TGRE.TO vs. MREL.TO
TGRE.TO (TD Active Global Real Estate Equity ETF) and MREL.TO (Middlefield Real Estate Dividend ETF) are both REIT funds. Both are actively managed. Over the past 5 years, TGRE.TO returned 2.56%/yr vs 5.23%/yr for MREL.TO. A 0.55 correlation means they provide meaningful diversification when combined.
Performance
TGRE.TO vs. MREL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TGRE.TO achieves a 11.82% return, which is significantly lower than MREL.TO's 15.32% return.
TGRE.TO
- 1D
- 0.51%
- 1M
- 0.97%
- 6M
- 7.74%
- YTD
- 11.82%
- 1Y
- 13.18%
- 3Y*
- 10.96%
- 5Y*
- 2.56%
- 10Y*
- —
MREL.TO
- 1D
- 0.07%
- 1M
- 2.74%
- 6M
- 9.24%
- YTD
- 15.32%
- 1Y
- 20.08%
- 3Y*
- 12.86%
- 5Y*
- 5.23%
- 10Y*
- 7.46%
TGRE.TO vs. MREL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TGRE.TO TD Active Global Real Estate Equity ETF | 11.82% | 0.39% | 14.77% | 8.69% | -27.34% | 32.66% | 2.37% | -0.70% |
MREL.TO Middlefield Real Estate Dividend ETF | 15.32% | 13.13% | 6.12% | 7.86% | -21.63% | 36.36% | -3.77% | -1.90% |
Correlation
The correlation between TGRE.TO and MREL.TO is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2019 | 0.55 |
The correlation between TGRE.TO and MREL.TO has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.
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Return for Risk
TGRE.TO vs. MREL.TO — Risk / Return Rank
TGRE.TO
MREL.TO
TGRE.TO vs. MREL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD Active Global Real Estate Equity ETF (TGRE.TO) and Middlefield Real Estate Dividend ETF (MREL.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.
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.
| TGRE.TO | MREL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.28 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 2.66 | -1.08 |
| Martin ratioReturn relative to average drawdown | 4.13 | 10.90 | -6.76 |
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Drawdowns
TGRE.TO vs. MREL.TO - Drawdown Comparison
The maximum TGRE.TO drawdown since its inception was -33.49%, roughly equal to the maximum MREL.TO drawdown of -35.00%. Use the drawdown chart below to compare losses from any high point for TGRE.TO and MREL.TO.
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Drawdown Indicators
| TGRE.TO | MREL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.49% | -35.00% | +1.51% |
Max Drawdown (1Y)Largest decline over 1 year | -8.40% | -7.59% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -12.62% | -15.18% | +2.56% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -29.49% | -4.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.00% | — |
Current DrawdownCurrent decline from peak | -1.17% | -0.85% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -12.77% | -7.11% | -5.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 1.85% | +1.35% |
Volatility
TGRE.TO vs. MREL.TO - Volatility Comparison
TD Active Global Real Estate Equity ETF (TGRE.TO) has a higher volatility of 3.92% compared to Middlefield Real Estate Dividend ETF (MREL.TO) at 3.54%. This indicates that TGRE.TO's price experiences larger fluctuations and is considered to be riskier than MREL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TGRE.TO | MREL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.92% | 3.54% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 10.58% | 9.27% | +1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.49% | 12.80% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.27% | 15.24% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.36% | 18.65% | -1.29% |
Dividends
TGRE.TO vs. MREL.TO - Dividend Comparison
TGRE.TO's dividend yield for the trailing twelve months is around 4.78%, less than MREL.TO's 6.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MREL.TO Middlefield Real Estate Dividend ETF | 6.42% | 7.16% | 7.53% | 7.42% | 7.42% | 5.43% | 6.97% | 6.06% | 6.29% | 6.27% | 6.33% | 6.40% |
TGRE.TO TD Active Global Real Estate Equity ETF | 4.78% | 5.21% | 4.50% | 4.93% | 5.00% | 1.92% | 2.04% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TGRE.TO and MREL.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: TD and Middlefield.
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