CREMX vs. BIREX

Last updated Jun 4, 2026

CREMX (Redwood Real Estate Income Fund) and BIREX (BlackRock Real Estate Securities Fund) are both REIT funds. Over the past year, CREMX returned 7.56% vs 14.46% for BIREX. At a correlation of -0.00, they often move in opposite directions. CREMX charges 5.16%/yr vs 0.75%/yr for BIREX.

Performance

CREMX vs. BIREX - Performance Comparison

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

Returns By Period

In the year-to-date period, CREMX achieves a 3.06% return, which is significantly lower than BIREX's 12.38% return.

CREMX

• 1D: 0.04%
• 1M: 0.56%
• YTD: 3.06%
• 6M: 3.67%
• 1Y: 7.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIREX

• 1D: 0.61%
• 1M: 0.06%
• YTD: 12.38%
• 6M: 11.46%
• 1Y: 14.46%
• 3Y*: 10.54%
• 5Y*: 3.28%
• 10Y*: 6.43%

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

CREMX vs. BIREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CREMX Redwood Real Estate Income Fund	3.06%	7.72%	8.09%	1.95%
BIREX BlackRock Real Estate Securities Fund	12.38%	3.08%	3.75%	11.37%

Correlation

The correlation between CREMX and BIREX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Sep 12, 2023	-0.00

Return for Risk

CREMX vs. BIREX — Risk / Return Rank

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

CREMX

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

BIREX

BIREX Risk / Return Rank: 18
BIREX Sharpe Ratio Rank: 15
BIREX Sortino Ratio Rank: 14
BIREX Omega Ratio Rank: 15
BIREX Calmar Ratio Rank: 22
BIREX Martin Ratio Rank: 22

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.

CREMX vs. BIREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Redwood Real Estate Income Fund (CREMX) and BlackRock Real Estate Securities Fund (BIREX). 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.

	CREMX	BIREX	Difference
Sharpe ratio: Return per unit of total volatility	17.83	1.09	+16.74
Sortino ratio: Return per unit of downside risk	184.50	1.53	+182.97
Omega ratio: Gain probability vs. loss probability	184.40	1.20	+183.20
Calmar ratio: Return relative to maximum drawdown	192.57	1.74	+190.83
Martin ratio: Return relative to average drawdown	3,038.69	5.75	+3,032.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CREMX vs. BIREX - Sharpe Ratio Comparison

The current CREMX Sharpe Ratio is 17.83, which is higher than the BIREX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of CREMX and BIREX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CREMX	BIREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	17.83	1.09	+16.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.18	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	8.97	0.39	+8.58

Drawdowns

CREMX vs. BIREX - Drawdown Comparison

The maximum CREMX drawdown since its inception was -0.71%, smaller than the maximum BIREX drawdown of -41.92%. Use the drawdown chart below to compare losses from any high point for CREMX and BIREX.

Drawdown Indicators

	CREMX	BIREX	Difference
Max Drawdown Largest peak-to-trough decline	-0.71%	-41.92%	+41.21%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-8.16%	+8.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.92%	—
Current Drawdown Current decline from peak	0.00%	-2.42%	+2.42%
Average Drawdown Average peak-to-trough decline	-0.02%	-9.73%	+9.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.46%	-2.46%

Volatility

CREMX vs. BIREX - Volatility Comparison

The current volatility for Redwood Real Estate Income Fund (CREMX) is 0.13%, while BlackRock Real Estate Securities Fund (BIREX) has a volatility of 3.78%. This indicates that CREMX experiences smaller price fluctuations and is considered to be less risky than BIREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CREMX	BIREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	3.78%	-3.65%
Volatility (6M) Calculated over the trailing 6-month period	0.30%	9.55%	-9.25%
Volatility (1Y) Calculated over the trailing 1-year period	0.43%	13.00%	-12.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.86%	18.75%	-17.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.86%	20.89%	-20.03%

CREMX vs. BIREX - Expense Ratio Comparison

CREMX has a 5.16% expense ratio, which is higher than BIREX's 0.75% expense ratio.

Dividends

CREMX vs. BIREX - Dividend Comparison

CREMX's dividend yield for the trailing twelve months is around 7.14%, more than BIREX's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIREX BlackRock Real Estate Securities Fund	2.71%	2.98%	2.88%	2.87%	4.36%	1.63%	2.16%	1.93%	3.07%	9.88%	6.72%	6.75%
CREMX Redwood Real Estate Income Fund	7.14%	7.38%	7.64%	1.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CREMX and BIREX in my portfolio?

CREMX and BIREX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CREMX or BIREX?

BIREX has higher volatility (3.78%) compared to CREMX (0.13%). In terms of maximum drawdown, CREMX dropped -0.71% vs BIREX's -41.92%.

Which has better risk-adjusted returns?

CREMX currently has the higher Sharpe Ratio (17.83 vs 1.09), 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.