FESIX vs. FREEX

Last updated Jun 4, 2026

FESIX (Fidelity SAI Real Estate Index Fund) and FREEX (Franklin Real Estate Securities Fund) are both REIT funds. Over the past 5 years, FESIX returned 1.99%/yr vs 2.79%/yr for FREEX. With a 0.97 correlation, they move nearly in lockstep. FESIX charges 0.07%/yr vs 1.11%/yr for FREEX.

Performance

FESIX vs. FREEX - Performance Comparison

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

Returns By Period

In the year-to-date period, FESIX achieves a 7.52% return, which is significantly lower than FREEX's 9.48% return.

FESIX

• 1D: 0.37%
• 1M: -0.91%
• YTD: 7.52%
• 6M: 6.51%
• 1Y: 9.76%
• 3Y*: 8.95%
• 5Y*: 1.99%
• 10Y*: —

FREEX

• 1D: 0.35%
• 1M: -1.59%
• YTD: 9.48%
• 6M: 8.67%
• 1Y: 9.15%
• 3Y*: 8.20%
• 5Y*: 2.79%
• 10Y*: 6.63%

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

FESIX vs. FREEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FESIX Fidelity SAI Real Estate Index Fund	7.52%	3.09%	4.80%	11.83%	-26.47%	40.61%	-11.10%	23.06%	-4.95%	2.81%
FREEX Franklin Real Estate Securities Fund	9.48%	2.24%	3.84%	9.99%	-25.71%	44.04%	-3.34%	52.71%	-6.58%	2.25%

Correlation

The correlation between FESIX and FREEX 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 (All Time) Calculated using the full available price history since Jan 4, 2017	0.97

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

Return for Risk

FESIX vs. FREEX — 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: 9
FESIX Sortino Ratio Rank: 9
FESIX Omega Ratio Rank: 9
FESIX Calmar Ratio Rank: 12
FESIX Martin Ratio Rank: 12

FREEX

FREEX Risk / Return Rank: 9
FREEX Sharpe Ratio Rank: 8
FREEX Sortino Ratio Rank: 8
FREEX Omega Ratio Rank: 8
FREEX Calmar Ratio Rank: 12
FREEX Martin Ratio Rank: 11

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. FREEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Real Estate Index Fund (FESIX) and Franklin Real Estate Securities Fund (FREEX). 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	FREEX	Difference
Sharpe ratio: Return per unit of total volatility	0.73	0.68	+0.05
Sortino ratio: Return per unit of downside risk	1.07	0.99	+0.08
Omega ratio: Gain probability vs. loss probability	1.13	1.13	+0.01
Calmar ratio: Return relative to maximum drawdown	1.14	1.13	+0.02
Martin ratio: Return relative to average drawdown	3.56	3.25	+0.31
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. FREEX - Sharpe Ratio Comparison

The current FESIX Sharpe Ratio is 0.73, which is comparable to the FREEX Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of FESIX and FREEX, 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	FREEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	0.68	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.14	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.34	-0.16

Drawdowns

FESIX vs. FREEX - Drawdown Comparison

The maximum FESIX drawdown since its inception was -44.22%, smaller than the maximum FREEX drawdown of -76.99%. Use the drawdown chart below to compare losses from any high point for FESIX and FREEX.

Drawdown Indicators

	FESIX	FREEX	Difference
Max Drawdown Largest peak-to-trough decline	-44.22%	-76.99%	+32.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-7.76%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-17.48%	-16.72%	-0.76%
Max Drawdown (5Y) Largest decline over 5 years	-34.51%	-33.79%	-0.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.57%	—
Current Drawdown Current decline from peak	-4.48%	-5.03%	+0.55%
Average Drawdown Average peak-to-trough decline	-11.39%	-14.24%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.68%	+0.01%

Volatility

FESIX vs. FREEX - Volatility Comparison

Fidelity SAI Real Estate Index Fund (FESIX) and Franklin Real Estate Securities Fund (FREEX) have volatilities of 3.81% and 3.82%, 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	FREEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	3.82%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	9.31%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	12.86%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.93%	19.36%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	21.85%	-0.11%

FESIX vs. FREEX - Expense Ratio Comparison

FESIX has a 0.07% expense ratio, which is lower than FREEX's 1.11% expense ratio.

Dividends

FESIX vs. FREEX - Dividend Comparison

FESIX's dividend yield for the trailing twelve months is around 2.87%, less than FREEX's 6.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FESIX Fidelity SAI Real Estate Index Fund	2.87%	3.09%	52.40%	3.87%	55.39%	5.01%	2.71%	3.78%	3.15%	2.21%	0.00%	0.00%
FREEX Franklin Real Estate Securities Fund	6.07%	6.65%	12.00%	5.13%	3.70%	7.51%	8.38%	33.46%	5.49%	9.77%	2.66%	1.50%

Frequently Asked Questions

Can I hold both FESIX and FREEX in my portfolio?

With a correlation of 0.96, FESIX and FREEX 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, FESIX or FREEX?

FREEX has higher volatility (3.82%) compared to FESIX (3.81%). In terms of maximum drawdown, FESIX dropped -44.22% vs FREEX's -76.99%.

Which has better risk-adjusted returns?

FESIX currently has the higher Sharpe Ratio (0.73 vs 0.68), 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.