- ISIN
- US8841164010
- CUSIP
- 884116401
- Issuer
- Third Avenue
- Inception Date
- Sep 16, 1998
- 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
TAREX Performance Chart
Third Avenue Real Estate Value Fund (TAREX) is down 5.8% since the beginning of the year. TAREX is currently trading at $23 per share. Investors who bought $1,000 worth of TAREX shares 5 years ago would now be looking at an investment worth $1,203.
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Returns By Period
Third Avenue Real Estate Value Fund (TAREX) has returned -5.84% so far this year and 1.56% over the past 12 months. Over the last ten years, TAREX has returned 4.34% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Third Avenue Real Estate Value Fund
- 1D
- 0.65%
- 1M
- -0.09%
- YTD
- -5.84%
- 6M
- -6.11%
- 1Y
- 1.56%
- 3Y*
- 11.95%
- 5Y*
- 3.76%
- 10Y*
- 4.34%
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%
TAREX Monthly Returns History
Based on dividend-adjusted daily data since Jan 4, 1999, TAREX's average daily return is +0.04%, while the average monthly return is +0.80%. At this rate, an investment would double in approximately 7.2 years.
Historically, 62% of months were positive and 38% were negative. The best month was Apr 2009 with a return of +22.0%, while the worst month was Oct 2008 at -27.1%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 6 months.
On a daily basis, TAREX closed higher 53% of trading days. The best single day was Mar 24, 2020 with a return of +9.3%, while the worst single day was Mar 16, 2020 at -13.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.05% | 0.96% | -11.80% | 5.32% | -0.94% | 0.30% | -5.84% | ||||||
| 2025 | 5.44% | -2.21% | -2.76% | -0.69% | 4.20% | 3.29% | -0.52% | 6.92% | 0.34% | -1.32% | 2.07% | -2.32% | 12.52% |
| 2024 | -2.03% | 2.16% | 2.72% | -7.09% | 5.79% | -2.69% | 9.61% | 1.28% | 4.27% | -3.44% | 9.77% | -5.90% | 13.54% |
| 2023 | 9.63% | -5.06% | -2.02% | 2.69% | -4.27% | 7.84% | 4.53% | -3.81% | -6.04% | -5.64% | 11.84% | 14.55% | 23.48% |
| 2022 | -6.96% | -2.19% | 1.76% | -3.50% | -3.22% | -9.40% | 8.42% | -7.08% | -12.10% | 3.94% | 5.31% | -3.27% | -26.53% |
| 2021 | -0.52% | 4.94% | 6.04% | 4.25% | 4.49% | -2.38% | 3.03% | 1.04% | -4.51% | 6.77% | -1.99% | 6.72% | 30.69% |
Benchmark Metrics
Third Avenue Real Estate Value Fund has an annualized alpha of 3.54%, beta of 0.72, and R2 of 0.61 versus S&P 500 Index. Calculated based on daily prices since January 04, 1999.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (94.66%) than losses (88.52%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 3.54% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Alpha
- 3.54%
- Beta
- 0.72
- R²
- 0.61
- Upside Capture
- 94.66%
- Downside Capture
- 88.52%
Expense Ratio
TAREX has a high expense ratio of 1.15%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TAREX ranks 3 for risk / return — in the bottom 3% 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 Real Estate Value Fund (TAREX) 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.
| TAREX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.37 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | 2.78 | -2.69 |
| Martin ratioReturn relative to average drawdown | 0.25 | 12.44 | -12.19 |
Dividends
Dividend History
Third Avenue Real Estate Value Fund provided a 6.03% dividend yield over the last twelve months, with an annual payout of $1.40 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.40 | $1.40 | $1.53 | $1.15 | $1.63 | $2.48 | $0.23 | $4.61 | $2.75 | $0.36 | $0.54 | $1.61 |
Dividend yield | 6.03% | 5.68% | 6.59% | 5.28% | 8.76% | 9.03% | 0.99% | 18.22% | 11.07% | 1.06% | 1.80% | 5.60% |
Monthly Dividends
The table displays the monthly dividend distributions for Third Avenue 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 | $1.40 | $1.40 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.53 | $1.53 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.15 | $1.15 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.63 | $1.63 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.48 | $2.48 |
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 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 Real Estate Value Fund was 67.68%, occurring on Mar 9, 2009. Recovery took 1040 trading sessions.
The current Third Avenue Real Estate Value Fund drawdown is 9.79%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -67.68%Mar 2009 | 1y 10mo | 4y 1mo | 5y 11moMay 2007 - Apr 2013 |
COVID crash2020 | -44.73%Mar 2020 | 2y 3mo | 1y 1mo | 3y 4moDec 2017 - May 2021 |
Bear market2022 | -31.89%Oct 2022 | 9mo 20d | 1y 10mo | 2y 8moJan 2022 - Sep 2024 |
2016 bear market2016 | -22.68%Feb 2016 | 8mo 27d | 6mo 28d | 1y 3moMay 2015 - Sep 2016 |
2025 selloff2025 | -19.88%Apr 2025 | 3mo 27d | 4mo 2d | 7mo 29dDec 2024 - Aug 2025 |
Drawdown Indicators
| TAREX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.68% | -56.78% | -10.90% |
Max Drawdown (1Y)Largest decline over 1 year | -15.81% | -9.10% | -6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -19.88% | -18.90% | -0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -31.89% | -25.43% | -6.46% |
Max Drawdown (10Y)Largest decline over 10 years | -44.73% | -33.92% | -10.81% |
Current DrawdownCurrent decline from peak | -9.79% | -1.80% | -7.99% |
Average DrawdownAverage peak-to-trough decline | -11.17% | -10.71% | -0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.11% | 2.03% | +4.08% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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