IYR vs USRT

Portfolio characteristics

Net assets are for the ETF share class on different dates (IYR $4.01B; USRT $4.29B), so they are not matched. Figures that were not available are left out rather than estimated.

Top ten sums: IYR 52.9% · USRT 50.5%. 9 shared top-ten stocks. Weights change.

The sector mirror

Same funds, different lenses

Company size

Both hold U.S. real estate companies. IYR holds 58 stocks and USRT holds 122.

What you actually own

The first rows are market price total returns computed on the same dates for both funds (to Nov 9, 2026), so they compare like for like. The 10-year figure runs from the Dec 30, 2016 close (9.9 years). The issuer NAV rows are dated separately (IYR to Nov 9, 2026, USRT to Nov 9, 2026) and include the since-inception figures. “Since inception” starts in different years (IYR 2000, USRT 2007). Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · Market price total return, both to Nov 9, 2026

Both funds derived from annualized market price total returns on matched dates (compounded). Distributions reinvested; fund expenses are already in the price. Illustration, not a forecast.

Paid per share, last 12 months vs the 12 months before

Payouts are listed by ex-dividend date. REIT funds pay larger but uneven distributions, so the like-for-like comparison is the total paid over the last 12 months against the 12 months before (cards above: IYR $2.386 per share, USRT $1.754 per share). REITs must distribute most of their taxable income, so the payout moves with property income and not only with price. See yield vs total return.

Rank by rank, the ten largest positions of each fund. Top five: IYR 33.2%, USRT 31.5%. Top ten: IYR 52.9%, USRT 50.5%.

Large funds like these usually trade with small spreads, but check the live spread before you trade. A spread of 0.01% is about $10 between the buy and sell price on $100,000. REIT shares can trade less actively in stressed markets, so spreads can widen on volatile days. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.

Expense ratio is taken from fund assets, not billed. It excludes the bid/ask spread, any premium or discount to NAV, brokerage commissions, and taxes.

Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.

The two funds follow different indexes. The Dow Jones U.S. Real Estate Capped Index covers the broader real estate sector, including mortgage REITs and real estate service companies as well as property-owning REITs. The FTSE Nareit Equity REITs 40 Act Capped Index includes only tax-qualified equity REITs, so it holds no real estate service companies or mortgage REITs, and it holds no cell tower REITs.

IYR follows the Dow Jones U.S. Real Estate Capped Index and USRT follows the FTSE Nareit Equity REITs 40 Act Capped Index. Because each index sets its own rules, the funds hold different numbers of stocks (58 against 122) and different mixes of property types such as health care, retail, industrial and cell towers. Over any window the results can diverge in either direction, and the gap comes mostly from what each index holds and when it rebalances, not from fees.

Start with what separates them: The two funds follow different indexes. The Dow Jones U.S. Real Estate Capped Index covers the broader real estate sector, including mortgage REITs and real estate service companies as well as property-owning REITs.

The FTSE Nareit Equity REITs 40 Act Capped Index includes only tax-qualified equity REITs, so it holds no real estate service companies or mortgage REITs, and it holds no cell tower REITs. Then check what you already own: the funds overlap by 78.3%, so holding both adds little.

• Step 1 · Market: IYR holds REITs plus mortgage REITs and real estate service companies; USRT holds U.S. equity REITs and leaves out cell tower REITs.
• Step 2 · Cost: IYR 0.37% vs USRT 0.08%.
• Step 3 · Concentration: ten largest positions 52.9% vs 50.5%.
• Step 4 · Overlap: use the Diversification Calculator against what you own.

Size the position against your whole portfolio, including any U.S. stock fund you hold.

IYR and USRT are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on both entry and exit. Because the funds hold U.S. companies, a move in the U.S. dollar also changes your return in Canadian dollars.

U.S. dividends paid to Canadian residents are generally subject to U.S. withholding tax under the tax treaty; the treaty exemption usually applies inside an RRSP, while a TFSA is not exempt. Rules depend on the fund and the account, so confirm them with a tax professional. This is general education, not tax advice.

Both funds invest in U.S. real estate companies. Most REIT distributions are taxed as ordinary income rather than as qualified dividends, and part may be treated as return of capital or capital gains, so a taxable U.S. account usually keeps less of the payout than it would from a typical stock fund. Many investors hold REIT funds in tax-advantaged accounts. Check each fund’s tax documents for the split.

For Canadian account types and withholding tax, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.

Investors comparing IYR and USRT often also look at the other REIT funds in this group: VNQ, SCHH, IYR, XLRE, USRT and FREL. See the other REIT ETFs comparisons and the ETF research hub.

Is IYR or USRT better?

