FIKLX vs. VGRNX

Last updated Jun 5, 2026

FIKLX (Fidelity Advisor International Real Estate Fund Class Z) and VGRNX (Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares) are both REIT funds. Over the past 5 years, FIKLX returned -3.48%/yr vs -1.62%/yr for VGRNX. Their correlation of 0.91 suggests significant overlap in exposure. FIKLX charges 0.79%/yr vs 0.11%/yr for VGRNX.

Performance

FIKLX vs. VGRNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Real Estate Fund Class Z (FIKLX) and Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIKLX achieves a -4.29% return, which is significantly lower than VGRNX's -2.58% return.

FIKLX

• 1D: -1.28%
• 1M: -4.38%
• YTD: -4.29%
• 6M: -2.45%
• 1Y: 2.83%
• 3Y*: 3.50%
• 5Y*: -3.48%
• 10Y*: —

VGRNX

• 1D: -1.46%
• 1M: -5.03%
• YTD: -2.58%
• 6M: -1.17%
• 1Y: 5.55%
• 3Y*: 8.11%
• 5Y*: -1.62%
• 10Y*: 2.30%

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

FIKLX vs. VGRNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIKLX Fidelity Advisor International Real Estate Fund Class Z	-4.29%	22.93%	-9.39%	4.32%	-26.54%	12.03%	5.85%	28.22%	-2.29%
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares	-2.58%	22.02%	-2.40%	6.35%	-22.47%	5.63%	-6.90%	21.50%	-0.30%

Correlation

The correlation between FIKLX and VGRNX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.91

The correlation between FIKLX and VGRNX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

FIKLX vs. VGRNX — Risk / Return Rank

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

FIKLX

FIKLX Risk / Return Rank: 4
FIKLX Sharpe Ratio Rank: 5
FIKLX Sortino Ratio Rank: 4
FIKLX Omega Ratio Rank: 4
FIKLX Calmar Ratio Rank: 4
FIKLX Martin Ratio Rank: 4

VGRNX

VGRNX Risk / Return Rank: 6
VGRNX Sharpe Ratio Rank: 6
VGRNX Sortino Ratio Rank: 6
VGRNX Omega Ratio Rank: 6
VGRNX Calmar Ratio Rank: 5
VGRNX Martin Ratio Rank: 5

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.

FIKLX vs. VGRNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Real Estate Fund Class Z (FIKLX) and Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX). 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.

	FIKLX	VGRNX	Difference
Sharpe ratio: Return per unit of total volatility	0.27	0.47	-0.20
Sortino ratio: Return per unit of downside risk	0.47	0.77	-0.29
Omega ratio: Gain probability vs. loss probability	1.06	1.09	-0.03
Calmar ratio: Return relative to maximum drawdown	0.24	0.40	-0.16
Martin ratio: Return relative to average drawdown	0.64	1.22	-0.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIKLX vs. VGRNX - Sharpe Ratio Comparison

The current FIKLX Sharpe Ratio is 0.27, which is lower than the VGRNX Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of FIKLX and VGRNX, 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

	FIKLX	VGRNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	0.47	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	-0.12	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.22	-0.05

Drawdowns

FIKLX vs. VGRNX - Drawdown Comparison

The maximum FIKLX drawdown since its inception was -36.93%, roughly equal to the maximum VGRNX drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for FIKLX and VGRNX.

Drawdown Indicators

	FIKLX	VGRNX	Difference
Max Drawdown Largest peak-to-trough decline	-36.93%	-38.77%	+1.84%
Max Drawdown (1Y) Largest decline over 1 year	-13.77%	-14.35%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-18.09%	-15.82%	-2.27%
Max Drawdown (5Y) Largest decline over 5 years	-36.93%	-35.59%	-1.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.77%	—
Current Drawdown Current decline from peak	-20.54%	-11.73%	-8.81%
Average Drawdown Average peak-to-trough decline	-15.72%	-10.71%	-5.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	4.66%	+0.42%

Volatility

FIKLX vs. VGRNX - Volatility Comparison

The current volatility for Fidelity Advisor International Real Estate Fund Class Z (FIKLX) is 3.69%, while Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares (VGRNX) has a volatility of 4.00%. This indicates that FIKLX experiences smaller price fluctuations and is considered to be less risky than VGRNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIKLX	VGRNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	4.00%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	9.78%	10.23%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	12.10%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.69%	14.01%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.74%	14.79%	-0.05%

FIKLX vs. VGRNX - Expense Ratio Comparison

FIKLX has a 0.79% expense ratio, which is higher than VGRNX's 0.11% expense ratio.

Dividends

FIKLX vs. VGRNX - Dividend Comparison

FIKLX's dividend yield for the trailing twelve months is around 3.23%, less than VGRNX's 4.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIKLX Fidelity Advisor International Real Estate Fund Class Z	3.23%	3.10%	5.24%	2.12%	4.60%	5.63%	1.94%	5.41%	0.00%	0.00%	0.00%	0.00%
VGRNX Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares	4.83%	4.71%	5.21%	3.76%	0.58%	6.50%	0.94%	7.81%	4.64%	3.87%	5.19%	2.86%

Frequently Asked Questions

Can I hold both FIKLX and VGRNX in my portfolio?

With a correlation of 0.93, FIKLX and VGRNX 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, FIKLX or VGRNX?

VGRNX has higher volatility (4.00%) compared to FIKLX (3.69%). In terms of maximum drawdown, FIKLX dropped -36.93% vs VGRNX's -38.77%.

Which has better risk-adjusted returns?

VGRNX currently has the higher Sharpe Ratio (0.47 vs 0.27), 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.