The much discussed almost 18% plunge in 10-year Treasury yields this year has been a boon for rate-sensitive real estate investment trusts and the relevant exchange traded funds.

Just look at the $5.5 billion iShares U.S. Real Estate ETF (NYSEArca: IYR), which is up 13.8% year-to-date. IYR, with a trailing 12-month yield of 3.68%, may not be done delivering upside for investors.

IYR “broke out from a solid base at $69 in mid-April. The current consolidation above the 20-day EMA has been bullish, with volume well below average over the past two-weeks (light volume during consolidation is positive),” notes Deron Wagner of Morpheus Trading Group.

Adding to IYR’s bullishness is that the ETF touched a new 52-week high last Friday on volume that was more than 18% above the daily average. That was the first time in several weeks volume in IYR ha been noticeably above average. [Rate-Sensitive REITs Rebound]

“A continuation breakout is a move from a short-term consolidation pattern of two to three weeks or so. It is not as long as the typical base breakout, which is usually seven to eight weeks or more in length,” added Wagner.

Since clearing some overhead resistance in late April, IYR traded in a tight range for most of May before showing signs of another breakout last Friday.