In the IYR vs USRT question, neither is better for everyone. IYR and USRT differ in what they hold and what they charge. The two funds follow different indexes. The Dow Jones U.S. Real Estate Capped Index covers the broader real estate sector, including mortgage REITs and real estate service companies as well as property-owning REITs.

The FTSE Nareit Equity REITs 40 Act Capped Index includes only tax-qualified equity REITs, so it holds no real estate service companies or mortgage REITs, and it holds no cell tower REITs. Expense ratios are 0.37% and 0.08%. Market price total returns, annualized (both to Nov 9, 2026): 1 year 10.49% vs 16.32%; 3 years 12.76% vs 15.99%; 5 years 1.33% vs 3.69%; 10 years 5.96% vs 6.60%. Neither is better for everyone; the choice turns on cost, which markets you want, and what you already own.

IYR vs USRT, what are the expense ratios?

IYR charges 0.37% and USRT charges 0.08%, which is $37 and $8 a year per $10,000.

IYR vs USRT, how much do the funds overlap?

About 78.3% of the weight is held by both funds, matched by ticker in full holdings files dated Nov 9, 2026 and Nov 6, 2026. 9 stocks appear in both top-ten lists.

IYR vs USRT, what does each ETF track?

IYR tracks the Dow Jones U.S. Real Estate Capped Index. USRT tracks the FTSE Nareit Equity REITs 40 Act Capped Index.

IYR vs USRT, what are the top holdings?

IYR (Nov 9, 2026): Welltower 10.23%, Prologis 8.62%, Simon Property Group 4.92%, American Tower 4.85%, Equinix 4.59%. USRT (Nov 6, 2026): Welltower 9.28%, Prologis 6.77%, Equinix 6.02%, Simon Property Group 4.87%, Public Storage 4.57%.

IYR vs USRT, which has performed better?

Market price total returns, annualized (both to Nov 9, 2026): 1 year 10.49% vs 16.32%; 3 years 12.76% vs 15.99%; 5 years 1.33% vs 3.69%; 10 years 5.96% vs 6.60%. Returns depend on what each fund holds, and past performance does not guarantee future results.

IYR vs USRT, can I own both?

On IYR vs USRT, you can, but they overlap by about 78.3%. 9 top-ten stocks are shared. Holding both repeats more than half of the same exposure, so the second fund mostly adds weight to what you already own.

IYR vs USRT, how often do the funds pay dividends?

IYR pays quarterly and USRT pays quarterly. Trailing yields are 3.05% and 3.20%; check each issuer page for the schedule.

IYR vs USRT, are they suitable for Canadian investors?

On IYR vs USRT, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs and U.S. withholding tax on dividends. Treatment differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.

IYR vs USRT, how do the funds differ by sector?

IYR (Nov 9, 2026): health care 17.7%, retail 13.9%, residential 11.3%. USRT (Nov 6, 2026): health care 19.1%, retail 18.4%, residential 13.6%.

Third-party sources

StockAnalysis IYR · StockAnalysis USRT.

Methodology and limits

• IYR figures come from iShares fund pages and USRT figures from iShares fund pages.
• Dates are shown beside each figure; the issuer documents are linked below.
• Holdings overlap is the sum of the smaller weight of each ticker held by both funds, using each issuer’s full holdings file. Holdings dates are Nov 9, 2026 and Nov 6, 2026. Cash, futures and unmatched tickers are excluded and dates differ for some pairs, so treat it as an estimate.
• Vanguard figures come from vanguard.com, the Vanguard compare tool and fund data; iShares figures from ishares.com including holdings files; Schwab figures from schwabassetmanagement.com; State Street figures from ssga.com; Fidelity figures from the Fidelity fact sheet and the SEC N-PORT filing; market data (shares, beta, range) from StockAnalysis, dated Nov 9, 2026.
• Sector groups on this page use one property-type scheme applied to every fund: each stock is placed in a group such as health care, retail, industrial, residential, data centers, cell towers, self storage, office, hotels, real estate services, mortgage REITs or specialized REITs, and the weights are added up from the full holdings. This lets the funds be compared on the same labels, but it will not match each issuer’s own sector table exactly.
• Figures that were unavailable are left out, and nothing was filled from memory or from another fund.
• Growth of $10,000 is derived from annualized market price total returns on matched dates; dollar values are approximate.
• Returns are computed from daily adjusted closing prices (distributions reinvested) so both funds share the same dates (the 10-year figure runs from Dec 30, 2016, 9.9 years); issuer NAV returns, where captured, are shown beside them with their dates. Standard deviation is computed from 36 monthly total returns, Nov 2023 to Oct 2026, the same way for every fund.

Pathways, not rankings or recommendations.