FESIX vs. BRIIX

Last updated Jun 23, 2026

FESIX (Fidelity SAI Real Estate Index Fund) and BRIIX (Baron Real Estate Income Fund) are both REIT funds. Over the past 5 years, FESIX returned 2.37%/yr vs 4.81%/yr for BRIIX. Their correlation of 0.91 suggests significant overlap in exposure. FESIX charges 0.07%/yr vs 1.08%/yr for BRIIX.

Performance

FESIX vs. BRIIX - 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 Income Fund (BRIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FESIX achieves a 8.73% return, which is significantly lower than BRIIX's 11.20% return.

FESIX

• 1D: 0.00%
• 1M: -1.24%
• YTD: 8.73%
• 6M: 9.16%
• 1Y: 10.17%
• 3Y*: 8.46%
• 5Y*: 2.37%
• 10Y*: —

BRIIX

• 1D: 1.44%
• 1M: 1.39%
• YTD: 11.20%
• 6M: 10.24%
• 1Y: 16.92%
• 3Y*: 13.28%
• 5Y*: 4.81%
• 10Y*: —

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

FESIX vs. BRIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FESIX Fidelity SAI Real Estate Index Fund	8.73%	3.09%	4.80%	11.83%	-26.47%	40.61%	-11.10%	23.06%	-4.95%	-0.09%
BRIIX Baron Real Estate Income Fund	11.20%	3.73%	17.32%	15.52%	-27.49%	29.29%	22.32%	36.54%	-11.02%	0.00%

Correlation

The correlation between FESIX and BRIIX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 29, 2017	0.91

The correlation between FESIX and BRIIX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

FESIX vs. BRIIX — Risk / Return Rank

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

FESIX

FESIX Risk / Return Rank: 11
FESIX Sharpe Ratio Rank: 9
FESIX Sortino Ratio Rank: 9
FESIX Omega Ratio Rank: 9
FESIX Calmar Ratio Rank: 14
FESIX Martin Ratio Rank: 14

BRIIX

BRIIX Risk / Return Rank: 27
BRIIX Sharpe Ratio Rank: 21
BRIIX Sortino Ratio Rank: 19
BRIIX Omega Ratio Rank: 20
BRIIX Calmar Ratio Rank: 38
BRIIX Martin Ratio Rank: 35

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. BRIIX - 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 Income Fund (BRIIX). 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.

	FESIX	BRIIX	Difference
Sharpe ratio: Return per unit of total volatility	0.74	1.23	-0.48
Sortino ratio: Return per unit of downside risk	1.09	1.72	-0.63
Omega ratio: Gain probability vs. loss probability	1.14	1.22	-0.08
Calmar ratio: Return relative to maximum drawdown	1.22	2.22	-1.00
Martin ratio: Return relative to average drawdown	3.76	7.42	-3.65

FESIX vs. BRIIX - Sharpe Ratio Comparison

The current FESIX Sharpe Ratio is 0.74, which is lower than the BRIIX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of FESIX and BRIIX, 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

FESIX vs. BRIIX - Drawdown Comparison

The maximum FESIX drawdown since its inception was -44.22%, which is greater than BRIIX's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for FESIX and BRIIX.

Drawdown Indicators

	FESIX	BRIIX	Difference
Max Drawdown Largest peak-to-trough decline	-44.22%	-37.06%	-7.16%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-7.61%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-17.48%	-17.53%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-34.51%	-32.86%	-1.65%
Current Drawdown Current decline from peak	-3.41%	-1.35%	-2.06%
Average Drawdown Average peak-to-trough decline	-11.34%	-8.55%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.27%	+0.44%

Volatility

FESIX vs. BRIIX - Volatility Comparison

Fidelity SAI Real Estate Index Fund (FESIX) and Baron Real Estate Income Fund (BRIIX) have volatilities of 5.18% and 5.23%, 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

	FESIX	BRIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	5.23%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	10.14%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	13.78%	13.74%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.99%	18.43%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	20.61%	+1.12%

FESIX vs. BRIIX - Expense Ratio Comparison

FESIX has a 0.07% expense ratio, which is lower than BRIIX's 1.08% expense ratio.

Dividends

FESIX vs. BRIIX - Dividend Comparison

FESIX's dividend yield for the trailing twelve months is around 2.91%, more than BRIIX's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRIIX Baron Real Estate Income Fund	1.46%	1.70%	1.39%	1.95%	2.00%	1.21%	0.77%	1.12%	3.03%	0.00%
FESIX Fidelity SAI Real Estate Index Fund	2.91%	3.09%	52.40%	3.87%	55.39%	5.01%	2.71%	3.78%	3.15%	2.21%

Frequently Asked Questions

Can I hold both FESIX and BRIIX in my portfolio?

FESIX and BRIIX have a correlation of 0.90, 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 BRIIX?

BRIIX has higher volatility (5.23%) compared to FESIX (5.18%). In terms of maximum drawdown, FESIX dropped -44.22% vs BRIIX's -37.06%.

Which has better risk-adjusted returns?

BRIIX currently has the higher Sharpe Ratio (1.23 vs 0.74), 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.