FIKMX vs. TAREX

Last updated Jun 25, 2026

FIKMX (Fidelity Advisor Real Estate Income Fund Class Z) and TAREX (Third Avenue Real Estate Value Fund) are both REIT funds. Over the past 5 years, FIKMX returned 3.64%/yr vs 3.75%/yr for TAREX. A 0.73 correlation means they provide meaningful diversification when combined. FIKMX charges 0.59%/yr vs 1.15%/yr for TAREX.

Performance

FIKMX vs. TAREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Real Estate Income Fund Class Z (FIKMX) and Third Avenue Real Estate Value Fund (TAREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIKMX achieves a 4.26% return, which is significantly higher than TAREX's -6.24% return.

FIKMX

• 1D: 0.32%
• 1M: 0.40%
• YTD: 4.26%
• 6M: 4.35%
• 1Y: 7.63%
• 3Y*: 8.97%
• 5Y*: 3.64%
• 10Y*: —

TAREX

• 1D: 0.17%
• 1M: -0.52%
• YTD: -6.24%
• 6M: -7.00%
• 1Y: -1.21%
• 3Y*: 12.83%
• 5Y*: 3.75%
• 10Y*: 4.68%

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

FIKMX vs. TAREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIKMX Fidelity Advisor Real Estate Income Fund Class Z	4.26%	7.29%	8.03%	9.51%	-14.48%	19.04%	-0.98%	18.04%	-1.71%
TAREX Third Avenue Real Estate Value Fund	-6.24%	12.52%	13.54%	23.48%	-26.53%	30.69%	-8.23%	21.09%	-7.56%

Correlation

The correlation between FIKMX and TAREX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.73

The correlation between FIKMX and TAREX has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.

Return for Risk

FIKMX vs. TAREX — Risk / Return Rank

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

FIKMX

FIKMX Risk / Return Rank: 51
FIKMX Sharpe Ratio Rank: 53
FIKMX Sortino Ratio Rank: 53
FIKMX Omega Ratio Rank: 54
FIKMX Calmar Ratio Rank: 42
FIKMX Martin Ratio Rank: 54

TAREX

TAREX Risk / Return Rank: 3
TAREX Sharpe Ratio Rank: 3
TAREX Sortino Ratio Rank: 3
TAREX Omega Ratio Rank: 3
TAREX Calmar Ratio Rank: 3
TAREX Martin Ratio Rank: 3

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.

FIKMX vs. TAREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Real Estate Income Fund Class Z (FIKMX) and Third Avenue Real Estate Value Fund (TAREX). 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.

	FIKMX	TAREX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	-0.00	+1.92
Sortino ratio: Return per unit of downside risk	2.72	0.11	+2.61
Omega ratio: Gain probability vs. loss probability	1.36	1.01	+0.35
Calmar ratio: Return relative to maximum drawdown	2.31	-0.00	+2.31
Martin ratio: Return relative to average drawdown	10.00	-0.01	+10.01

FIKMX vs. TAREX - Sharpe Ratio Comparison

The current FIKMX Sharpe Ratio is 1.92, which is higher than the TAREX Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of FIKMX and TAREX, 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

FIKMX vs. TAREX - Drawdown Comparison

The maximum FIKMX drawdown since its inception was -34.49%, smaller than the maximum TAREX drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for FIKMX and TAREX.

Drawdown Indicators

	FIKMX	TAREX	Difference
Max Drawdown Largest peak-to-trough decline	-34.49%	-67.68%	+33.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-15.81%	+12.38%
Max Drawdown (3Y) Largest decline over 3 years	-7.16%	-19.88%	+12.72%
Max Drawdown (5Y) Largest decline over 5 years	-18.04%	-31.89%	+13.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.73%	—
Current Drawdown Current decline from peak	-0.24%	-10.18%	+9.94%
Average Drawdown Average peak-to-trough decline	-5.11%	-11.17%	+6.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	6.18%	-5.39%

Volatility

FIKMX vs. TAREX - Volatility Comparison

The current volatility for Fidelity Advisor Real Estate Income Fund Class Z (FIKMX) is 1.28%, while Third Avenue Real Estate Value Fund (TAREX) has a volatility of 4.34%. This indicates that FIKMX experiences smaller price fluctuations and is considered to be less risky than TAREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIKMX	TAREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	4.34%	-3.06%
Volatility (6M) Calculated over the trailing 6-month period	3.24%	11.98%	-8.74%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	15.54%	-11.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.48%	18.38%	-11.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.56%	18.72%	-8.16%

FIKMX vs. TAREX - Expense Ratio Comparison

FIKMX has a 0.59% expense ratio, which is lower than TAREX's 1.15% expense ratio.

Dividends

FIKMX vs. TAREX - Dividend Comparison

FIKMX's dividend yield for the trailing twelve months is around 4.64%, less than TAREX's 6.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIKMX Fidelity Advisor Real Estate Income Fund Class Z	4.64%	4.80%	4.81%	5.15%	6.24%	1.59%	4.90%	5.82%	2.31%	0.00%	0.00%	0.00%
TAREX Third Avenue Real Estate Value Fund	6.06%	5.68%	6.59%	5.28%	8.76%	9.03%	0.99%	18.22%	11.07%	1.06%	1.80%	5.60%

Frequently Asked Questions

Can I hold both FIKMX and TAREX in my portfolio?

FIKMX and TAREX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIKMX or TAREX?

TAREX has higher volatility (4.34%) compared to FIKMX (1.28%). In terms of maximum drawdown, FIKMX dropped -34.49% vs TAREX's -67.68%.

Which has better risk-adjusted returns?

FIKMX currently has the higher Sharpe Ratio (1.92 vs -0.00), 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.