TREG.L vs. DPYG.L

Last updated Jun 4, 2026

TREG.L (VanEck Global Real Estate UCITS ETF) and DPYG.L (iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist)) are both REIT funds - TREG.L tracks the FTSE EPRA Nareit Global TR USD while DPYG.L tracks the FTSE EPRA/NAREIT Developed Dividend+ (GBP Hedged). Both are passively managed. Over the past 5 years, TREG.L returned 3.19%/yr vs 1.37%/yr for DPYG.L. Their correlation of 0.84 suggests significant overlap in exposure. TREG.L charges 0.25%/yr vs 0.64%/yr for DPYG.L.

Performance

TREG.L vs. DPYG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Global Real Estate UCITS ETF (TREG.L) and iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist) (DPYG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TREG.L achieves a 2.95% return, which is significantly lower than DPYG.L's 6.70% return.

TREG.L

• 1D: -0.38%
• 1M: -3.10%
• YTD: 2.95%
• 6M: 1.90%
• 1Y: 10.15%
• 3Y*: 7.67%
• 5Y*: 3.19%
• 10Y*: —

DPYG.L

• 1D: 0.24%
• 1M: -1.22%
• YTD: 6.70%
• 6M: 7.43%
• 1Y: 11.25%
• 3Y*: 8.45%
• 5Y*: 1.37%
• 10Y*: —

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

TREG.L vs. DPYG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TREG.L VanEck Global Real Estate UCITS ETF	2.95%	6.62%	2.78%	7.64%	-16.77%	31.33%	-10.04%	10.49%
DPYG.L iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist)	6.70%	7.38%	2.06%	9.46%	-22.94%	27.74%	-13.64%	13.17%

Correlation

The correlation between TREG.L and DPYG.L is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 21, 2019	0.84

The correlation between TREG.L and DPYG.L has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

TREG.L vs. DPYG.L - Sectors Allocation Comparison

Sectors	TREG.L	DPYG.L
Real Estate	98.4%	100.0%
Consumer Cyclical	0.1%	0.0%
Financial Services	0.0%	0.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TREG.L vs. DPYG.L — Risk / Return Rank

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

TREG.L

TREG.L Risk / Return Rank: 24
TREG.L Sharpe Ratio Rank: 24
TREG.L Sortino Ratio Rank: 25
TREG.L Omega Ratio Rank: 23
TREG.L Calmar Ratio Rank: 23
TREG.L Martin Ratio Rank: 25

DPYG.L

DPYG.L Risk / Return Rank: 28
DPYG.L Sharpe Ratio Rank: 28
DPYG.L Sortino Ratio Rank: 28
DPYG.L Omega Ratio Rank: 27
DPYG.L Calmar Ratio Rank: 26
DPYG.L Martin Ratio Rank: 30

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.

TREG.L vs. DPYG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Global Real Estate UCITS ETF (TREG.L) and iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist) (DPYG.L). 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.

	TREG.L	DPYG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.00	-0.12
Sortino ratio: Return per unit of downside risk	1.34	1.50	-0.16
Omega ratio: Gain probability vs. loss probability	1.16	1.18	-0.02
Calmar ratio: Return relative to maximum drawdown	1.08	1.24	-0.16
Martin ratio: Return relative to average drawdown	3.50	4.23	-0.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TREG.L vs. DPYG.L - Sharpe Ratio Comparison

The current TREG.L Sharpe Ratio is 0.89, which is comparable to the DPYG.L Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of TREG.L and DPYG.L, 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

	TREG.L	DPYG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	1.00	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.09	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.20	+0.03

Drawdowns

TREG.L vs. DPYG.L - Drawdown Comparison

The maximum TREG.L drawdown since its inception was -35.66%, smaller than the maximum DPYG.L drawdown of -42.55%. Use the drawdown chart below to compare losses from any high point for TREG.L and DPYG.L.

Drawdown Indicators

	TREG.L	DPYG.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.66%	-42.55%	+6.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-9.07%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-15.30%	-16.89%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	-26.89%	-31.83%	+4.94%
Current Drawdown Current decline from peak	-6.88%	-2.86%	-4.02%
Average Drawdown Average peak-to-trough decline	-10.40%	-11.78%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.65%	+0.24%

Volatility

TREG.L vs. DPYG.L - Volatility Comparison

VanEck Global Real Estate UCITS ETF (TREG.L) and iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist) (DPYG.L) have volatilities of 3.46% and 3.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TREG.L	DPYG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	3.43%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	9.15%	8.58%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	11.40%	11.15%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.66%	15.14%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	17.43%	-0.46%

TREG.L vs. DPYG.L - Expense Ratio Comparison

TREG.L has a 0.25% expense ratio, which is lower than DPYG.L's 0.64% expense ratio.

Dividends

TREG.L vs. DPYG.L - Dividend Comparison

TREG.L's dividend yield for the trailing twelve months is around 3.43%, more than DPYG.L's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DPYG.L iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist)	2.95%	3.02%	3.11%	3.00%	3.71%	2.13%	2.98%	2.95%	2.99%
TREG.L VanEck Global Real Estate UCITS ETF	3.43%	3.57%	3.48%	3.64%	4.54%	1.82%	4.49%	3.41%	0.00%

Frequently Asked Questions

Can I hold both TREG.L and DPYG.L in my portfolio?

TREG.L and DPYG.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TREG.L or DPYG.L?

On fees, TREG.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TREG.L or DPYG.L?

TREG.L is cheaper with a 0.25% expense ratio, compared with 0.64% for DPYG.L.

What is the main difference between TREG.L and DPYG.L?

TREG.L tracks FTSE EPRA Nareit Global TR USD, while DPYG.L tracks FTSE EPRA/NAREIT Developed Dividend+ (GBP Hedged). They also come from different issuers: VanEck and iShares. Their fees differ too: 0.25% for TREG.L and 0.64% for DPYG.L.