CSZIX vs. FRESX

Last updated Jun 4, 2026

CSZIX (Cohen & Steers Real Estate Securities Fund Class Z) and FRESX (Fidelity Real Estate Investment Portfolio) are both REIT funds. Over the past 10 years, CSZIX returned 7.26%/yr vs 5.18%/yr for FRESX. With a 0.98 correlation, they move nearly in lockstep. CSZIX charges 0.75%/yr vs 0.71%/yr for FRESX.

Performance

CSZIX vs. FRESX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers Real Estate Securities Fund Class Z (CSZIX) and Fidelity Real Estate Investment Portfolio (FRESX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSZIX achieves a 10.80% return, which is significantly higher than FRESX's 9.81% return. Over the past 10 years, CSZIX has outperformed FRESX with an annualized return of 7.26%, while FRESX has yielded a comparatively lower 5.18% annualized return.

CSZIX

• 1D: 0.31%
• 1M: -1.29%
• YTD: 10.80%
• 6M: 10.08%
• 1Y: 11.95%
• 3Y*: 10.99%
• 5Y*: 3.88%
• 10Y*: 7.26%

FRESX

• 1D: -0.10%
• 1M: -1.45%
• YTD: 9.81%
• 6M: 9.10%
• 1Y: 9.72%
• 3Y*: 9.13%
• 5Y*: 3.14%
• 10Y*: 5.18%

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

CSZIX vs. FRESX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSZIX Cohen & Steers Real Estate Securities Fund Class Z	10.80%	4.41%	6.81%	13.26%	-26.21%	41.81%	-1.64%	31.95%	-4.17%	8.18%
FRESX Fidelity Real Estate Investment Portfolio	9.81%	2.54%	5.87%	10.82%	-24.36%	42.34%	-7.93%	25.22%	-4.48%	4.28%

Correlation

The correlation between CSZIX and FRESX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.98

The correlation between CSZIX and FRESX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

CSZIX vs. FRESX — Risk / Return Rank

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

CSZIX

CSZIX Risk / Return Rank: 13
CSZIX Sharpe Ratio Rank: 11
CSZIX Sortino Ratio Rank: 11
CSZIX Omega Ratio Rank: 11
CSZIX Calmar Ratio Rank: 17
CSZIX Martin Ratio Rank: 16

FRESX

FRESX Risk / Return Rank: 11
FRESX Sharpe Ratio Rank: 10
FRESX Sortino Ratio Rank: 9
FRESX Omega Ratio Rank: 9
FRESX Calmar Ratio Rank: 15
FRESX Martin Ratio Rank: 13

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.

CSZIX vs. FRESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Real Estate Securities Fund Class Z (CSZIX) and Fidelity Real Estate Investment Portfolio (FRESX). 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.

	CSZIX	FRESX	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.77	+0.12
Sortino ratio: Return per unit of downside risk	1.25	1.13	+0.13
Omega ratio: Gain probability vs. loss probability	1.16	1.14	+0.02
Calmar ratio: Return relative to maximum drawdown	1.47	1.31	+0.16
Martin ratio: Return relative to average drawdown	4.46	3.76	+0.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSZIX vs. FRESX - Sharpe Ratio Comparison

The current CSZIX Sharpe Ratio is 0.89, which is comparable to the FRESX Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of CSZIX and FRESX, 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

	CSZIX	FRESX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.77	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.17	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.25	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.39	-0.02

Drawdowns

CSZIX vs. FRESX - Drawdown Comparison

The maximum CSZIX drawdown since its inception was -42.71%, smaller than the maximum FRESX drawdown of -76.34%. Use the drawdown chart below to compare losses from any high point for CSZIX and FRESX.

Drawdown Indicators

	CSZIX	FRESX	Difference
Max Drawdown Largest peak-to-trough decline	-42.71%	-76.34%	+33.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.96%	-7.78%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-17.17%	-16.44%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-33.05%	-32.13%	-0.92%
Max Drawdown (10Y) Largest decline over 10 years	-42.71%	-40.93%	-1.78%
Current Drawdown Current decline from peak	-3.09%	-2.97%	-0.12%
Average Drawdown Average peak-to-trough decline	-8.77%	-11.12%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.70%	-0.10%

Volatility

CSZIX vs. FRESX - Volatility Comparison

Cohen & Steers Real Estate Securities Fund Class Z (CSZIX) and Fidelity Real Estate Investment Portfolio (FRESX) have volatilities of 3.78% and 3.74%, 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

	CSZIX	FRESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	3.74%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	9.18%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	13.19%	13.27%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	18.72%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	20.56%	+0.25%

CSZIX vs. FRESX - Expense Ratio Comparison

CSZIX has a 0.75% expense ratio, which is higher than FRESX's 0.71% expense ratio.

Dividends

CSZIX vs. FRESX - Dividend Comparison

CSZIX's dividend yield for the trailing twelve months is around 3.51%, less than FRESX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSZIX Cohen & Steers Real Estate Securities Fund Class Z	3.51%	3.81%	2.85%	3.00%	7.77%	4.38%	5.47%	7.70%	3.68%	2.60%	5.90%	22.32%
FRESX Fidelity Real Estate Investment Portfolio	4.22%	4.64%	5.58%	6.95%	10.16%	3.70%	4.77%	6.91%	4.23%	4.00%	4.90%	6.09%

Frequently Asked Questions

Can I hold both CSZIX and FRESX in my portfolio?

With a correlation of 0.96, CSZIX and FRESX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CSZIX or FRESX?

CSZIX has higher volatility (3.78%) compared to FRESX (3.74%). In terms of maximum drawdown, CSZIX dropped -42.71% vs FRESX's -76.34%.

Which has better risk-adjusted returns?

CSZIX currently has the higher Sharpe Ratio (0.89 vs 0.77), 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.