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XRES.L vs. DPYG.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XRES.L vs. DPYG.L

Last updated Jun 5, 2026

XRES.L (Invesco Real Estate S&P US Select Sector UCITS ETF Acc) and DPYG.L (iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist)) are both REIT funds - XRES.L tracks the S&P Select Sector Capped 20% Real Estate Index while DPYG.L tracks the FTSE EPRA/NAREIT Developed Dividend+ (GBP Hedged). Both are passively managed. Over the past 5 years, XRES.L returned 2.78%/yr vs 0.30%/yr for DPYG.L. A 0.78 correlation means they provide meaningful diversification when combined. XRES.L charges 0.14%/yr vs 0.64%/yr for DPYG.L.

Performance

XRES.L vs. DPYG.L - 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 Acc (XRES.L) and iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist) (DPYG.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XRES.L is traded in USD, while DPYG.L is traded in GBP. To make them comparable, the DPYG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XRES.L achieves a 9.04% return, which is significantly higher than DPYG.L's 6.39% return.

XRES.L

1D
-0.02%
1M
-0.28%
YTD
9.04%
6M
8.82%
1Y
9.37%
3Y*
9.53%
5Y*
2.78%
10Y*
6.39%

DPYG.L

1D
-0.12%
1M
-1.61%
YTD
6.39%
6M
8.24%
1Y
10.04%
3Y*
11.19%
5Y*
0.30%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XRES.L vs. DPYG.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
XRES.L
Invesco Real Estate S&P US Select Sector UCITS ETF Acc		9.04%3.99%2.44%12.71%-25.97%46.91%-3.45%27.10%4.52%
DPYG.L
iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist)		6.39%15.49%0.36%15.24%-31.18%26.58%-10.99%24.06%-6.29%

Correlation

The correlation between XRES.L and DPYG.L is 0.79, 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

0.79

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

0.82

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

0.81

Correlation (All Time)
Calculated using the full available price history since Mar 9, 2018

0.78

The correlation between XRES.L and DPYG.L has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

XRES.L vs. DPYG.L - Sectors Allocation Comparison

Sectors
XRES.L
DPYG.L

Real Estate

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

0.0%

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

0.1%

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

-

Real Estate

XRES.L
100.0%
DPYG.L
100.0%

Basic Materials

XRES.L

-

DPYG.L

-

Communication Services

XRES.L

-

DPYG.L

-

Consumer Cyclical

XRES.L

-

DPYG.L
0.0%

Consumer Defensive

XRES.L

-

DPYG.L

-

Energy

XRES.L

-

DPYG.L

-

Financial Services

XRES.L

-

DPYG.L
0.1%

Healthcare

XRES.L

-

DPYG.L

-

Industrials

XRES.L

-

DPYG.L

-

Technology

XRES.L

-

DPYG.L

-

Utilities

XRES.L

-

DPYG.L

-

Compare stocks, funds, or ETFs

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

iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist)

Often compared with XRES.L:
XRES.L vs. XLREXRES.L vs. VNQXRES.L vs. VWRA.LXRES.L vs. IUSP.LXRES.L vs. REMXRES.L vs. GBRE.LXRES.L vs. FREL
Often compared with DPYG.L:
DPYG.L vs. VNQDPYG.L vs. WNEW.LDPYG.L vs. IUKP.LDPYG.L vs. IWDP.LDPYG.L vs. HPRD.LDPYG.L vs. HPRO.LDPYG.L vs. EPRA.L

Return for Risk

XRES.L vs. DPYG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XRES.L
XRES.L Risk / Return Rank: 2323
Overall Rank
XRES.L Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
XRES.L Sortino Ratio Rank: 2121
Sortino Ratio Rank
XRES.L Omega Ratio Rank: 2020
Omega Ratio Rank
XRES.L Calmar Ratio Rank: 2626
Calmar Ratio Rank
XRES.L Martin Ratio Rank: 2525
Martin Ratio Rank
DPYG.L
DPYG.L Risk / Return Rank: 2828
Overall Rank
DPYG.L Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
DPYG.L Sortino Ratio Rank: 2828
Sortino Ratio Rank
DPYG.L Omega Ratio Rank: 2727
Omega Ratio Rank
DPYG.L Calmar Ratio Rank: 2626
Calmar Ratio Rank
DPYG.L Martin Ratio Rank: 3030
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.

