BIREX vs. FRIOX
BIREX (BlackRock Real Estate Securities Fund) and FRIOX (Fidelity Advisor Real Estate Income Fund Class C) are both REIT funds. Over the past 10 years, BIREX returned 6.31%/yr vs 4.30%/yr for FRIOX. Their correlation of 0.90 suggests significant overlap in exposure. BIREX charges 0.75%/yr vs 1.72%/yr for FRIOX.
Performance
BIREX vs. FRIOX - Performance Comparison
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Returns By Period
In the year-to-date period, BIREX achieves a 12.99% return, which is significantly higher than FRIOX's 3.39% return. Over the past 10 years, BIREX has outperformed FRIOX with an annualized return of 6.31%, while FRIOX has yielded a comparatively lower 4.30% annualized return.
BIREX
- 1D
- 0.12%
- 1M
- -1.54%
- YTD
- 12.99%
- 6M
- 13.22%
- 1Y
- 14.08%
- 3Y*
- 9.85%
- 5Y*
- 3.41%
- 10Y*
- 6.31%
FRIOX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 3.39%
- 6M
- 3.65%
- 1Y
- 6.70%
- 3Y*
- 7.27%
- 5Y*
- 2.51%
- 10Y*
- 4.30%
BIREX vs. FRIOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIREX BlackRock Real Estate Securities Fund | 12.99% | 3.08% | 3.75% | 13.57% | -27.58% | 46.24% | -4.17% | 27.75% | -2.95% | 6.19% |
FRIOX Fidelity Advisor Real Estate Income Fund Class C | 3.39% | 6.06% | 6.79% | 8.31% | -15.51% | 17.80% | -2.13% | 16.74% | -2.56% | 5.39% |
Correlation
The correlation between BIREX and FRIOX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.90 |
The correlation between BIREX and FRIOX has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.
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Return for Risk
BIREX vs. FRIOX — Risk / Return Rank
BIREX
FRIOX
BIREX vs. FRIOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Real Estate Securities Fund (BIREX) and Fidelity Advisor Real Estate Income Fund Class C (FRIOX). 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.
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.
| BIREX | FRIOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.31 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 1.94 | -0.22 |
| Martin ratioReturn relative to average drawdown | 5.65 | 8.32 | -2.66 |
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Drawdowns
BIREX vs. FRIOX - Drawdown Comparison
The maximum BIREX drawdown since its inception was -41.92%, which is greater than FRIOX's maximum drawdown of -34.54%. Use the drawdown chart below to compare losses from any high point for BIREX and FRIOX.
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Drawdown Indicators
| BIREX | FRIOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.92% | -34.54% | -7.38% |
Max Drawdown (1Y)Largest decline over 1 year | -8.16% | -3.51% | -4.65% |
Max Drawdown (3Y)Largest decline over 3 years | -18.05% | -7.50% | -10.55% |
Max Drawdown (5Y)Largest decline over 5 years | -34.76% | -18.83% | -15.93% |
Max Drawdown (10Y)Largest decline over 10 years | -41.92% | -34.54% | -7.38% |
Current DrawdownCurrent decline from peak | -2.80% | -0.65% | -2.15% |
Average DrawdownAverage peak-to-trough decline | -9.69% | -3.62% | -6.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.48% | 0.82% | +1.66% |
Volatility
BIREX vs. FRIOX - Volatility Comparison
BlackRock Real Estate Securities Fund (BIREX) has a higher volatility of 4.69% compared to Fidelity Advisor Real Estate Income Fund Class C (FRIOX) at 1.32%. This indicates that BIREX's price experiences larger fluctuations and is considered to be riskier than FRIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIREX | FRIOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.69% | 1.32% | +3.37% |
Volatility (6M)Calculated over the trailing 6-month period | 10.11% | 3.26% | +6.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.49% | 4.16% | +9.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.79% | 6.50% | +12.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.91% | 9.49% | +11.42% |
BIREX vs. FRIOX - Expense Ratio Comparison
BIREX has a 0.75% expense ratio, which is lower than FRIOX's 1.72% expense ratio.
Dividends
BIREX vs. FRIOX - Dividend Comparison
BIREX's dividend yield for the trailing twelve months is around 2.70%, less than FRIOX's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIREX BlackRock Real Estate Securities Fund | 2.70% | 2.98% | 2.88% | 2.87% | 4.36% | 1.63% | 2.16% | 1.93% | 3.07% | 9.88% | 6.72% | 6.75% |
FRIOX Fidelity Advisor Real Estate Income Fund Class C | 3.58% | 3.68% | 3.68% | 4.09% | 5.00% | 1.02% | 3.92% | 4.76% | 4.46% | 3.69% | 4.05% | 3.11% |
Frequently Asked Questions
With a correlation of 0.90, BIREX and FRIOX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BIREX has higher volatility (4.69%) compared to FRIOX (1.32%). In terms of maximum drawdown, BIREX dropped -41.92% vs FRIOX's -34.54%.
FRIOX currently has the higher Sharpe Ratio (1.64 vs 1.04), 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.
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