XREP.L vs. IYR

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Real Estate S&P US Select Sector UCITS ETF GBP (XREP.L) and iShares U.S. Real Estate ETF (IYR).

XREP.L and IYR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XREP.L is a passively managed fund by Invesco that tracks the performance of the S&P Select Sector Capped 20% Real Estate Index. It was launched on Feb 17, 2016. IYR is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Real Estate Index. It was launched on Jun 12, 2000. Both XREP.L and IYR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XREP.L vs. IYR - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Real Estate S&P US Select Sector UCITS ETF GBP (XREP.L) and iShares U.S. Real Estate ETF (IYR). The values are adjusted to include any dividend payments, if applicable.

XREP.L vs. IYR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XREP.L Invesco Real Estate S&P US Select Sector UCITS ETF GBP	2.97%	-3.09%	4.07%	6.60%	1.33%
IYR iShares U.S. Real Estate ETF	3.01%	-3.98%	6.24%	6.30%	-0.02%

Different Trading Currencies

XREP.L is traded in GBp, while IYR is traded in USD. To make them comparable, the IYR values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with XREP.L having a 2.97% return and IYR slightly higher at 3.01%.

XREP.L

• 1D: -0.03%
• 1M: -5.27%
• YTD: 2.97%
• 6M: 0.56%
• 1Y: -1.13%
• 3Y*: 4.32%
• 5Y*: —
• 10Y*: —

IYR

• 1D: 0.11%
• 1M: -5.23%
• YTD: 3.01%
• 6M: 0.52%
• 1Y: -1.17%
• 3Y*: 3.94%
• 5Y*: 3.75%
• 10Y*: 5.81%

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

XREP.L vs. IYR - Expense Ratio Comparison

XREP.L has a 0.14% expense ratio, which is lower than IYR's 0.42% expense ratio.

IYR

iShares U.S. Real Estate ETF

XREP.L

Invesco Real Estate S&P US Select Sector UCITS ETF GBP

Return for Risk

XREP.L vs. IYR — Risk / Return Rank

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

XREP.L

XREP.L Risk / Return Rank: 13
XREP.L Sharpe Ratio Rank: 11
XREP.L Sortino Ratio Rank: 14
XREP.L Omega Ratio Rank: 20
XREP.L Calmar Ratio Rank: 11
XREP.L Martin Ratio Rank: 11

IYR

IYR Risk / Return Rank: 14
IYR Sharpe Ratio Rank: 13
IYR Sortino Ratio Rank: 13
IYR Omega Ratio Rank: 13
IYR Calmar Ratio Rank: 14
IYR Martin Ratio Rank: 15

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.

XREP.L vs. IYR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Real Estate S&P US Select Sector UCITS ETF GBP (XREP.L) and iShares U.S. Real Estate ETF (IYR). 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.

	XREP.L	IYR	Difference
Sharpe ratio Return per unit of total volatility	-0.02	-0.07	+0.05
Sortino ratio Return per unit of downside risk	0.31	0.01	+0.30
Omega ratio Gain probability vs. loss probability	1.08	1.00	+0.07
Calmar ratio Return relative to maximum drawdown	-0.04	-0.11	+0.07
Martin ratio Return relative to average drawdown	-0.07	-0.27	+0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XREP.L vs. IYR - Sharpe Ratio Comparison

The current XREP.L Sharpe Ratio is -0.02, which is higher than the IYR Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of XREP.L and IYR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XREP.L	IYR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	-0.07	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.23	-0.11

Correlation

The correlation between XREP.L and IYR is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XREP.L vs. IYR - Dividend Comparison

XREP.L has not paid dividends to shareholders, while IYR's dividend yield for the trailing twelve months is around 2.37%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XREP.L Invesco Real Estate S&P US Select Sector UCITS ETF GBP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IYR iShares U.S. Real Estate ETF	2.37%	2.48%	2.57%	2.75%	2.92%	2.06%	2.58%	3.05%	3.53%	3.73%	4.41%	3.92%

Drawdowns

XREP.L vs. IYR - Drawdown Comparison

The maximum XREP.L drawdown since its inception was -29.50%, smaller than the maximum IYR drawdown of -60.78%. Use the drawdown chart below to compare losses from any high point for XREP.L and IYR.

Drawdown Indicators

	XREP.L	IYR	Difference
Max Drawdown Largest peak-to-trough decline	-29.50%	-74.13%	+44.63%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-12.20%	-17.30%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.32%	—
Current Drawdown Current decline from peak	-26.07%	-8.83%	-17.24%
Average Drawdown Average peak-to-trough decline	-11.04%	-12.97%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.67%	3.22%	+14.45%

Volatility

XREP.L vs. IYR - Volatility Comparison

Invesco Real Estate S&P US Select Sector UCITS ETF GBP (XREP.L) and iShares U.S. Real Estate ETF (IYR) have volatilities of 4.24% and 4.32%, 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

	XREP.L	IYR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	4.32%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	42.31%	9.67%	+32.64%
Volatility (1Y) Calculated over the trailing 1-year period	45.05%	16.25%	+28.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.92%	17.53%	+10.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.92%	20.18%	+7.74%