59%	17.07%	8.65%	13.65%	5.99%

Frequently Asked Questions

Can I hold both SETAX and IVRSX in my portfolio?

SETAX and IVRSX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETAX or IVRSX?

IVRSX has higher volatility (4.20%) compared to SETAX (3.83%). In terms of maximum drawdown, SETAX dropped -75.06% vs IVRSX's -73.77%.

Which has better risk-adjusted returns?

IVRSX currently has the higher Sharpe Ratio (1.06 vs 0.86), 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.