BIREX vs. REIFX

Last updated Aug 1, 2026

BIREX (BlackRock Real Estate Securities Fund) and REIFX (Third Avenue International Real Estate Value Fund) are both REIT funds. Over the past 10 years, BIREX returned 5.77%/yr vs 7.13%/yr for REIFX. Their 0.44 correlation means their historical movements had little consistent relationship. BIREX charges 0.75%/yr vs 1.00%/yr for REIFX.

Performance

BIREX vs. REIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Real Estate Securities Fund (BIREX) and Third Avenue International Real Estate Value Fund (REIFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIREX achieves a 17.79% return, which is significantly higher than REIFX's 2.22% return. Over the past 10 years, BIREX has underperformed REIFX with an annualized return of 5.77%, while REIFX has yielded a comparatively higher 7.13% annualized return.

BIREX

• 1D: -1.15%
• 1M: 1.44%
• 6M: 14.62%
• YTD: 17.79%
• 1Y: 20.56%
• 3Y*: 10.40%
• 5Y*: 3.26%
• 10Y*: 5.77%
• ALL TIME*: 7.97%

REIFX

• 1D: 1.06%
• 1M: 2.44%
• 6M: -3.32%
• YTD: 2.22%
• 1Y: 6.20%
• 3Y*: 8.19%
• 5Y*: 3.36%
• 10Y*: 7.13%
• ALL TIME*: 6.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BIREX BlackRock Real Estate Securities Fund	$0.00	$0.00	$0.00
REIFX Third Avenue International Real Estate Value Fund	$0.00	$0.00	$0.00

BIREX vs. REIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIREX BlackRock Real Estate Securities Fund	17.79%	3.08%	3.75%	13.57%	-27.58%	46.24%	-4.17%	27.75%	-2.95%	6.19%
REIFX Third Avenue International Real Estate Value Fund	2.22%	25.35%	-5.51%	13.91%	-18.22%	18.78%	5.04%	21.50%	-5.89%	27.14%

Correlation

The correlation between BIREX and REIFX is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (5Y) Shows whether the relationship held over a longer period.	0.55
Correlation (10Y) Provides a long-term view across more market conditions.	0.45
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.44

The correlation between BIREX and REIFX shifts across timeframes, from 0.39 (1 year) to 0.55 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BIREX vs. REIFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BIREX

BIREX Risk / Return Rank: 59
BIREX Sharpe Ratio Rank: 55
BIREX Sortino Ratio Rank: 52
BIREX Omega Ratio Rank: 51
BIREX Calmar Ratio Rank: 71
BIREX Martin Ratio Rank: 65

REIFX

REIFX Risk / Return Rank: 10
REIFX Sharpe Ratio Rank: 11
REIFX Sortino Ratio Rank: 11
REIFX Omega Ratio Rank: 11
REIFX Calmar Ratio Rank: 9
REIFX Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BIREX vs. REIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Real Estate Securities Fund (BIREX) and Third Avenue International Real Estate Value Fund (REIFX). 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	REIFX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	0.44	+0.95
Sortino ratio: Return per unit of downside risk	1.96	0.73	+1.23
Omega ratio: Gain probability vs. loss probability	1.25	1.09	+0.16
Calmar ratio: Return relative to maximum drawdown	2.30	0.40	+1.90
Martin ratio: Return relative to average drawdown	8.16	0.86	+7.30

BIREX vs. REIFX - Sharpe Ratio Comparison

The current BIREX Sharpe Ratio is 1.39, which is higher than the REIFX Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of BIREX and REIFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BIREX vs. REIFX - Drawdown Comparison

The maximum BIREX drawdown since its inception was -41.92%, which is greater than REIFX's maximum drawdown of -37.61%. Use the drawdown chart below to compare losses from any high point for BIREX and REIFX.

Drawdown Indicators

	BIREX	REIFX	Difference
Max Drawdown Largest peak-to-trough decline	-41.92%	-37.61%	-4.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-14.58%	+6.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.05%	-15.83%	-2.22%
Max Drawdown (5Y) Largest decline over 5 years	-34.76%	-26.20%	-8.56%
Max Drawdown (10Y) Largest decline over 10 years	-41.92%	-37.61%	-4.31%
Current Drawdown Current decline from peak	-1.71%	-7.65%	+5.94%
Average Drawdown Average peak-to-trough decline	-9.62%	-6.93%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	6.77%	-4.47%

Volatility

BIREX vs. REIFX - Volatility Comparison

BlackRock Real Estate Securities Fund (BIREX) has a higher volatility of 4.19% compared to Third Avenue International Real Estate Value Fund (REIFX) at 3.71%. This indicates that BIREX's price experiences larger fluctuations and is considered to be riskier than REIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIREX	REIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	3.71%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	11.14%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.58%	13.21%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	14.18%	+4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.93%	14.16%	+6.77%

BIREX vs. REIFX - Expense Ratio Comparison

BIREX has a 0.75% expense ratio, which is lower than REIFX's 1.00% expense ratio.

Dividends

BIREX vs. REIFX - Dividend Comparison

BIREX's dividend yield for the trailing twelve months is around 2.60%, more than REIFX's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIREX BlackRock Real Estate Securities Fund	2.60%	2.98%	2.88%	2.87%	4.36%	1.63%	2.16%	1.93%	3.07%	9.88%	6.72%	6.75%
REIFX Third Avenue International Real Estate Value Fund	2.23%	2.28%	2.37%	2.63%	1.98%	2.22%	3.74%	1.40%	11.92%	2.80%	0.90%	3.00%

Frequently Asked Questions

Can I hold both BIREX and REIFX in my portfolio?

BIREX and REIFX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIREX or REIFX?

BIREX has higher volatility (4.19%) compared to REIFX (3.71%). In terms of maximum drawdown, BIREX dropped -41.92% vs REIFX's -37.61%.

Which has better risk-adjusted returns?

BIREX currently has the higher Sharpe Ratio (1.39 vs 0.44), 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.