FIRCX vs. MXREX

Last updated Jun 25, 2026

FIRCX (Fidelity Advisor International Real Estate Fund Class C) and MXREX (Great-West Real Estate Index Fund) are both REIT funds. Over the past 10 years, FIRCX returned 2.78%/yr vs 4.34%/yr for MXREX. At a 0.46 correlation, their price movements are largely independent. FIRCX charges 1.95%/yr vs 0.70%/yr for MXREX.

Performance

FIRCX vs. MXREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Real Estate Fund Class C (FIRCX) and Great-West Real Estate Index Fund (MXREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIRCX achieves a -5.33% return, which is significantly lower than MXREX's 17.02% return. Over the past 10 years, FIRCX has underperformed MXREX with an annualized return of 2.78%, while MXREX has yielded a comparatively higher 4.34% annualized return.

FIRCX

• 1D: -0.83%
• 1M: -2.74%
• YTD: -5.33%
• 6M: -5.14%
• 1Y: -0.42%
• 3Y*: 3.09%
• 5Y*: -4.75%
• 10Y*: 2.78%

MXREX

• 1D: 1.27%
• 1M: 1.92%
• YTD: 17.02%
• 6M: 16.49%
• 1Y: 19.44%
• 3Y*: 13.63%
• 5Y*: 4.79%
• 10Y*: 4.34%

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

FIRCX vs. MXREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIRCX Fidelity Advisor International Real Estate Fund Class C	-5.33%	21.46%	-10.40%	3.12%	-27.41%	10.73%	4.48%	26.71%	-7.09%	25.47%
MXREX Great-West Real Estate Index Fund	17.02%	3.16%	7.47%	13.31%	-26.44%	45.80%	-12.52%	22.41%	-4.92%	2.25%

Correlation

The correlation between FIRCX and MXREX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.46

The correlation between FIRCX and MXREX has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.

Return for Risk

FIRCX vs. MXREX — Risk / Return Rank

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

FIRCX

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

MXREX

MXREX Risk / Return Rank: 38
MXREX Sharpe Ratio Rank: 32
MXREX Sortino Ratio Rank: 29
MXREX Omega Ratio Rank: 30
MXREX Calmar Ratio Rank: 54
MXREX Martin Ratio Rank: 45

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.

FIRCX vs. MXREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Real Estate Fund Class C (FIRCX) and Great-West Real Estate Index Fund (MXREX). 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.

	FIRCX	MXREX	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	1.45	-1.45
Sortino ratio: Return per unit of downside risk	0.09	1.99	-1.90
Omega ratio: Gain probability vs. loss probability	1.01	1.26	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.00	2.62	-2.62
Martin ratio: Return relative to average drawdown	-0.00	8.66	-8.66

FIRCX vs. MXREX - Sharpe Ratio Comparison

The current FIRCX Sharpe Ratio is -0.00, which is lower than the MXREX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of FIRCX and MXREX, 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

FIRCX vs. MXREX - Drawdown Comparison

The maximum FIRCX drawdown since its inception was -72.03%, which is greater than MXREX's maximum drawdown of -43.89%. Use the drawdown chart below to compare losses from any high point for FIRCX and MXREX.

Drawdown Indicators

	FIRCX	MXREX	Difference
Max Drawdown Largest peak-to-trough decline	-72.03%	-43.89%	-28.14%
Max Drawdown (1Y) Largest decline over 1 year	-14.29%	-7.73%	-6.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.41%	-18.79%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-38.52%	-33.06%	-5.46%
Max Drawdown (10Y) Largest decline over 10 years	-38.52%	-43.89%	+5.37%
Current Drawdown Current decline from peak	-25.28%	-0.07%	-25.21%
Average Drawdown Average peak-to-trough decline	-22.61%	-11.59%	-11.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.93%	2.31%	+3.62%

Volatility

FIRCX vs. MXREX - Volatility Comparison

The current volatility for Fidelity Advisor International Real Estate Fund Class C (FIRCX) is 3.40%, while Great-West Real Estate Index Fund (MXREX) has a volatility of 5.43%. This indicates that FIRCX experiences smaller price fluctuations and is considered to be less risky than MXREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIRCX	MXREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	5.43%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	10.05%	10.26%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	13.96%	-1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.74%	19.37%	-5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.61%	21.97%	-8.36%

FIRCX vs. MXREX - Expense Ratio Comparison

FIRCX has a 1.95% expense ratio, which is higher than MXREX's 0.70% expense ratio.

Dividends

FIRCX vs. MXREX - Dividend Comparison

FIRCX's dividend yield for the trailing twelve months is around 2.27%, more than MXREX's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRCX Fidelity Advisor International Real Estate Fund Class C	2.27%	2.15%	4.38%	0.09%	4.20%	4.78%	0.85%	3.83%	1.44%	1.91%	3.61%	2.00%
MXREX Great-West Real Estate Index Fund	1.77%	2.07%	6.74%	1.85%	4.69%	1.93%	1.60%	4.51%	4.10%	3.36%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIRCX and MXREX in my portfolio?

FIRCX and MXREX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIRCX or MXREX?

MXREX has higher volatility (5.43%) compared to FIRCX (3.40%). In terms of maximum drawdown, FIRCX dropped -72.03% vs MXREX's -43.89%.

Which has better risk-adjusted returns?

MXREX currently has the higher Sharpe Ratio (1.45 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.