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TREG.L vs. UKRE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TREG.L vs. UKRE.L

Last updated Jun 4, 2026

TREG.L (VanEck Global Real Estate UCITS ETF) and UKRE.L (iShares MSCI Target UK Real Estate UCITS ETF) are both REIT funds - TREG.L tracks the FTSE EPRA Nareit Global TR USD while UKRE.L tracks the MSCI UK IMI Liquid Real Estate Index. Both are passively managed. Over the past 5 years, TREG.L returned 3.19%/yr vs -7.18%/yr for UKRE.L. A 0.51 correlation means they provide meaningful diversification when combined. TREG.L charges 0.25%/yr vs 0.40%/yr for UKRE.L.

Performance

TREG.L vs. UKRE.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 MSCI Target UK Real Estate UCITS ETF (UKRE.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

TREG.L is traded in GBP, while UKRE.L is traded in GBp. To make them comparable, the UKRE.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, TREG.L achieves a 2.95% return, which is significantly higher than UKRE.L's -4.26% 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*
—

UKRE.L

1D
-0.68%
1M
-0.09%
YTD
-4.26%
6M
-4.31%
1Y
-7.59%
3Y*
-5.58%
5Y*
-7.18%
10Y*
-3.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
TREG.L
VanEck Global Real Estate UCITS ETF		2.95%6.62%2.78%7.64%-16.77%31.33%-10.04%10.49%
UKRE.L
iShares MSCI Target UK Real Estate UCITS ETF		-4.26%-0.98%-13.13%0.85%-25.50%20.00%-11.74%16.05%

Correlation

The correlation between TREG.L and UKRE.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

Correlation (3Y)
Calculated over the trailing 3-year period

0.52

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Jan 21, 2019

0.51

The correlation between TREG.L and UKRE.L has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.

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

Sectors
TREG.L
UKRE.L

Real Estate

98.4%
100.0%

Consumer Cyclical

0.1%

-

Financial Services

0.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

-

Real Estate

TREG.L
98.4%
UKRE.L
100.0%

Consumer Cyclical

TREG.L
0.1%
UKRE.L

-

Financial Services

TREG.L
0.0%
UKRE.L

-

Basic Materials

TREG.L

-

UKRE.L

-

Communication Services

TREG.L

-

UKRE.L

-

Consumer Defensive

TREG.L

-

UKRE.L

-

Energy

TREG.L

-

UKRE.L

-

Healthcare

TREG.L

-

UKRE.L

-

Industrials

TREG.L

-

UKRE.L

-

Technology

TREG.L

-

UKRE.L

-

Utilities

TREG.L

-

UKRE.L

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Global Real Estate UCITS ETF

iShares MSCI Target UK Real Estate UCITS ETF

Often compared with TREG.L:
TREG.L vs. HPRO.LTREG.L vs. IWDP.ASTREG.L vs. EPRA.LTREG.L vs. BCHS.LTREG.L vs. PFFRTREG.L vs. BBOX.LTREG.L vs. VOO
Often compared with UKRE.L:
UKRE.L vs. IUKP.LUKRE.L vs. HPRD.LUKRE.L vs. HPRO.LUKRE.L vs. HEAL.LUKRE.L vs. VNQUKRE.L vs. VNQIUKRE.L vs. DIVO

Return for Risk

TREG.L vs. UKRE.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: 2424
Overall Rank
TREG.L Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
TREG.L Sortino Ratio Rank: 2525
Sortino Ratio Rank
TREG.L Omega Ratio Rank: 2323
Omega Ratio Rank
TREG.L Calmar Ratio Rank: 2323
Calmar Ratio Rank
TREG.L Martin Ratio Rank: 2525
Martin Ratio Rank
UKRE.L
UKRE.L Risk / Return Rank: 33
Overall Rank
UKRE.L Sharpe Ratio Rank: 44
Sharpe Ratio Rank
UKRE.L Sortino Ratio Rank: 44
Sortino Ratio Rank
UKRE.L Omega Ratio Rank: 44
Omega Ratio Rank
UKRE.L Calmar Ratio Rank: 33
Calmar Ratio Rank
UKRE.L Martin Ratio Rank: 33
Martin Ratio Rank
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. UKRE.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 MSCI Target UK Real Estate UCITS ETF (UKRE.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.LUKRE.LDifference
Sharpe ratioReturn per unit of total volatility
0.89
-0.61

+1.49

Sortino ratioReturn per unit of downside risk
1.34
-0.77

+2.11

Omega ratioGain probability vs. loss probability

1.16

0.91

+0.25

Calmar ratioReturn relative to maximum drawdown

1.08

-0.63

+1.71

Martin ratioReturn relative to average drawdown

3.50

-1.23

+4.73

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. UKRE.L - Sharpe Ratio Comparison

The current TREG.L Sharpe Ratio is 0.89, which is higher than the UKRE.L Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of TREG.L and UKRE.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.

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Sharpe Ratios by Period

TREG.LUKRE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.89

-0.61

+1.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.22

-0.51

+0.73

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

-0.24

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

-0.25

+0.48

Drawdowns

TREG.L vs. UKRE.L - Drawdown Comparison

The maximum TREG.L drawdown since its inception was -35.66%, smaller than the maximum UKRE.L drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for TREG.L and UKRE.L.

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Drawdown Indicators

TREG.LUKRE.LDifference

Max Drawdown

Largest peak-to-trough decline

-35.66%

-40.08%

+4.42%

Max Drawdown (1Y)

Largest decline over 1 year

-9.39%

-11.92%

+2.53%

Max Drawdown (3Y)

Largest decline over 3 years

-15.30%

-21.04%

+5.74%

Max Drawdown (5Y)

Largest decline over 5 years

-26.89%

-40.08%

+13.19%

Max Drawdown (10Y)

Largest decline over 10 years

—

-40.08%

—

Current Drawdown

Current decline from peak

-6.88%

-38.12%

+31.24%

Average Drawdown

Average peak-to-trough decline

-10.40%

-16.45%

+6.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.89%

6.16%

-3.27%

Volatility

TREG.L vs. UKRE.L - Volatility Comparison

The current volatility for VanEck Global Real Estate UCITS ETF (TREG.L) is 3.46%, while iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L) has a volatility of 3.99%. This indicates that TREG.L experiences smaller price fluctuations and is considered to be less risky than UKRE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TREG.LUKRE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

3.99%

-0.53%

Volatility (6M)

Calculated over the trailing 6-month period

9.15%

9.92%

-0.77%

Volatility (1Y)

Calculated over the trailing 1-year period

11.40%

12.47%

-1.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.66%

14.06%

+0.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

13.63%

+3.34%

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

TREG.L has a 0.25% expense ratio, which is lower than UKRE.L's 0.40% expense ratio.

Dividends

TREG.L vs. UKRE.L - Dividend Comparison

TREG.L's dividend yield for the trailing twelve months is around 3.43%, more than UKRE.L's 0.07% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
UKRE.L
iShares MSCI Target UK Real Estate UCITS ETF		0.07%0.07%0.08%0.05%0.02%0.01%0.01%0.02%0.03%0.02%0.02%0.01%

Frequently Asked Questions

TREG.L and UKRE.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

TREG.L is cheaper with a 0.25% expense ratio, compared with 0.40% for UKRE.L.

TREG.L tracks FTSE EPRA Nareit Global TR USD, while UKRE.L tracks MSCI UK IMI Liquid Real Estate Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.25% for TREG.L and 0.40% for UKRE.L.

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