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XRE.TO vs. SRU-UN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XRE.TO vs. SRU-UN.TO

Last updated Jun 5, 2026

XRE.TO (iShares S&P/TSX Capped REIT Index ETF) is REIT fund tracking the Morningstar DM REIT NR CAD, while SRU-UN.TO (SmartCentres Real Estate Investment Trust) is a stock. Over the past 10 years, XRE.TO returned 4.82%/yr vs 4.73%/yr for SRU-UN.TO. A 0.66 correlation means they provide meaningful diversification when combined.

Performance

XRE.TO vs. SRU-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped REIT Index ETF (XRE.TO) and SmartCentres Real Estate Investment Trust (SRU-UN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XRE.TO achieves a 10.05% return, which is significantly lower than SRU-UN.TO's 15.56% return. Both investments have delivered pretty close results over the past 10 years, with XRE.TO having a 4.82% annualized return and SRU-UN.TO not far behind at 4.73%.

XRE.TO

1D
0.45%
1M
0.50%
YTD
10.05%
6M
12.65%
1Y
12.66%
3Y*
5.22%
5Y*
1.97%
10Y*
4.82%

SRU-UN.TO

1D
0.38%
1M
2.16%
YTD
15.56%
6M
18.13%
1Y
20.90%
3Y*
12.34%
5Y*
7.06%
10Y*
4.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XRE.TO vs. SRU-UN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XRE.TO
iShares S&P/TSX Capped REIT Index ETF		10.05%8.89%-2.52%1.88%-17.34%32.49%-13.63%21.91%5.66%9.27%
SRU-UN.TO
SmartCentres Real Estate Investment Trust		15.56%13.10%6.13%0.16%-11.27%48.64%-19.65%6.97%5.77%1.14%

Correlation

The correlation between XRE.TO and SRU-UN.TO is 0.86, 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

0.86

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

0.86

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

0.86

Correlation (10Y)
Calculated over the trailing 10-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Oct 23, 2002

0.66

The correlation between XRE.TO and SRU-UN.TO shifts across timeframes, from 0.66 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.

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iShares S&P/TSX Capped REIT Index ETF

SmartCentres Real Estate Investment Trust

Often compared with XRE.TO:
XRE.TO vs. ZRE.TOXRE.TO vs. VRE.TOXRE.TO vs. CGR.TOXRE.TO vs. XIC.TOXRE.TO vs. XDIV.TOXRE.TO vs. XBB.TOXRE.TO vs. VOO
Often compared with SRU-UN.TO:
SRU-UN.TO vs. REI-UN.TOSRU-UN.TO vs. CRT-UN.TOSRU-UN.TO vs. FCR-UN.TOSRU-UN.TO vs. CHP-UN.TOSRU-UN.TO vs. CAR-UN.TOSRU-UN.TO vs. XEQT.TOSRU-UN.TO vs. ZWB.TO

Return for Risk

XRE.TO vs. SRU-UN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XRE.TO
XRE.TO Risk / Return Rank: 3131
Overall Rank
XRE.TO Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
XRE.TO Sortino Ratio Rank: 3131
Sortino Ratio Rank
XRE.TO Omega Ratio Rank: 2828
Omega Ratio Rank
XRE.TO Calmar Ratio Rank: 3535
Calmar Ratio Rank
XRE.TO Martin Ratio Rank: 3030
Martin Ratio Rank
SRU-UN.TO
SRU-UN.TO Risk / Return Rank: 8484
Overall Rank
SRU-UN.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
SRU-UN.TO Sortino Ratio Rank: 8484
Sortino Ratio Rank
SRU-UN.TO Omega Ratio Rank: 8181
Omega Ratio Rank
SRU-UN.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
SRU-UN.TO Martin Ratio Rank: 8686
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.

XRE.TO vs. SRU-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped REIT Index ETF (XRE.TO) and SmartCentres Real Estate Investment Trust (SRU-UN.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.

XRE.TOSRU-UN.TODifference
Sharpe ratioReturn per unit of total volatility
1.09
1.86

-0.77

Sortino ratioReturn per unit of downside risk
1.62
2.63

-1.00

Omega ratioGain probability vs. loss probability

1.19

1.31

-0.12

Calmar ratioReturn relative to maximum drawdown

1.69

3.29

-1.59

Martin ratioReturn relative to average drawdown

4.23

9.46

-5.23

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XRE.TO vs. SRU-UN.TO - Sharpe Ratio Comparison

The current XRE.TO Sharpe Ratio is 1.09, which is lower than the SRU-UN.TO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of XRE.TO and SRU-UN.TO, 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

XRE.TOSRU-UN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.09

1.86

-0.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

0.44

-0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.28

0.22

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

0.35

+0.14

Drawdowns

XRE.TO vs. SRU-UN.TO - Drawdown Comparison

The maximum XRE.TO drawdown since its inception was -57.06%, smaller than the maximum SRU-UN.TO drawdown of -68.25%. Use the drawdown chart below to compare losses from any high point for XRE.TO and SRU-UN.TO.

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Drawdown Indicators

XRE.TOSRU-UN.TODifference

Max Drawdown

Largest peak-to-trough decline

-57.06%

-68.25%

+11.19%

Max Drawdown (1Y)

Largest decline over 1 year

-7.51%

-6.39%

-1.12%

Max Drawdown (3Y)

Largest decline over 3 years

-20.91%

-14.44%

-6.47%

Max Drawdown (5Y)

Largest decline over 5 years

-30.53%

-28.89%

-1.64%

Max Drawdown (10Y)

Largest decline over 10 years

-46.58%

-54.78%

+8.20%

Current Drawdown

Current decline from peak

-3.53%

-0.40%

-3.13%

Average Drawdown

Average peak-to-trough decline

-9.66%

-10.98%

+1.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

2.22%

+0.78%

Volatility

XRE.TO vs. SRU-UN.TO - Volatility Comparison

iShares S&P/TSX Capped REIT Index ETF (XRE.TO) has a higher volatility of 3.32% compared to SmartCentres Real Estate Investment Trust (SRU-UN.TO) at 3.08%. This indicates that XRE.TO's price experiences larger fluctuations and is considered to be riskier than SRU-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XRE.TOSRU-UN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.32%

3.08%

+0.24%

Volatility (6M)

Calculated over the trailing 6-month period

8.62%

8.12%

+0.50%

Volatility (1Y)

Calculated over the trailing 1-year period

11.66%

11.30%

+0.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.18%

16.21%

-0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.57%

21.54%

-3.97%

Dividends

XRE.TO vs. SRU-UN.TO - Dividend Comparison

XRE.TO's dividend yield for the trailing twelve months is around 4.47%, less than SRU-UN.TO's 6.39% yield.

PositionTTM20252024202320222021202020192018201720162015
SRU-UN.TO
SmartCentres Real Estate Investment Trust		6.39%7.18%7.56%7.42%6.90%5.74%8.01%5.81%5.72%5.55%5.17%5.34%
XRE.TO
iShares S&P/TSX Capped REIT Index ETF		4.47%5.00%5.55%4.52%4.85%2.59%4.45%4.82%4.80%4.71%5.20%5.59%

Frequently Asked Questions

XRE.TO and SRU-UN.TO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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