TRREX vs. CSRIX

Last updated Aug 1, 2026

TRREX (T. Rowe Price Real Estate Fund) and CSRIX (Cohen & Steers Institutional Realty Shares) are both REIT funds. Over the past 10 years, TRREX returned 5.05%/yr vs 6.79%/yr for CSRIX. Their 0.96 correlation means they have historically moved very closely together. TRREX charges 0.77%/yr vs 0.76%/yr for CSRIX.

Performance

TRREX vs. CSRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Real Estate Fund (TRREX) and Cohen & Steers Institutional Realty Shares (CSRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRREX achieves a 16.04% return, which is significantly lower than CSRIX's 17.94% return. Over the past 10 years, TRREX has underperformed CSRIX with an annualized return of 5.05%, while CSRIX has yielded a comparatively higher 6.79% annualized return.

TRREX

• 1D: -1.52%
• 1M: 0.99%
• 6M: 13.50%
• YTD: 16.04%
• 1Y: 18.31%
• 3Y*: 8.48%
• 5Y*: 2.57%
• 10Y*: 5.05%
• ALL TIME*: 8.62%

CSRIX

• 1D: -1.33%
• 1M: 2.02%
• 6M: 15.55%
• YTD: 17.94%
• 1Y: 17.69%
• 3Y*: 10.62%
• 5Y*: 4.13%
• 10Y*: 6.79%
• ALL TIME*: 7.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CSRIX Cohen & Steers Institutional Realty Shares	$0.00	$0.00	$0.00
TRREX T. Rowe Price Real Estate Fund	$0.00	$0.00	$0.00

TRREX vs. CSRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRREX T. Rowe Price Real Estate Fund	16.04%	-0.04%	3.54%	13.00%	-26.08%	47.34%	-11.42%	43.47%	-9.07%	3.38%
CSRIX Cohen & Steers Institutional Realty Shares	17.94%	3.10%	6.26%	12.75%	-25.15%	42.40%	-2.55%	36.11%	-4.68%	6.71%

Correlation

The correlation between TRREX and CSRIX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.96

The correlation between TRREX and CSRIX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

TRREX vs. CSRIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRREX

TRREX Risk / Return Rank: 46
TRREX Sharpe Ratio Rank: 40
TRREX Sortino Ratio Rank: 40
TRREX Omega Ratio Rank: 37
TRREX Calmar Ratio Rank: 63
TRREX Martin Ratio Rank: 51

CSRIX

CSRIX Risk / Return Rank: 44
CSRIX Sharpe Ratio Rank: 38
CSRIX Sortino Ratio Rank: 36
CSRIX Omega Ratio Rank: 36
CSRIX Calmar Ratio Rank: 64
CSRIX Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRREX vs. CSRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Real Estate Fund (TRREX) and Cohen & Steers Institutional Realty Shares (CSRIX). 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.

	TRREX	CSRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.13	+0.05
Sortino ratio: Return per unit of downside risk	1.69	1.61	+0.09
Omega ratio: Gain probability vs. loss probability	1.21	1.20	0.00
Calmar ratio: Return relative to maximum drawdown	2.06	2.08	-0.02
Martin ratio: Return relative to average drawdown	6.84	6.53	+0.31

TRREX vs. CSRIX - Sharpe Ratio Comparison

The current TRREX Sharpe Ratio is 1.17, which is comparable to the CSRIX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of TRREX and CSRIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TRREX vs. CSRIX - Drawdown Comparison

The maximum TRREX drawdown since its inception was -75.30%, which is greater than CSRIX's maximum drawdown of -41.45%. Use the drawdown chart below to compare losses from any high point for TRREX and CSRIX.

Drawdown Indicators

	TRREX	CSRIX	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-41.45%	-33.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.96%	-7.74%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-18.10%	-16.89%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-31.79%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-42.28%	-41.45%	-0.83%
Current Drawdown Current decline from peak	-1.92%	-1.52%	-0.40%
Average Drawdown Average peak-to-trough decline	-12.67%	-8.69%	-3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.63%	-0.23%

Volatility

TRREX vs. CSRIX - Volatility Comparison

T. Rowe Price Real Estate Fund (TRREX) has a higher volatility of 4.68% compared to Cohen & Steers Institutional Realty Shares (CSRIX) at 4.30%. This indicates that TRREX's price experiences larger fluctuations and is considered to be riskier than CSRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRREX	CSRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	4.30%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	11.30%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	14.08%	14.36%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.97%	18.69%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.91%	20.55%	+1.36%

TRREX vs. CSRIX - Expense Ratio Comparison

TRREX has a 0.77% expense ratio, which is higher than CSRIX's 0.76% expense ratio.

Dividends

TRREX vs. CSRIX - Dividend Comparison

TRREX's dividend yield for the trailing twelve months is around 6.24%, more than CSRIX's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSRIX Cohen & Steers Institutional Realty Shares	2.66%	3.14%	2.97%	3.04%	4.28%	3.87%	4.91%	12.97%	5.45%	6.28%	12.61%	13.63%
TRREX T. Rowe Price Real Estate Fund	6.24%	7.15%	9.44%	11.63%	25.52%	15.42%	41.93%	32.33%	5.73%	2.61%	2.28%	2.26%

Frequently Asked Questions

Can I hold both TRREX and CSRIX in my portfolio?

With a correlation of 0.97, TRREX and CSRIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TRREX or CSRIX?

TRREX has higher volatility (4.68%) compared to CSRIX (4.30%). In terms of maximum drawdown, TRREX dropped -75.30% vs CSRIX's -41.45%.

Which has better risk-adjusted returns?

TRREX currently has the higher Sharpe Ratio (1.17 vs 1.13), 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.