Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU)
31 May 2026
Performance Review
The Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU) has a track record of 10 years and 5 months and has outperformed the FTSE EPRA/ NAREIT Developed NET TR benchmark since inception in January 2016, providing investors with an annualised return of 5.44% compared with the benchmark's return of 4.06% over the same period.
The Manager has delivered these returns with 0.01% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.33 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 7% of the time during periods of market decline, contributing to an up-capture ratio since inception of 104% and a down-capture ratio of 97%.
The Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU) returned -1.04% in May, a difference of -0.11% compared with the FTSE EPRA/ NAREIT Developed NET TR benchmark which fell by -0.93%. Over the past 12 months, the fund's best monthly return was +3.95% compared with the benchmark's best return of +5.20%, and its worst monthly return was -6.67% vs the benchmark's worst return over the same period of -5.32%.
Fund rank in Peergroups
| Fund | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 7 years | |
|---|---|---|---|---|---|---|---|---|
| Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU) | Performance: | -1.04% | -3.98% | -5.93% | -8.94% | 4.68% | 2.48% | 3.04% |
| Rank in Peer Group (out of 41): | 33 | 36 | 29 | 35 | 23 | 22 | 19 | |
| Peergroup - Property | Performance: | 1.33% | -1.53% | -3.35% | -1.32% | 0.38% | 1.12% | 2.50% |
| Performance vs peergroup: | -2.36% | -2.45% | -2.58% | -7.61% | +4.29% | +1.36% | +0.54% | |
| Benchmark - FTSE EPRA/ NAREIT Developed Index NET TR | Performance: | -0.93% | -3.03% | -2.09% | 1.32% | 6.54% | 3.17% | 2.38% |
| Performance vs benchmark (Alpha): | -0.11% | -0.95% | -3.84% | -10.26% | -1.86% | -0.69% | +0.65% | |
| Fund | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU) | Performance: | 8.55% | 7.63% | 23.82% | -9.74% | 36.70% | -21.37% | 17.41% | 8.03% | -2.36% | -3.36% |
| Rank in Peer Group (out of 41): | 12 | 8 | 8 | 30 | 3 | 29 | 5 | 18 | 33 | 19 | |
| Drawdown: | -3.78% | -6.47% | -3.20% | -19.68% | -4.67% | -22.45% | -7.77% | -4.98% | -5.77% | -6.67% | |
| Peergroup - Property | Performance: | 6.57% | 2.70% | 18.96% | -2.29% | 23.89% | -10.35% | -4.02% | 4.22% | 4.19% | -3.13% |
| Performance vs peergroup: | +1.97% | +4.93% | +4.86% | -7.45% | +12.80% | -11.02% | +21.42% | +3.82% | -6.55% | -0.24% | |
| Benchmark - FTSE EPRA/ NAREIT Developed Index NET TR | Performance: | 2.17% | 4.84% | 22.09% | -17.14% | 33.80% | -19.69% | 9.00% | 11.24% | 1.74% | 0.75% |
| Performance vs benchmark (Alpha): | +6.38% | +2.79% | +1.73% | +7.40% | +2.90% | -1.68% | +8.41% | -3.21% | -4.10% | -4.11% | |
Fund returns
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.48 | 2.15 | -6.67 | 3.95 | -1.04 | NA | NA | NA | NA | NA | NA | NA | -3.36 |
| 2025 | -1.25 | 3.46 | -0.80 | -0.14 | 2.38 | -0.25 | -2.48 | 0.78 | -0.79 | -1.62 | 1.17 | -2.66 | -2.36 |
| 2024 | -0.84 | 0.38 | 3.57 | -4.98 | 2.87 | -0.75 | 7.40 | 3.20 | 0.74 | -0.91 | 1.52 | -3.84 | 8.03 |
| 2023 | 7.49 | -0.15 | -4.59 | 4.91 | -2.87 | 1.67 | 4.18 | 0.45 | -6.58 | -1.27 | 7.10 | 7.08 | 17.41 |
| 2022 | -3.48 | -4.89 | 0.70 | -0.70 | -4.69 | -5.17 | 6.76 | -6.40 | -6.46 | 4.54 | 0.77 | -3.74 | -21.37 |
| 2021 | -0.35 | 4.26 | 1.92 | 4.64 | 2.70 | 4.78 | 6.91 | 2.56 | -4.67 | 2.12 | 3.56 | 3.72 | 36.70 |
| 2020 | 5.20 | -3.90 | -13.30 | -1.24 | -0.99 | -0.61 | -0.54 | 0.10 | -0.37 | 0.77 | 6.54 | -0.50 | -9.74 |
