BREIX vs. XLRE
BREIX (Baron Real Estate Fund) and XLRE (Real Estate Select Sector SPDR Fund) are both REIT funds. Over the past 10 years, BREIX returned 11.82%/yr vs 6.92%/yr for XLRE. A 0.69 correlation means they provide meaningful diversification when combined. BREIX charges 1.05%/yr vs 0.13%/yr for XLRE.
Performance
BREIX vs. XLRE - Performance Comparison
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Returns By Period
In the year-to-date period, BREIX achieves a 3.45% return, which is significantly lower than XLRE's 12.35% return. Over the past 10 years, BREIX has outperformed XLRE with an annualized return of 11.82%, while XLRE has yielded a comparatively lower 6.92% 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%
XLRE
- 1D
- 1.41%
- 1M
- 1.06%
- YTD
- 12.35%
- 6M
- 12.83%
- 1Y
- 9.79%
- 3Y*
- 11.31%
- 5Y*
- 3.53%
- 10Y*
- 6.92%
BREIX vs. XLRE - 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% |
XLRE Real Estate Select Sector SPDR Fund | 12.35% | 2.63% | 5.09% | 12.36% | -26.25% | 46.10% | -2.18% | 28.68% | -2.39% | 10.69% |
Correlation
The correlation between BREIX and XLRE is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2015 | 0.69 |
The correlation between BREIX and XLRE has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.
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Return for Risk
BREIX vs. XLRE — Risk / Return Rank
BREIX
XLRE
BREIX vs. XLRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baron Real Estate Fund (BREIX) and Real Estate Select Sector SPDR Fund (XLRE). 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 | XLRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.13 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.18 | +0.05 |
| Martin ratioReturn relative to average drawdown | 3.49 | 3.23 | +0.26 |
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Drawdowns
BREIX vs. XLRE - Drawdown Comparison
The maximum BREIX drawdown since its inception was -38.47%, roughly equal to the maximum XLRE drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for BREIX and XLRE.
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Drawdown Indicators
| BREIX | XLRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.47% | -38.83% | +0.36% |
Max Drawdown (1Y)Largest decline over 1 year | -12.56% | -8.33% | -4.23% |
Max Drawdown (3Y)Largest decline over 3 years | -23.91% | -16.74% | -7.17% |
Max Drawdown (5Y)Largest decline over 5 years | -33.93% | -34.12% | +0.19% |
Max Drawdown (10Y)Largest decline over 10 years | -38.47% | -38.83% | +0.36% |
Current DrawdownCurrent decline from peak | -1.89% | -0.72% | -1.17% |
Average DrawdownAverage peak-to-trough decline | -7.54% | -9.56% | +2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.42% | 3.04% | +1.38% |
Volatility
BREIX vs. XLRE - Volatility Comparison
The current volatility for Baron Real Estate Fund (BREIX) is 5.04%, while Real Estate Select Sector SPDR Fund (XLRE) has a volatility of 5.35%. This indicates that BREIX experiences smaller price fluctuations and is considered to be less risky than XLRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BREIX | XLRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 5.35% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 12.59% | 10.63% | +1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.03% | 14.17% | +2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.79% | 19.13% | +1.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.24% | 20.45% | +0.79% |
BREIX vs. XLRE - Expense Ratio Comparison
BREIX has a 1.05% expense ratio, which is higher than XLRE's 0.13% expense ratio.
Dividends
BREIX vs. XLRE - Dividend Comparison
BREIX's dividend yield for the trailing twelve months is around 3.67%, more than XLRE's 3.15% 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% |
XLRE Real Estate Select Sector SPDR Fund | 3.15% | 3.45% | 3.43% | 3.31% | 3.70% | 2.61% | 3.15% | 3.06% | 3.78% | 3.25% | 4.22% | 1.09% |
Frequently Asked Questions
BREIX and XLRE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLRE has higher volatility (5.35%) compared to BREIX (5.04%). In terms of maximum drawdown, BREIX dropped -38.47% vs XLRE's -38.83%.
BREIX currently has the higher Sharpe Ratio (0.91 vs 0.70), 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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