BREFX vs. QREARX

Last updated Apr 2, 2026

Compare and contrast key facts about Baron Real Estate Fund Retail Shares (BREFX) and TIAA Real Estate Account (QREARX).

BREFX is an actively managed fund by Baron Capital. It was launched on Dec 31, 2009. QREARX is an actively managed fund by TIAA. It was launched on Oct 2, 1995.

Performance

BREFX vs. QREARX - Performance Comparison

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

BREFX vs. QREARX - Yearly Performance Comparison

	2026 (YTD)	2025
BREFX Baron Real Estate Fund Retail Shares	-5.46%	4.29%
QREARX TIAA Real Estate Account	0.61%	3.93%

Returns By Period

In the year-to-date period, BREFX achieves a -5.46% return, which is significantly lower than QREARX's 0.61% return.

BREFX

• 1D: 2.62%
• 1M: -6.46%
• YTD: -5.46%
• 6M: -6.99%
• 1Y: 6.08%
• 3Y*: 9.05%
• 5Y*: 1.69%
• 10Y*: 10.29%

QREARX

• 1D: -0.18%
• 1M: 0.19%
• YTD: 0.61%
• 6M: 1.65%
• 1Y: 3.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BREFX vs. QREARX - Expense Ratio Comparison

BREFX has a 1.31% expense ratio, which is higher than QREARX's 0.90% expense ratio.

BREFX

Baron Real Estate Fund Retail Shares

QREARX

TIAA Real Estate Account

Return for Risk

BREFX vs. QREARX — Risk / Return Rank

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

BREFX

BREFX Risk / Return Rank: 10
BREFX Sharpe Ratio Rank: 9
BREFX Sortino Ratio Rank: 9
BREFX Omega Ratio Rank: 8
BREFX Calmar Ratio Rank: 12
BREFX Martin Ratio Rank: 11

QREARX

QREARX Risk / Return Rank: 99
QREARX Sharpe Ratio Rank: 100
QREARX Sortino Ratio Rank: 99
QREARX Omega Ratio Rank: 99
QREARX Calmar Ratio Rank: 99
QREARX Martin Ratio Rank: 99

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. QREARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Real Estate Fund Retail Shares (BREFX) and TIAA Real Estate Account (QREARX). 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.

	BREFX	QREARX	Difference
Sharpe ratio Return per unit of total volatility	0.32	4.69	-4.37
Sortino ratio Return per unit of downside risk	0.60	7.22	-6.62
Omega ratio Gain probability vs. loss probability	1.07	2.65	-1.58
Calmar ratio Return relative to maximum drawdown	0.55	9.74	-9.19
Martin ratio Return relative to average drawdown	1.59	40.50	-38.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BREFX vs. QREARX - Sharpe Ratio Comparison

The current BREFX Sharpe Ratio is 0.32, which is lower than the QREARX Sharpe Ratio of 4.69. The chart below compares the historical Sharpe Ratios of BREFX and QREARX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BREFX	QREARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	4.69	-4.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	2.12	-1.52

Correlation

The correlation between BREFX and QREARX is -0.13. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BREFX vs. QREARX - Dividend Comparison

BREFX's dividend yield for the trailing twelve months is around 3.85%, while QREARX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BREFX Baron Real Estate Fund Retail Shares	3.85%	3.64%	0.16%	0.06%	2.94%	8.17%	6.27%	13.89%	12.04%	4.77%	0.35%	1.98%
QREARX TIAA Real Estate Account	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BREFX vs. QREARX - Drawdown Comparison

The maximum BREFX drawdown since its inception was -38.52%, which is greater than QREARX's maximum drawdown of -1.45%. Use the drawdown chart below to compare losses from any high point for BREFX and QREARX.

Drawdown Indicators

	BREFX	QREARX	Difference
Max Drawdown Largest peak-to-trough decline	-38.52%	-1.45%	-37.07%
Max Drawdown (1Y) Largest decline over 1 year	-12.87%	-0.37%	-12.50%
Max Drawdown (5Y) Largest decline over 5 years	-34.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.52%	—	—
Current Drawdown Current decline from peak	-10.31%	-0.28%	-10.03%
Average Drawdown Average peak-to-trough decline	-7.72%	-0.05%	-7.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	0.09%	+4.34%

Volatility

BREFX vs. QREARX - Volatility Comparison

Baron Real Estate Fund Retail Shares (BREFX) has a higher volatility of 6.16% compared to TIAA Real Estate Account (QREARX) at 0.30%. This indicates that BREFX's price experiences larger fluctuations and is considered to be riskier than QREARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BREFX	QREARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	0.30%	+5.86%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	0.53%	+11.39%
Volatility (1Y) Calculated over the trailing 1-year period	20.02%	0.77%	+19.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.71%	1.76%	+18.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.16%	1.76%	+19.40%