FIRAX vs. CREMX

Last updated Jun 23, 2026

FIRAX (Fidelity Advisor International Real Estate Fund Class A) and CREMX (Redwood Real Estate Income Fund) are both REIT funds. Over the past year, FIRAX returned 2.28% vs 7.47% for CREMX. At a correlation of -0.04, they often move in opposite directions. FIRAX charges 1.20%/yr vs 5.16%/yr for CREMX.

Performance

FIRAX vs. CREMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Real Estate Fund Class A (FIRAX) and Redwood Real Estate Income Fund (CREMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIRAX achieves a -4.13% return, which is significantly lower than CREMX's 3.35% return.

FIRAX

• 1D: -0.20%
• 1M: -1.77%
• YTD: -4.13%
• 6M: -2.92%
• 1Y: 2.28%
• 3Y*: 2.92%
• 5Y*: -3.60%
• 10Y*: 3.18%

CREMX

• 1D: 0.04%
• 1M: 0.48%
• YTD: 3.35%
• 6M: 3.54%
• 1Y: 7.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIRAX vs. CREMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FIRAX Fidelity Advisor International Real Estate Fund Class A	-4.13%	22.41%	-9.70%	7.85%
CREMX Redwood Real Estate Income Fund	3.35%	7.72%	8.09%	1.95%

Correlation

The correlation between FIRAX and CREMX is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Sep 11, 2023	-0.04

Return for Risk

FIRAX vs. CREMX — Risk / Return Rank

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

FIRAX

FIRAX Risk / Return Rank: 4
FIRAX Sharpe Ratio Rank: 4
FIRAX Sortino Ratio Rank: 4
FIRAX Omega Ratio Rank: 3
FIRAX Calmar Ratio Rank: 3
FIRAX Martin Ratio Rank: 4

CREMX

CREMX Risk / Return Rank: 100
CREMX Sharpe Ratio Rank: 100
CREMX Sortino Ratio Rank: 100
CREMX Omega Ratio Rank: 100
CREMX Calmar Ratio Rank: 100
CREMX Martin Ratio Rank: 100

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.

FIRAX vs. CREMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Real Estate Fund Class A (FIRAX) and Redwood Real Estate Income Fund (CREMX). 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.

	FIRAX	CREMX	Difference
Sharpe ratio: Return per unit of total volatility	0.15	17.85	-17.70
Sortino ratio: Return per unit of downside risk	0.30	183.48	-183.19
Omega ratio: Gain probability vs. loss probability	1.04	183.39	-182.35
Calmar ratio: Return relative to maximum drawdown	0.13	191.47	-191.34
Martin ratio: Return relative to average drawdown	0.31	3,021.29	-3,020.98

FIRAX vs. CREMX - Sharpe Ratio Comparison

The current FIRAX Sharpe Ratio is 0.15, which is lower than the CREMX Sharpe Ratio of 17.85. The chart below compares the historical Sharpe Ratios of FIRAX and CREMX, 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

FIRAX vs. CREMX - Drawdown Comparison

The maximum FIRAX drawdown since its inception was -71.58%, which is greater than CREMX's maximum drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for FIRAX and CREMX.

Drawdown Indicators

	FIRAX	CREMX	Difference
Max Drawdown Largest peak-to-trough decline	-71.58%	-0.71%	-70.87%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-0.04%	-14.11%
Max Drawdown (3Y) Largest decline over 3 years	-18.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.46%	—	—
Current Drawdown Current decline from peak	-21.81%	0.00%	-21.81%
Average Drawdown Average peak-to-trough decline	-20.66%	-0.02%	-20.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.74%	0.00%	+5.74%

Volatility

FIRAX vs. CREMX - Volatility Comparison

Fidelity Advisor International Real Estate Fund Class A (FIRAX) has a higher volatility of 3.45% compared to Redwood Real Estate Income Fund (CREMX) at 0.11%. This indicates that FIRAX's price experiences larger fluctuations and is considered to be riskier than CREMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIRAX	CREMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	0.11%	+3.34%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	0.30%	+9.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.16%	0.43%	+11.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.73%	0.86%	+12.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.75%	0.86%	+12.89%

FIRAX vs. CREMX - Expense Ratio Comparison

FIRAX has a 1.20% expense ratio, which is lower than CREMX's 5.16% expense ratio.

Dividends

FIRAX vs. CREMX - Dividend Comparison

FIRAX's dividend yield for the trailing twelve months is around 2.87%, less than CREMX's 7.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CREMX Redwood Real Estate Income Fund	7.12%	7.38%	7.64%	1.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIRAX Fidelity Advisor International Real Estate Fund Class A	2.87%	2.75%	5.09%	1.56%	4.32%	5.29%	1.48%	4.81%	1.85%	2.76%	4.02%	2.70%

Frequently Asked Questions

Can I hold both FIRAX and CREMX in my portfolio?

FIRAX and CREMX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIRAX or CREMX?

FIRAX has higher volatility (3.45%) compared to CREMX (0.11%). In terms of maximum drawdown, FIRAX dropped -71.58% vs CREMX's -0.71%.

Which has better risk-adjusted returns?

CREMX currently has the higher Sharpe Ratio (17.85 vs 0.15), 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.