Fund Evaluator:
Empower Real Estate Index Inv (MXREX)
Follow This Fund
Best Performing in Real Estate Over the Last Year
| 25.9% | Nomura Real Estate Securities Y (IRSYX) |
| 20.1% | Cromwell CenterSquare Real Estate Inv (MRESX) |
| 18.7% | Nuveen Real Estate Sec Sel I (TIRHX) |
| 17.4% | PGIM Real Estate Income Z (PRKZX) |
| 17.4% | T. Rowe Price Real Estate (TRREX) |
Fund Details
Empower Real Estate Index Inv Overview
Empower Real Estate Index Inv (MXREX) is a passively managed Sector Equity Real Estate fund. Empower Funds launched the fund in 2012.
The investment seeks investment results, before fees and expenses, that track the total return of a Dow Jones U.S. Select REIT Index that measures the performance of publicly traded equity real estate investment trusts ("REITs"). Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of the companies included in the benchmark index. The fund uses the replication method of indexing, meaning the fund seeks to own the securities contained in the benchmark index in as close as possible a proportion of the fund as each stock’s weight in the index. It is non-diversified.
About Empower Real Estate Index Inv (MXREX)
There are 3 members of the management team with an average tenure of 10.26 years: Nicola Dowdall (2016), Michael Lynch (2016), Peter Leonard (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and DJ US Select REIT TR USD index with a weighting of 100%. Empower Real Estate Index Inv has 101 securities in its portfolio. The top 10 holdings constitute 59.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Empower Real Estate Index Inv is part of the Equity global asset class and is within the Sector Equity fund group. Empower Real Estate Index Inv has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.5%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Empower Real Estate Index Inv has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $734 million in total assets, which is above the $667 million average for the Real Estate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MXREX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Empower Real Estate Index Inv expense ratio is above average compared to funds in the Real Estate category. Empower Real Estate Index Inv has an expense ratio of 0.65%, which is 47% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Empower Real Estate Index Inv has a portfolio turnover rate of 2%, indicating that holds its assets around 0.5 years. By way of comparison, the average portfolio turnover is 78% for the Real Estate category.
Recently, in the month of July 2026, Empower Real Estate Index Inv returned 2.4%, which earned it a grade of B, as the Real Estate category had an average return of 2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Empower Real Estate Index Inv has a trailing yield of 1.32%, which is below the 2.02% category average.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Empower Real Estate Index Inv Grades
Year to date, the fund has returned 20.0%, 3.4 percentage points better than the category, which translates into a grade of A. The fund has returned 25.7% over the past year (grade of A), 11.6% over the past three years (grade of A) and 4.5% per year over the past five years (grade of A) and 4.6% per year over the past 10 years (grade of D).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Empower Real Estate Index Inv, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MXREX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MXREX Return (NAV) | 2.4% | 5.8% | 25.7% | 11.6% | 4.5% | 4.6% |
| MXREX Grade | B | A | A | A | A | D |
| +/- Category | 0.4% | 2.1% | 7.3% | 1.9% | 1.4% | -0.7% |
| Real Estate Avg | 2.0% | 3.7% | 18.4% | 9.8% | 3.1% | 5.3% |
| MXREX Tax Cost Ratio | na | na | 0.8% | 1.0% | 1.0% | 1.2% |
MXREX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MXREX Return (NAV) | 20.0% | 3.2% | 7.5% | 13.3% | -26.4% | 44.3% | -11.6% | 22.4% | -4.9% | 3.1% | 5.8% |
| MXREX Grade | A | B | B | B | C | B | F | F | B | F | C |
| +/- Category | 3.4% | 1.8% | 1.0% | 1.0% | -0.3% | 2.5% | -7.8% | -6.2% | 1.1% | -3.5% | -0.3% |
| Real Estate Avg | 16.5% | 1.3% | 6.5% | 12.3% | -26.1% | 41.8% | -3.8% | 28.6% | -6.0% | 6.6% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 16.5% |
| Total Risk Index: | 1.35 - High |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (75% Rank) |
| Beta: | 0.97 |
| R-Squared: | 55% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.3% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $1470 Mil |
| Fund Total Assets: | $ 734 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 2% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Dowdall Nicola (2016), Lynch Michael (2016), Leonard Peter (2016) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 101 |
| % in Top 10 Holdings: | 59.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | Empower Funds |
| Phone Number: | 866-831-7129 |
| Website: | www.greatwestfunds.com |
| Status: | Open |
| Inception Date: | November 27, 2012 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.65% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Empower Real Estate Index Inv |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
