VRAI vs. BRIIX

Last updated Jun 24, 2026

VRAI (Virtus Real Asset Income ETF) and BRIIX (Baron Real Estate Income Fund) are both REIT funds. Over the past 5 years, VRAI returned 5.71%/yr vs 4.63%/yr for BRIIX. A 0.71 correlation means they provide meaningful diversification when combined. VRAI charges 0.55%/yr vs 1.08%/yr for BRIIX.

Performance

VRAI vs. BRIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Real Asset Income ETF (VRAI) and Baron Real Estate Income Fund (BRIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VRAI achieves a 20.17% return, which is significantly higher than BRIIX's 11.79% return.

VRAI

• 1D: 0.52%
• 1M: -1.36%
• YTD: 20.17%
• 6M: 20.99%
• 1Y: 22.60%
• 3Y*: 12.35%
• 5Y*: 5.71%
• 10Y*: —

BRIIX

• 1D: 0.53%
• 1M: 1.92%
• YTD: 11.79%
• 6M: 10.94%
• 1Y: 16.20%
• 3Y*: 15.06%
• 5Y*: 4.63%
• 10Y*: —

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

VRAI vs. BRIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VRAI Virtus Real Asset Income ETF	20.17%	6.67%	2.66%	6.12%	-9.96%	24.35%	-5.94%	6.05%
BRIIX Baron Real Estate Income Fund	11.79%	3.73%	17.32%	15.52%	-27.49%	29.29%	22.32%	20.17%

Correlation

The correlation between VRAI and BRIIX 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	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019	0.71

The correlation between VRAI and BRIIX shifts across timeframes, from 0.54 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VRAI vs. BRIIX — Risk / Return Rank

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

VRAI

VRAI Risk / Return Rank: 70
VRAI Sharpe Ratio Rank: 61
VRAI Sortino Ratio Rank: 63
VRAI Omega Ratio Rank: 57
VRAI Calmar Ratio Rank: 88
VRAI Martin Ratio Rank: 79

BRIIX

BRIIX Risk / Return Rank: 29
BRIIX Sharpe Ratio Rank: 23
BRIIX Sortino Ratio Rank: 21
BRIIX Omega Ratio Rank: 22
BRIIX Calmar Ratio Rank: 41
BRIIX Martin Ratio Rank: 37

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.

VRAI vs. BRIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Real Asset Income ETF (VRAI) and Baron Real Estate Income Fund (BRIIX). 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.

	VRAI	BRIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.28	+0.61
Sortino ratio: Return per unit of downside risk	2.71	1.79	+0.92
Omega ratio: Gain probability vs. loss probability	1.33	1.23	+0.10
Calmar ratio: Return relative to maximum drawdown	4.71	2.32	+2.40
Martin ratio: Return relative to average drawdown	14.54	7.75	+6.79

VRAI vs. BRIIX - Sharpe Ratio Comparison

The current VRAI Sharpe Ratio is 1.90, which is higher than the BRIIX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of VRAI and BRIIX, 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

VRAI vs. BRIIX - Drawdown Comparison

The maximum VRAI drawdown since its inception was -47.51%, which is greater than BRIIX's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for VRAI and BRIIX.

Drawdown Indicators

	VRAI	BRIIX	Difference
Max Drawdown Largest peak-to-trough decline	-47.51%	-37.06%	-10.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-7.61%	+2.79%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-17.53%	+0.64%
Max Drawdown (5Y) Largest decline over 5 years	-26.71%	-32.86%	+6.15%
Current Drawdown Current decline from peak	-2.34%	-0.83%	-1.51%
Average Drawdown Average peak-to-trough decline	-10.03%	-8.55%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	2.27%	-0.71%

Volatility

VRAI vs. BRIIX - Volatility Comparison

The current volatility for Virtus Real Asset Income ETF (VRAI) is 3.28%, while Baron Real Estate Income Fund (BRIIX) has a volatility of 5.10%. This indicates that VRAI experiences smaller price fluctuations and is considered to be less risky than BRIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRAI	BRIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	5.10%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	8.29%	10.15%	-1.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	13.77%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	18.41%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.07%	20.60%	+1.47%

VRAI vs. BRIIX - Expense Ratio Comparison

VRAI has a 0.55% expense ratio, which is lower than BRIIX's 1.08% expense ratio.

Dividends

VRAI vs. BRIIX - Dividend Comparison

VRAI's dividend yield for the trailing twelve months is around 2.92%, more than BRIIX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BRIIX Baron Real Estate Income Fund	1.45%	1.70%	1.39%	1.95%	2.00%	1.21%	0.77%	1.12%	3.03%
VRAI Virtus Real Asset Income ETF	2.92%	4.68%	7.13%	5.02%	4.48%	3.34%	3.91%	2.80%	0.00%

Frequently Asked Questions

Can I hold both VRAI and BRIIX in my portfolio?

VRAI and BRIIX 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.

Which is riskier, VRAI or BRIIX?

BRIIX has higher volatility (5.10%) compared to VRAI (3.28%). In terms of maximum drawdown, VRAI dropped -47.51% vs BRIIX's -37.06%.

Which has better risk-adjusted returns?

VRAI currently has the higher Sharpe Ratio (1.90 vs 1.28), 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.