SRU-UN.TO vs. AP-UN.TO

Last updated Jun 5, 2026

SRU-UN.TO (SmartCentres Real Estate Investment Trust) and AP-UN.TO (Allied Properties Real Estate Investment Trust) are both stocks. Both are in the Real Estate sector — SRU-UN.TO in REIT - Retail, AP-UN.TO in REIT - Office. Over the past 10 years, SRU-UN.TO returned 4.73%/yr vs -6.82%/yr for AP-UN.TO. At a 0.41 correlation, their price movements are largely independent.

Performance

SRU-UN.TO vs. AP-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in SmartCentres Real Estate Investment Trust (SRU-UN.TO) and Allied Properties Real Estate Investment Trust (AP-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRU-UN.TO achieves a 15.56% return, which is significantly higher than AP-UN.TO's -24.24% return. Over the past 10 years, SRU-UN.TO has outperformed AP-UN.TO with an annualized return of 4.73%, while AP-UN.TO has yielded a comparatively lower -6.82% annualized return.

SRU-UN.TO

• 1D: 0.38%
• 1M: 1.44%
• YTD: 15.56%
• 6M: 18.65%
• 1Y: 20.29%
• 3Y*: 12.34%
• 5Y*: 7.06%
• 10Y*: 4.73%

AP-UN.TO

• 1D: 0.41%
• 1M: 1.73%
• YTD: -24.24%
• 6M: -21.00%
• 1Y: -32.57%
• 3Y*: -15.90%
• 5Y*: -19.84%
• 10Y*: -6.82%

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

SRU-UN.TO vs. AP-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRU-UN.TO SmartCentres Real Estate Investment Trust	15.56%	13.10%	6.13%	0.16%	-11.27%	48.64%	-19.65%	6.97%	5.77%	1.14%
AP-UN.TO Allied Properties Real Estate Investment Trust	-24.24%	-13.47%	-5.92%	-12.14%	-38.62%	20.95%	-24.39%	21.30%	9.29%	21.85%

Correlation

The correlation between SRU-UN.TO and AP-UN.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Feb 21, 2003	0.41

The correlation between SRU-UN.TO and AP-UN.TO shifts across timeframes, from 0.39 (1 year) to 0.60 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS SRU-UN.TO : CA$2.10 AP-UN.TO : -CA$13.04
PS Ratio SRU-UN.TO : 5.40 AP-UN.TO : 1.76
Total Revenue (TTM) SRU-UN.TO : CA$929.78M AP-UN.TO : CA$585.67M
Gross Profit (TTM) SRU-UN.TO : CA$565.49M AP-UN.TO : CA$302.33M
EBITDA (TTM) SRU-UN.TO : CA$628.59M AP-UN.TO : -CA$1.22B

Return for Risk

SRU-UN.TO vs. AP-UN.TO — Risk / Return Rank

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

SRU-UN.TO

SRU-UN.TO Risk / Return Rank: 84
SRU-UN.TO Sharpe Ratio Rank: 87
SRU-UN.TO Sortino Ratio Rank: 84
SRU-UN.TO Omega Ratio Rank: 81
SRU-UN.TO Calmar Ratio Rank: 84
SRU-UN.TO Martin Ratio Rank: 86

AP-UN.TO

AP-UN.TO Risk / Return Rank: 16
AP-UN.TO Sharpe Ratio Rank: 10
AP-UN.TO Sortino Ratio Rank: 16
AP-UN.TO Omega Ratio Rank: 10
AP-UN.TO Calmar Ratio Rank: 22
AP-UN.TO Martin Ratio Rank: 24

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.

SRU-UN.TO vs. AP-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SmartCentres Real Estate Investment Trust (SRU-UN.TO) and Allied Properties Real Estate Investment Trust (AP-UN.TO). 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.

	SRU-UN.TO	AP-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.86	-0.76	+2.62
Sortino ratio: Return per unit of downside risk	2.63	-0.75	+3.38
Omega ratio: Gain probability vs. loss probability	1.31	0.85	+0.46
Calmar ratio: Return relative to maximum drawdown	3.29	-0.55	+3.84
Martin ratio: Return relative to average drawdown	9.46	-0.89	+10.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRU-UN.TO vs. AP-UN.TO - Sharpe Ratio Comparison

The current SRU-UN.TO Sharpe Ratio is 1.86, which is higher than the AP-UN.TO Sharpe Ratio of -0.76. The chart below compares the historical Sharpe Ratios of SRU-UN.TO and AP-UN.TO, 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

	SRU-UN.TO	AP-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	-0.76	+2.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	-0.66	+1.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	-0.25	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.25	+0.10

Drawdowns

SRU-UN.TO vs. AP-UN.TO - Drawdown Comparison

The maximum SRU-UN.TO drawdown since its inception was -68.25%, smaller than the maximum AP-UN.TO drawdown of -76.72%. Use the drawdown chart below to compare losses from any high point for SRU-UN.TO and AP-UN.TO.

Drawdown Indicators

	SRU-UN.TO	AP-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-68.25%	-76.72%	+8.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	-58.74%	+52.35%
Max Drawdown (3Y) Largest decline over 3 years	-14.34%	-58.74%	+44.40%
Max Drawdown (5Y) Largest decline over 5 years	-28.89%	-73.59%	+44.70%
Max Drawdown (10Y) Largest decline over 10 years	-54.78%	-76.72%	+21.94%
Current Drawdown Current decline from peak	-0.40%	-73.67%	+73.27%
Average Drawdown Average peak-to-trough decline	-10.98%	-17.38%	+6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	36.63%	-34.41%

Volatility

SRU-UN.TO vs. AP-UN.TO - Volatility Comparison

The current volatility for SmartCentres Real Estate Investment Trust (SRU-UN.TO) is 3.08%, while Allied Properties Real Estate Investment Trust (AP-UN.TO) has a volatility of 5.23%. This indicates that SRU-UN.TO experiences smaller price fluctuations and is considered to be less risky than AP-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRU-UN.TO	AP-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	5.23%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	38.30%	-30.18%
Volatility (1Y) Calculated over the trailing 1-year period	11.30%	42.94%	-31.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	30.41%	-14.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	27.49%	-5.95%

Dividends

SRU-UN.TO vs. AP-UN.TO - Dividend Comparison

SRU-UN.TO's dividend yield for the trailing twelve months is around 6.39%, less than AP-UN.TO's 12.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AP-UN.TO Allied Properties Real Estate Investment Trust	12.80%	12.79%	10.50%	11.30%	6.84%	3.88%	4.38%	3.07%	3.53%	3.65%	4.18%	4.65%
SRU-UN.TO SmartCentres Real Estate Investment Trust	6.39%	7.18%	7.56%	7.42%	6.90%	5.74%	8.01%	5.81%	5.72%	5.55%	5.17%	5.34%

Financials

Frequently Asked Questions

Can I hold both SRU-UN.TO and AP-UN.TO in my portfolio?

SRU-UN.TO and AP-UN.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.