- ISIN
- US8841168235
- CUSIP
- 98147A527
- Issuer
- Third Avenue
- Inception Date
- May 7, 2014
- Category
- REIT
- Min. Investment
- $10,000
- Distribution Policy
- Distributing
- Asset Class
- Real Estate
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
REIFX Performance Chart
Third Avenue International Real Estate Value Fund (REIFX) is down 2.9% since the beginning of the year. REIFX is currently trading at $14 per share. Investors who bought $1,000 worth of REIFX shares 5 years ago would now be looking at an investment worth $1,164.
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Returns By Period
Third Avenue International Real Estate Value Fund (REIFX) has returned -2.94% so far this year and 2.40% over the past 12 months. Over the last ten years, REIFX has returned 6.81% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Third Avenue International Real Estate Value Fund
- 1D
- 0.00%
- 1M
- -0.88%
- YTD
- -2.94%
- 6M
- -2.38%
- 1Y
- 2.40%
- 3Y*
- 6.51%
- 5Y*
- 3.08%
- 10Y*
- 6.81%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
REIFX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 2015, REIFX's average daily return is +0.03%, while the average monthly return is +0.57%. At this rate, an investment would double in approximately 10.2 years.
Historically, 55% of months were positive and 45% were negative. The best month was Nov 2020 with a return of +12.6%, while the worst month was Mar 2020 at -20.6%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, REIFX closed higher 50% of trading days. The best single day was Mar 24, 2020 with a return of +5.8%, while the worst single day was Mar 18, 2020 at -8.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.74% | 4.41% | -12.67% | 4.91% | -2.98% | -1.10% | -2.94% | ||||||
| 2025 | 1.76% | 3.71% | 0.75% | 7.77% | 3.60% | 2.74% | -1.37% | 4.02% | 1.33% | -2.29% | 2.06% | -0.87% | 25.35% |
| 2024 | -4.14% | -1.35% | 3.95% | -3.47% | 4.96% | -3.59% | 4.31% | 3.32% | 3.69% | -6.73% | -2.03% | -3.63% | -5.51% |
| 2023 | 7.46% | -3.77% | -0.35% | 3.58% | -3.62% | 2.97% | 2.80% | -4.29% | -4.06% | -4.86% | 10.02% | 8.82% | 13.91% |
| 2022 | -2.02% | -2.43% | 1.06% | -5.38% | -2.60% | -5.59% | 3.18% | -1.08% | -10.18% | -1.12% | 6.82% | 0.49% | -18.22% |
| 2021 | -3.27% | 2.86% | 2.95% | 3.84% | 5.20% | -2.25% | 3.83% | 3.69% | -4.98% | 2.54% | -2.12% | 5.76% | 18.78% |
Benchmark Metrics
Third Avenue International Real Estate Value Fund has an annualized alpha of 1.46%, beta of 0.40, and R2 of 0.26 versus S&P 500 Index. Calculated based on daily prices since January 02, 2015.
- This fund participated in 78.84% of S&P 500 Index downside but only 59.57% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.40 may look defensive, but with R2 of 0.26 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.26 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.46%
- Beta
- 0.40
- R²
- 0.26
- Upside Capture
- 59.57%
- Downside Capture
- 78.84%
Expense Ratio
REIFX has a high expense ratio of 1.00%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
REIFX ranks 4 for risk / return — in the bottom 4% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Third Avenue International Real Estate Value Fund (REIFX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| REIFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.37 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | 2.78 | -2.66 |
| Martin ratioReturn relative to average drawdown | 0.31 | 12.44 | -12.13 |
Dividends
Dividend History
Third Avenue International Real Estate Value Fund provided a 2.35% dividend yield over the last twelve months, with an annual payout of $0.32 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.32 | $0.32 | $0.27 | $0.32 | $0.22 | $0.31 | $0.45 | $0.16 | $1.17 | $0.33 | $0.09 | $0.29 |
Dividend yield | 2.35% | 2.28% | 2.37% | 2.63% | 1.98% | 2.22% | 3.74% | 1.40% | 11.92% | 2.80% | 0.90% | 3.00% |
Monthly Dividends
The table displays the monthly dividend distributions for Third Avenue International Real Estate Value Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.32 | $0.32 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.27 | $0.27 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.32 | $0.32 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.22 | $0.22 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.31 | $0.31 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Third Avenue International Real Estate Value Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Third Avenue International Real Estate Value Fund was 37.61%, occurring on Mar 19, 2020. Recovery took 181 trading sessions.
The current Third Avenue International Real Estate Value Fund drawdown is 12.31%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -37.61%Mar 2020 | 1mo 28d | 8mo 20d | 10mo 18dJan 2020 - Dec 2020 |
Bear market2022 | -26.20%Oct 2022 | 1y 1mo | 2y 6mo | 3y 7moSep 2021 - May 2025 |
2016 correction2016 | -15.08%Feb 2016 | 9mo | 1y 1mo | 1y 10moMay 2015 - Mar 2017 |
2026 correction2026 | -14.58%Jun 2026 | 3mo 13d | — | 3mo 28dFeb 2026 - now |
Rate-hike selloffLate 2018 | -11.87%Dec 2018 | 11mo 2d | 2mo 21d | 1y 1moJan 2018 - Mar 2019 |
Drawdown Indicators
| REIFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.61% | -56.78% | +19.17% |
Max Drawdown (1Y)Largest decline over 1 year | -14.58% | -9.10% | -5.48% |
Max Drawdown (3Y)Largest decline over 3 years | -15.83% | -18.90% | +3.07% |
Max Drawdown (5Y)Largest decline over 5 years | -26.20% | -25.43% | -0.77% |
Max Drawdown (10Y)Largest decline over 10 years | -37.61% | -33.92% | -3.69% |
Current DrawdownCurrent decline from peak | -12.31% | -1.80% | -10.51% |
Average DrawdownAverage peak-to-trough decline | -6.90% | -10.71% | +3.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.85% | 2.03% | +3.82% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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