BREIX vs. SPY

Last updated Jun 24, 2026

BREIX (Baron Real Estate Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - BREIX is a REIT fund managed by Baron Capital Group, Inc., while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, BREIX returned 11.82%/yr vs 15.53%/yr for SPY. Their correlation of 0.82 suggests significant overlap in exposure. BREIX charges 1.05%/yr vs 0.09%/yr for SPY.

Performance

BREIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Real Estate Fund (BREIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BREIX achieves a 3.45% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, BREIX has underperformed SPY with an annualized return of 11.82%, while SPY has yielded a comparatively higher 15.53% annualized return.

BREIX

• 1D: -0.54%
• 1M: 3.81%
• YTD: 3.45%
• 6M: 2.21%
• 1Y: 13.51%
• 3Y*: 11.64%
• 5Y*: 3.16%
• 10Y*: 11.82%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

BREIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BREIX Baron Real Estate Fund	3.45%	5.18%	12.46%	25.04%	-28.45%	24.41%	44.35%	44.60%	-22.05%	31.44%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between BREIX and SPY is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 31, 2009	0.82

The correlation between BREIX and SPY shifts across timeframes, from 0.64 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BREIX vs. SPY — Risk / Return Rank

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

BREIX

BREIX Risk / Return Rank: 13
BREIX Sharpe Ratio Rank: 13
BREIX Sortino Ratio Rank: 14
BREIX Omega Ratio Rank: 12
BREIX Calmar Ratio Rank: 14
BREIX Martin Ratio Rank: 13

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

BREIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Real Estate Fund (BREIX) and State Street SPDR S&P 500 ETF (SPY). 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.

	BREIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.90	-0.99
Sortino ratio: Return per unit of downside risk	1.41	2.58	-1.17
Omega ratio: Gain probability vs. loss probability	1.16	1.34	-0.18
Calmar ratio: Return relative to maximum drawdown	1.23	2.67	-1.44
Martin ratio: Return relative to average drawdown	3.49	11.92	-8.43

BREIX vs. SPY - Sharpe Ratio Comparison

The current BREIX Sharpe Ratio is 0.91, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of BREIX and SPY, 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

BREIX vs. SPY - Drawdown Comparison

The maximum BREIX drawdown since its inception was -38.47%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BREIX and SPY.

Drawdown Indicators

	BREIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-38.47%	-55.19%	+16.72%
Max Drawdown (1Y) Largest decline over 1 year	-12.56%	-8.88%	-3.68%
Max Drawdown (3Y) Largest decline over 3 years	-23.91%	-18.76%	-5.15%
Max Drawdown (5Y) Largest decline over 5 years	-33.93%	-24.50%	-9.43%
Max Drawdown (10Y) Largest decline over 10 years	-38.47%	-33.72%	-4.75%
Current Drawdown Current decline from peak	-1.89%	-3.17%	+1.28%
Average Drawdown Average peak-to-trough decline	-7.54%	-9.04%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	1.98%	+2.44%

Volatility

BREIX vs. SPY - Volatility Comparison

Baron Real Estate Fund (BREIX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 5.04% and 4.87%, 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

	BREIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	4.87%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	9.85%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	12.50%	+4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.79%	17.15%	+3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.24%	17.95%	+3.29%

BREIX vs. SPY - Expense Ratio Comparison

BREIX has a 1.05% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BREIX vs. SPY - Dividend Comparison

BREIX's dividend yield for the trailing twelve months is around 3.67%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BREIX Baron Real Estate Fund	3.67%	3.79%	0.40%	0.43%	2.85%	7.95%	6.18%	13.78%	12.19%	4.71%	1.17%	1.96%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BREIX and SPY in my portfolio?

BREIX and SPY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BREIX or SPY?

BREIX has higher volatility (5.04%) compared to SPY (4.87%). In terms of maximum drawdown, BREIX dropped -38.47% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 0.91), 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.