| 2019 | 6.90 | 3.20 | 3.30 | 0.60 | 1.70 | 0.30 | 1.60 | 4.70 | 0.90 | 0.80 | 1.10 | -3.20 | 23.82 |
| 2018 | -4.48 | -2.09 | 4.70 | 4.21 | 1.74 | 4.88 | -0.33 | 4.35 | -2.10 | -0.84 | 0.20 | -2.28 | 7.63 |
| 2017 | -3.78 | 3.08 | -0.13 | 3.89 | 1.83 | -1.97 | -1.33 | 0.93 | 1.34 | 1.85 | 4.19 | -1.34 | 8.55 |
| 2016 | 0.21 | -2.39 | 1.92 | -0.74 | 7.86 | 1.26 | 0.61 | -2.27 | -2.75 | -4.96 | -0.87 | 6.18 | 3.37 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has returned -8.94% compared with the benchmark which has returned +1.32%, for a difference of -10.26%. Since inception in January 2016, the fund has returned +5.44% per annum, a difference of +1.38% relative to the benchmark which has returned +4.06% on an annualised basis over the same period.
Cumulative Returns
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $173. The same amount invested in the benchmark over the same period would have become $151.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 8.94% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in January 2016 is 12.51% vs the index's 12.5%. Over all other periods, the fund's volatility relative to the benchmark has been varied.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 0.11 for performance over the most recent 36 months to a low of -1.42 over the latest 12 months, and is 0.33 for performance since inception. By contrast, the FTSE EPRA/ NAREIT Developed NET TR Index's Sharpe for performance since January 2016 is 0.22.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in January 2016 in the months where the market was positive, the fund has provided positive returns 90% of the time
Performance in Negative Markets
Since inception in January 2016 in the months where the market was negative, the fund has provided positive returns 7% of the time, contributing to a down-capture ratio for returns since inception of 96.86%. Over all other periods, the fund's down-capture ratio has ranged from a high of 120.49% over the most recent 12 months to a low of 100.42% over the latest 36 months.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 0.07 for performance over the most recent 36 months to a low of -1.5 over the latest 12 months, and is 0.39 for performance since inception. By contrast, the FTSE EPRA/ NAREIT Developed NET TR Index's Sortino for performance since January 2016 is 0.21.
Drawdown
Over the past 12 months, the fund's largest drawdown was -11.26% vs the index's -5.32%, and since inception in January 2016 the fund's largest drawdown was -22.45% vs the index's maximum drawdown over the same period of -26.61%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Property as of April 2026
The performance of the Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU) ranked it in the first quintile for Largest Drawdown and second quintile for Volatility and Downside Deviation over 7 years, while over 3 & 5 years the fund ranked in the second quintile for Volatility, Downside Deviation and Largest Drawdown. Over 1 year it ranked in the second quintile for Volatility.
Over the past 12 months, the fund has returned -8.94% compared with the peer group which has fallen an average of -1.32%, for a difference of -7.62%.
The fund's returns over the past 12 months have been achieved with a volatility of 8.94% vs the peer group's average volatility of 7.87%. The annualised volatility of the fund's returns since inception in January 2016 is 12.51% vs the peer group's 11.33%. Over all other periods, the fund's returns have been more volatile than the peer group.