AVEFX vs. FRESX

Last updated Jun 4, 2026

AVEFX (Ave Maria Bond Fund) and FRESX (Fidelity Real Estate Investment Portfolio) are both mutual funds - AVEFX is a Diversified Portfolio fund managed by Ave Maria Mutual Funds, while FRESX is a REIT fund managed by Fidelity. Over the past 10 years, AVEFX returned 3.86%/yr vs 5.19%/yr for FRESX. A 0.54 correlation means they provide meaningful diversification when combined. AVEFX charges 0.41%/yr vs 0.71%/yr for FRESX.

Performance

AVEFX vs. FRESX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ave Maria Bond Fund (AVEFX) and Fidelity Real Estate Investment Portfolio (FRESX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVEFX achieves a 1.45% return, which is significantly lower than FRESX's 9.92% return. Over the past 10 years, AVEFX has underperformed FRESX with an annualized return of 3.86%, while FRESX has yielded a comparatively higher 5.19% annualized return.

AVEFX

• 1D: 0.08%
• 1M: -0.42%
• YTD: 1.45%
• 6M: 1.42%
• 1Y: 4.53%
• 3Y*: 5.73%
• 5Y*: 2.86%
• 10Y*: 3.86%

FRESX

• 1D: 0.48%
• 1M: -1.17%
• YTD: 9.92%
• 6M: 8.98%
• 1Y: 10.25%
• 3Y*: 9.16%
• 5Y*: 3.21%
• 10Y*: 5.19%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVEFX vs. FRESX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVEFX Ave Maria Bond Fund	1.45%	5.63%	5.71%	5.16%	-2.84%	4.38%	5.60%	8.30%	0.41%	4.16%
FRESX Fidelity Real Estate Investment Portfolio	9.92%	2.54%	5.87%	10.82%	-24.36%	42.34%	-7.93%	25.22%	-4.48%	4.28%

Correlation

The correlation between AVEFX and FRESX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since May 7, 2003	0.54

The correlation between AVEFX and FRESX has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

Return for Risk

AVEFX vs. FRESX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVEFX

AVEFX Risk / Return Rank: 29
AVEFX Sharpe Ratio Rank: 33
AVEFX Sortino Ratio Rank: 36
AVEFX Omega Ratio Rank: 32
AVEFX Calmar Ratio Rank: 25
AVEFX Martin Ratio Rank: 19

FRESX

FRESX Risk / Return Rank: 10
FRESX Sharpe Ratio Rank: 9
FRESX Sortino Ratio Rank: 9
FRESX Omega Ratio Rank: 9
FRESX Calmar Ratio Rank: 13
FRESX Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVEFX vs. FRESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ave Maria Bond Fund (AVEFX) and Fidelity Real Estate Investment Portfolio (FRESX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AVEFX	FRESX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	0.74	+0.90
Sortino ratio: Return per unit of downside risk	2.50	1.10	+1.40
Omega ratio: Gain probability vs. loss probability	1.29	1.13	+0.16
Calmar ratio: Return relative to maximum drawdown	1.87	1.27	+0.60
Martin ratio: Return relative to average drawdown	5.07	3.66	+1.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVEFX vs. FRESX - Sharpe Ratio Comparison

The current AVEFX Sharpe Ratio is 1.64, which is higher than the FRESX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of AVEFX and FRESX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AVEFX	FRESX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	0.74	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.17	+0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	0.25	+0.71
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.39	+0.72

Drawdowns

AVEFX vs. FRESX - Drawdown Comparison

The maximum AVEFX drawdown since its inception was -10.24%, smaller than the maximum FRESX drawdown of -76.34%. Use the drawdown chart below to compare losses from any high point for AVEFX and FRESX.

Drawdown Indicators

	AVEFX	FRESX	Difference
Max Drawdown Largest peak-to-trough decline	-10.24%	-76.34%	+66.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-7.78%	+5.20%
Max Drawdown (3Y) Largest decline over 3 years	-2.82%	-16.44%	+13.62%
Max Drawdown (5Y) Largest decline over 5 years	-7.70%	-32.13%	+24.43%
Max Drawdown (10Y) Largest decline over 10 years	-10.24%	-40.93%	+30.69%
Current Drawdown Current decline from peak	-2.11%	-2.87%	+0.76%
Average Drawdown Average peak-to-trough decline	-0.97%	-11.12%	+10.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	2.69%	-1.74%

Volatility

AVEFX vs. FRESX - Volatility Comparison

The current volatility for Ave Maria Bond Fund (AVEFX) is 0.83%, while Fidelity Real Estate Investment Portfolio (FRESX) has a volatility of 3.78%. This indicates that AVEFX experiences smaller price fluctuations and is considered to be less risky than FRESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEFX	FRESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	3.78%	-2.95%
Volatility (6M) Calculated over the trailing 6-month period	2.26%	9.27%	-7.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	13.27%	-10.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	18.72%	-14.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.02%	20.56%	-16.54%

AVEFX vs. FRESX - Expense Ratio Comparison

AVEFX has a 0.41% expense ratio, which is lower than FRESX's 0.71% expense ratio.

Dividends

AVEFX vs. FRESX - Dividend Comparison

AVEFX's dividend yield for the trailing twelve months is around 3.47%, less than FRESX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVEFX Ave Maria Bond Fund	3.47%	3.51%	2.94%	2.47%	3.59%	2.32%	2.43%	3.31%	3.21%	2.04%	2.94%	1.89%
FRESX Fidelity Real Estate Investment Portfolio	4.22%	4.64%	5.58%	6.95%	10.16%	3.70%	4.77%	6.91%	4.23%	4.00%	4.90%	6.09%

Frequently Asked Questions

Can I hold both AVEFX and FRESX in my portfolio?

AVEFX and FRESX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVEFX or FRESX?

FRESX has higher volatility (3.78%) compared to AVEFX (0.83%). In terms of maximum drawdown, AVEFX dropped -10.24% vs FRESX's -76.34%.

Which has better risk-adjusted returns?

AVEFX currently has the higher Sharpe Ratio (1.64 vs 0.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.