BREFX vs. FESIX

Last updated Jun 23, 2026

BREFX (Baron Real Estate Fund Retail Shares) and FESIX (Fidelity SAI Real Estate Index Fund) are both REIT funds. Over the past 5 years, BREFX returned 3.34%/yr vs 2.37%/yr for FESIX. A 0.72 correlation means they provide meaningful diversification when combined. BREFX charges 1.31%/yr vs 0.07%/yr for FESIX.

Performance

BREFX vs. FESIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Real Estate Fund Retail Shares (BREFX) and Fidelity SAI Real Estate Index Fund (FESIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BREFX achieves a 3.88% return, which is significantly lower than FESIX's 8.73% return.

BREFX

• 1D: 1.59%
• 1M: 4.36%
• YTD: 3.88%
• 6M: 2.56%
• 1Y: 15.71%
• 3Y*: 10.88%
• 5Y*: 3.34%
• 10Y*: 11.14%

FESIX

• 1D: 0.00%
• 1M: -1.24%
• YTD: 8.73%
• 6M: 9.16%
• 1Y: 10.17%
• 3Y*: 8.46%
• 5Y*: 2.37%
• 10Y*: —

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

BREFX vs. FESIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BREFX Baron Real Estate Fund Retail Shares	3.88%	4.91%	12.19%	24.70%	-28.62%	24.09%	43.92%	44.27%	-22.23%	31.06%
FESIX Fidelity SAI Real Estate Index Fund	8.73%	3.09%	4.80%	11.83%	-26.47%	40.61%	-11.10%	23.06%	-4.95%	2.81%

Correlation

The correlation between BREFX and FESIX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.72

The correlation between BREFX and FESIX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

Return for Risk

BREFX vs. FESIX — Risk / Return Rank

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

BREFX

BREFX Risk / Return Rank: 14
BREFX Sharpe Ratio Rank: 13
BREFX Sortino Ratio Rank: 14
BREFX Omega Ratio Rank: 13
BREFX Calmar Ratio Rank: 15
BREFX Martin Ratio Rank: 13

FESIX

FESIX Risk / Return Rank: 11
FESIX Sharpe Ratio Rank: 9
FESIX Sortino Ratio Rank: 9
FESIX Omega Ratio Rank: 9
FESIX Calmar Ratio Rank: 14
FESIX Martin Ratio Rank: 14

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.

BREFX vs. FESIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Real Estate Fund Retail Shares (BREFX) and Fidelity SAI Real Estate Index Fund (FESIX). 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.

	BREFX	FESIX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	0.74	+0.19
Sortino ratio: Return per unit of downside risk	1.45	1.09	+0.36
Omega ratio: Gain probability vs. loss probability	1.17	1.14	+0.03
Calmar ratio: Return relative to maximum drawdown	1.27	1.22	+0.05
Martin ratio: Return relative to average drawdown	3.58	3.76	-0.18

BREFX vs. FESIX - Sharpe Ratio Comparison

The current BREFX Sharpe Ratio is 0.94, which is comparable to the FESIX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of BREFX and FESIX, 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

BREFX vs. FESIX - Drawdown Comparison

The maximum BREFX drawdown since its inception was -38.52%, smaller than the maximum FESIX drawdown of -44.22%. Use the drawdown chart below to compare losses from any high point for BREFX and FESIX.

Drawdown Indicators

	BREFX	FESIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.52%	-44.22%	+5.70%
Max Drawdown (1Y) Largest decline over 1 year	-12.60%	-8.42%	-4.18%
Max Drawdown (3Y) Largest decline over 3 years	-23.98%	-17.48%	-6.50%
Max Drawdown (5Y) Largest decline over 5 years	-34.05%	-34.51%	+0.46%
Max Drawdown (10Y) Largest decline over 10 years	-38.52%	—	—
Current Drawdown Current decline from peak	-1.45%	-3.41%	+1.96%
Average Drawdown Average peak-to-trough decline	-7.68%	-11.34%	+3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	2.71%	+1.74%

Volatility

BREFX vs. FESIX - Volatility Comparison

Baron Real Estate Fund Retail Shares (BREFX) and Fidelity SAI Real Estate Index Fund (FESIX) have volatilities of 5.27% and 5.18%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BREFX	FESIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.27%	5.18%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.60%	10.19%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	13.78%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.79%	18.99%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.24%	21.73%	-0.49%

BREFX vs. FESIX - Expense Ratio Comparison

BREFX has a 1.31% expense ratio, which is higher than FESIX's 0.07% expense ratio.

Dividends

BREFX vs. FESIX - Dividend Comparison

BREFX's dividend yield for the trailing twelve months is around 3.51%, more than FESIX's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BREFX Baron Real Estate Fund Retail Shares	3.51%	3.64%	0.16%	0.06%	2.94%	8.17%	6.27%	13.89%	12.04%	4.77%	0.35%	1.98%
FESIX Fidelity SAI Real Estate Index Fund	2.91%	3.09%	52.40%	3.87%	55.39%	5.01%	2.71%	3.78%	3.15%	2.21%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BREFX and FESIX in my portfolio?

BREFX and FESIX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BREFX or FESIX?

BREFX has higher volatility (5.27%) compared to FESIX (5.18%). In terms of maximum drawdown, BREFX dropped -38.52% vs FESIX's -44.22%.

Which has better risk-adjusted returns?

BREFX currently has the higher Sharpe Ratio (0.94 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.