FREEX vs. HLRRX

Last updated Jun 23, 2026

FREEX (Franklin Real Estate Securities Fund) and HLRRX (LDR Real Estate Value Opportunity Fund) are both REIT funds. Over the past 10 years, FREEX returned 6.63%/yr vs 4.72%/yr for HLRRX. Their correlation of 0.87 suggests significant overlap in exposure. FREEX charges 1.11%/yr vs 1.14%/yr for HLRRX.

Performance

FREEX vs. HLRRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Real Estate Securities Fund (FREEX) and LDR Real Estate Value Opportunity Fund (HLRRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FREEX achieves a 10.99% return, which is significantly lower than HLRRX's 14.35% return. Over the past 10 years, FREEX has outperformed HLRRX with an annualized return of 6.63%, while HLRRX has yielded a comparatively lower 4.72% annualized return.

FREEX

• 1D: -0.06%
• 1M: -1.40%
• YTD: 10.99%
• 6M: 11.20%
• 1Y: 10.10%
• 3Y*: 7.89%
• 5Y*: 3.11%
• 10Y*: 6.63%

HLRRX

• 1D: -0.10%
• 1M: 0.40%
• YTD: 14.35%
• 6M: 15.61%
• 1Y: 11.61%
• 3Y*: 7.02%
• 5Y*: 2.32%
• 10Y*: 4.72%

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

FREEX vs. HLRRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FREEX Franklin Real Estate Securities Fund	10.99%	2.24%	3.84%	9.99%	-25.71%	44.04%	-3.34%	52.71%	-6.58%	2.62%
HLRRX LDR Real Estate Value Opportunity Fund	14.35%	-9.13%	9.45%	10.50%	-21.40%	40.50%	-3.78%	31.75%	-13.63%	-1.24%

Correlation

The correlation between FREEX and HLRRX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Dec 16, 2002	0.87

The correlation between FREEX and HLRRX has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

FREEX vs. HLRRX — Risk / Return Rank

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

FREEX

FREEX Risk / Return Rank: 11
FREEX Sharpe Ratio Rank: 10
FREEX Sortino Ratio Rank: 9
FREEX Omega Ratio Rank: 9
FREEX Calmar Ratio Rank: 15
FREEX Martin Ratio Rank: 14

HLRRX

HLRRX Risk / Return Rank: 15
HLRRX Sharpe Ratio Rank: 13
HLRRX Sortino Ratio Rank: 12
HLRRX Omega Ratio Rank: 12
HLRRX Calmar Ratio Rank: 24
HLRRX Martin Ratio Rank: 15

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.

FREEX vs. HLRRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Real Estate Securities Fund (FREEX) and LDR Real Estate Value Opportunity Fund (HLRRX). 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.

	FREEX	HLRRX	Difference
Sharpe ratio: Return per unit of total volatility	0.74	0.91	-0.17
Sortino ratio: Return per unit of downside risk	1.08	1.31	-0.24
Omega ratio: Gain probability vs. loss probability	1.14	1.16	-0.03
Calmar ratio: Return relative to maximum drawdown	1.29	1.70	-0.41
Martin ratio: Return relative to average drawdown	3.69	3.86	-0.18

FREEX vs. HLRRX - Sharpe Ratio Comparison

The current FREEX Sharpe Ratio is 0.74, which is comparable to the HLRRX Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of FREEX and HLRRX, 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

FREEX vs. HLRRX - Drawdown Comparison

The maximum FREEX drawdown since its inception was -76.99%, which is greater than HLRRX's maximum drawdown of -62.78%. Use the drawdown chart below to compare losses from any high point for FREEX and HLRRX.

Drawdown Indicators

	FREEX	HLRRX	Difference
Max Drawdown Largest peak-to-trough decline	-76.99%	-62.78%	-14.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-6.72%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.72%	-21.04%	+4.32%
Max Drawdown (5Y) Largest decline over 5 years	-33.79%	-28.99%	-4.80%
Max Drawdown (10Y) Largest decline over 10 years	-40.57%	-48.13%	+7.56%
Current Drawdown Current decline from peak	-3.72%	-3.61%	-0.11%
Average Drawdown Average peak-to-trough decline	-14.22%	-8.49%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.96%	-0.25%

Volatility

FREEX vs. HLRRX - Volatility Comparison

Franklin Real Estate Securities Fund (FREEX) has a higher volatility of 4.97% compared to LDR Real Estate Value Opportunity Fund (HLRRX) at 3.56%. This indicates that FREEX's price experiences larger fluctuations and is considered to be riskier than HLRRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FREEX	HLRRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	3.56%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	9.99%	8.39%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	13.45%	12.57%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.42%	17.41%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	20.81%	+1.06%

FREEX vs. HLRRX - Expense Ratio Comparison

FREEX has a 1.11% expense ratio, which is lower than HLRRX's 1.14% expense ratio.

Dividends

FREEX vs. HLRRX - Dividend Comparison

FREEX's dividend yield for the trailing twelve months is around 5.95%, less than HLRRX's 9.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FREEX Franklin Real Estate Securities Fund	5.95%	6.65%	12.00%	5.13%	3.70%	7.51%	8.38%	33.46%	5.49%	9.77%	2.66%	1.50%
HLRRX LDR Real Estate Value Opportunity Fund	9.58%	9.39%	4.93%	5.50%	13.71%	17.02%	9.10%	2.44%	2.68%	17.61%	15.94%	10.13%

Frequently Asked Questions

Can I hold both FREEX and HLRRX in my portfolio?

FREEX and HLRRX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FREEX or HLRRX?

FREEX has higher volatility (4.97%) compared to HLRRX (3.56%). In terms of maximum drawdown, FREEX dropped -76.99% vs HLRRX's -62.78%.

Which has better risk-adjusted returns?

HLRRX currently has the higher Sharpe Ratio (0.91 vs 0.74), 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.