FIRAX vs. IRSAX

Last updated Jun 23, 2026

FIRAX (Fidelity Advisor International Real Estate Fund Class A) and IRSAX (Delaware Ivy Securian Real Estate Securities Fund) are both REIT funds. Over the past 10 years, FIRAX returned 3.18%/yr vs 7.54%/yr for IRSAX. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 1.20% expense ratio.

Performance

FIRAX vs. IRSAX - 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 Delaware Ivy Securian Real Estate Securities Fund (IRSAX). 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 IRSAX's 13.75% return. Over the past 10 years, FIRAX has underperformed IRSAX with an annualized return of 3.18%, while IRSAX has yielded a comparatively higher 7.54% annualized 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%

IRSAX

• 1D: 0.42%
• 1M: -1.16%
• YTD: 13.75%
• 6M: 14.02%
• 1Y: 19.59%
• 3Y*: 16.70%
• 5Y*: 7.68%
• 10Y*: 7.54%

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

FIRAX vs. IRSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIRAX Fidelity Advisor International Real Estate Fund Class A	-4.13%	22.41%	-9.70%	3.82%	-26.82%	11.61%	5.35%	27.55%	-6.46%	26.48%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	13.75%	7.28%	23.62%	9.53%	-25.47%	43.57%	-3.51%	24.13%	-5.69%	5.29%

Correlation

The correlation between FIRAX and IRSAX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Mar 1, 2006	0.52

The correlation between FIRAX and IRSAX has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.

Return for Risk

FIRAX vs. IRSAX — 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

IRSAX

IRSAX Risk / Return Rank: 34
IRSAX Sharpe Ratio Rank: 29
IRSAX Sortino Ratio Rank: 26
IRSAX Omega Ratio Rank: 26
IRSAX Calmar Ratio Rank: 43
IRSAX Martin Ratio Rank: 44

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. IRSAX - 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 Delaware Ivy Securian Real Estate Securities Fund (IRSAX). 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	IRSAX	Difference
Sharpe ratio: Return per unit of total volatility	0.15	1.43	-1.29
Sortino ratio: Return per unit of downside risk	0.30	1.96	-1.66
Omega ratio: Gain probability vs. loss probability	1.04	1.25	-0.21
Calmar ratio: Return relative to maximum drawdown	0.13	2.39	-2.27
Martin ratio: Return relative to average drawdown	0.31	8.80	-8.49

FIRAX vs. IRSAX - Sharpe Ratio Comparison

The current FIRAX Sharpe Ratio is 0.15, which is lower than the IRSAX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FIRAX and IRSAX, 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. IRSAX - Drawdown Comparison

The maximum FIRAX drawdown since its inception was -71.58%, roughly equal to the maximum IRSAX drawdown of -72.03%. Use the drawdown chart below to compare losses from any high point for FIRAX and IRSAX.

Drawdown Indicators

	FIRAX	IRSAX	Difference
Max Drawdown Largest peak-to-trough decline	-71.58%	-72.03%	+0.45%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-8.04%	-6.11%
Max Drawdown (3Y) Largest decline over 3 years	-18.15%	-16.26%	-1.89%
Max Drawdown (5Y) Largest decline over 5 years	-37.46%	-37.56%	+0.10%
Max Drawdown (10Y) Largest decline over 10 years	-37.46%	-40.71%	+3.25%
Current Drawdown Current decline from peak	-21.81%	-2.29%	-19.52%
Average Drawdown Average peak-to-trough decline	-20.66%	-13.22%	-7.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.74%	2.18%	+3.56%

Volatility

FIRAX vs. IRSAX - Volatility Comparison

The current volatility for Fidelity Advisor International Real Estate Fund Class A (FIRAX) is 3.45%, while Delaware Ivy Securian Real Estate Securities Fund (IRSAX) has a volatility of 4.90%. This indicates that FIRAX experiences smaller price fluctuations and is considered to be less risky than IRSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIRAX	IRSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	4.90%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	10.01%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.16%	13.42%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.73%	28.60%	-14.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.75%	25.63%	-11.88%

FIRAX vs. IRSAX - Expense Ratio Comparison

Both FIRAX and IRSAX have an expense ratio of 1.20%.

Dividends

FIRAX vs. IRSAX - Dividend Comparison

FIRAX's dividend yield for the trailing twelve months is around 2.87%, less than IRSAX's 21.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	21.15%	24.77%	29.95%	9.61%	34.76%	13.03%	1.81%	9.69%	7.51%	12.71%	10.34%	5.88%

Frequently Asked Questions

Can I hold both FIRAX and IRSAX in my portfolio?

FIRAX and IRSAX have a correlation of 0.47, 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 IRSAX?

IRSAX has higher volatility (4.90%) compared to FIRAX (3.45%). In terms of maximum drawdown, FIRAX dropped -71.58% vs IRSAX's -72.03%.

Which has better risk-adjusted returns?

IRSAX currently has the higher Sharpe Ratio (1.43 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.