FESIX vs. BREFX

Last updated Jun 3, 2026

FESIX (Fidelity SAI Real Estate Index Fund) and BREFX (Baron Real Estate Fund Retail Shares) are both REIT funds. Over the past 5 years, FESIX returned 1.84%/yr vs 2.08%/yr for BREFX. A 0.72 correlation means they provide meaningful diversification when combined. FESIX charges 0.07%/yr vs 1.31%/yr for BREFX.

Performance

FESIX vs. BREFX - Performance Comparison

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

Returns By Period

In the year-to-date period, FESIX achieves a 7.13% return, which is significantly higher than BREFX's 0.66% return.

FESIX

• 1D: -1.64%
• 1M: -1.99%
• YTD: 7.13%
• 6M: 6.33%
• 1Y: 9.14%
• 3Y*: 8.82%
• 5Y*: 1.84%
• 10Y*: —

BREFX

• 1D: 0.30%
• 1M: -0.60%
• YTD: 0.66%
• 6M: 0.01%
• 1Y: 13.82%
• 3Y*: 10.71%
• 5Y*: 2.08%
• 10Y*: 10.77%

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

FESIX vs. BREFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FESIX Fidelity SAI Real Estate Index Fund	7.13%	3.09%	4.80%	11.83%	-26.47%	40.61%	-11.10%	23.06%	-4.95%	2.81%
BREFX Baron Real Estate Fund Retail Shares	0.66%	4.91%	12.19%	24.70%	-28.62%	24.09%	43.92%	44.27%	-22.23%	30.40%

Correlation

The correlation between FESIX and BREFX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.72

The correlation between FESIX and BREFX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

Return for Risk

FESIX vs. BREFX — Risk / Return Rank

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

FESIX

FESIX Risk / Return Rank: 10
FESIX Sharpe Ratio Rank: 8
FESIX Sortino Ratio Rank: 8
FESIX Omega Ratio Rank: 8
FESIX Calmar Ratio Rank: 12
FESIX Martin Ratio Rank: 12

BREFX

BREFX Risk / Return Rank: 10
BREFX Sharpe Ratio Rank: 10
BREFX Sortino Ratio Rank: 10
BREFX Omega Ratio Rank: 10
BREFX Calmar Ratio Rank: 10
BREFX Martin Ratio Rank: 10

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.

FESIX vs. BREFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Real Estate Index Fund (FESIX) and Baron Real Estate Fund Retail Shares (BREFX). 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.

	FESIX	BREFX	Difference
Sharpe ratio Return per unit of total volatility	0.70	0.81	-0.11
Sortino ratio Return per unit of downside risk	1.03	1.26	-0.24
Omega ratio Gain probability vs. loss probability	1.13	1.15	-0.02
Calmar ratio Return relative to maximum drawdown	1.21	1.04	+0.17
Martin ratio Return relative to average drawdown	3.80	2.99	+0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FESIX vs. BREFX - Sharpe Ratio Comparison

The current FESIX Sharpe Ratio is 0.70, which is comparable to the BREFX Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of FESIX and BREFX, 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

	FESIX	BREFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	0.81	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.10	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.62	-0.44

Drawdowns

FESIX vs. BREFX - Drawdown Comparison

The maximum FESIX drawdown since its inception was -44.22%, which is greater than BREFX's maximum drawdown of -38.52%. Use the drawdown chart below to compare losses from any high point for FESIX and BREFX.

Drawdown Indicators

	FESIX	BREFX	Difference
Max Drawdown Largest peak-to-trough decline	-44.22%	-38.52%	-5.70%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-12.60%	+4.18%
Max Drawdown (3Y) Largest decline over 3 years	-17.48%	-23.98%	+6.50%
Max Drawdown (5Y) Largest decline over 5 years	-34.51%	-34.05%	-0.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.52%	—
Current Drawdown Current decline from peak	-4.83%	-4.50%	-0.33%
Average Drawdown Average peak-to-trough decline	-11.39%	-7.69%	-3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	4.39%	-1.70%

Volatility

FESIX vs. BREFX - Volatility Comparison

The current volatility for Fidelity SAI Real Estate Index Fund (FESIX) is 3.78%, while Baron Real Estate Fund Retail Shares (BREFX) has a volatility of 4.36%. This indicates that FESIX experiences smaller price fluctuations and is considered to be less risky than BREFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FESIX	BREFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	4.36%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	9.32%	11.87%	-2.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.18%	16.66%	-3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.93%	20.71%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	21.21%	+0.53%

FESIX vs. BREFX - Expense Ratio Comparison

FESIX has a 0.07% expense ratio, which is lower than BREFX's 1.31% expense ratio.

Dividends

FESIX vs. BREFX - Dividend Comparison

FESIX's dividend yield for the trailing twelve months is around 2.88%, less than BREFX's 3.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BREFX Baron Real Estate Fund Retail Shares	3.62%	3.64%	0.16%	0.06%	2.94%	8.17%	6.27%	13.89%	12.04%	4.77%	0.35%	1.98%
FESIX Fidelity SAI Real Estate Index Fund	2.88%	3.09%	52.40%	3.87%	55.39%	5.01%	2.71%	3.78%	3.15%	2.21%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FESIX and BREFX in my portfolio?

FESIX and BREFX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FESIX or BREFX?

BREFX has higher volatility (4.36%) compared to FESIX (3.78%). In terms of maximum drawdown, FESIX dropped -44.22% vs BREFX's -38.52%.

Which has better risk-adjusted returns?

BREFX currently has the higher Sharpe Ratio (0.81 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.