XRES.L vs. DPYG.L - 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 Acc (XRES.L) and iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist) (DPYG.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.

XRES.LDPYG.LDifference
Sharpe ratioReturn per unit of total volatility
0.71
0.75

-0.04

Sortino ratioReturn per unit of downside risk
1.08
1.16

-0.08

Omega ratioGain probability vs. loss probability

1.12

1.14

-0.01

Calmar ratioReturn relative to maximum drawdown

1.23

0.98

+0.25

Martin ratioReturn relative to average drawdown

3.26

3.17

+0.09

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

XRES.L vs. DPYG.L - Sharpe Ratio Comparison

The current XRES.L Sharpe Ratio is 0.71, which is comparable to the DPYG.L Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of XRES.L and DPYG.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

XRES.LDPYG.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.71

0.75

-0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.15

0.02

+0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.34

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.14

+0.25

Drawdowns

XRES.L vs. DPYG.L - Drawdown Comparison

The maximum XRES.L drawdown since its inception was -37.84%, smaller than the maximum DPYG.L drawdown of -49.07%. Use the drawdown chart below to compare losses from any high point for XRES.L and DPYG.L.

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Drawdown Indicators

XRES.LDPYG.LDifference

Max Drawdown

Largest peak-to-trough decline

-37.84%

-49.07%

+11.23%

Max Drawdown (1Y)

Largest decline over 1 year

-7.56%

-10.61%

+3.05%

Max Drawdown (3Y)

Largest decline over 3 years

-17.95%

-20.38%

+2.43%

Max Drawdown (5Y)

Largest decline over 5 years

-34.70%

-41.88%

+7.18%

Max Drawdown (10Y)

Largest decline over 10 years

-37.84%

—

—

Current Drawdown

Current decline from peak

-3.19%

-3.67%

+0.48%

Average Drawdown

Average peak-to-trough decline

-10.17%

-14.51%

+4.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.87%

3.29%

-0.42%

Volatility

XRES.L vs. DPYG.L - Volatility Comparison

Invesco Real Estate S&P US Select Sector UCITS ETF Acc (XRES.L) and iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist) (DPYG.L) have volatilities of 4.47% and 4.36%, 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.

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Volatility by Period

XRES.LDPYG.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.47%

4.36%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

9.68%

10.40%

-0.72%

Volatility (1Y)

Calculated over the trailing 1-year period

13.25%

13.96%

-0.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.47%

19.67%

-1.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.89%

21.79%

-2.90%

XRES.L vs. DPYG.L - Expense Ratio Comparison

XRES.L has a 0.14% expense ratio, which is lower than DPYG.L's 0.64% expense ratio.

Dividends

XRES.L vs. DPYG.L - Dividend Comparison

XRES.L has not paid dividends to shareholders, while DPYG.L's dividend yield for the trailing twelve months is around 2.95%.

PositionTTM20252024202320222021202020192018
DPYG.L
iShares Developed Markets Property Yield UCITS ETF GBP Hedged (Dist)		2.95%3.02%3.11%3.00%3.71%2.13%2.98%2.95%2.99%
XRES.L
Invesco Real Estate S&P US Select Sector UCITS ETF Acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XRES.L and DPYG.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XRES.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XRES.L is cheaper with a 0.14% expense ratio, compared with 0.64% for DPYG.L.

XRES.L tracks S&P Select Sector Capped 20% Real Estate Index, while DPYG.L tracks FTSE EPRA/NAREIT Developed Dividend+ (GBP Hedged). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.14% for XRES.L and 0.64% for DPYG.L.

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