FREEX vs. PHRAX
FREEX (Franklin Real Estate Securities Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both REIT funds. Over the past 10 years, FREEX returned 6.27%/yr vs 5.95%/yr for PHRAX. Their 0.97 correlation means they have historically moved very closely together. FREEX charges 1.11%/yr vs 1.36%/yr for PHRAX.
Performance
FREEX vs. PHRAX - Performance Comparison
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Returns By Period
In the year-to-date period, FREEX achieves a 17.03% return, which is significantly lower than PHRAX's 20.77% return. Over the past 10 years, FREEX has outperformed PHRAX with an annualized return of 6.27%, while PHRAX has yielded a comparatively lower 5.95% annualized return.
FREEX
- 1D
- -1.12%
- 1M
- 1.81%
- 6M
- 14.08%
- YTD
- 17.03%
- 1Y
- 18.10%
- 3Y*
- 9.13%
- 5Y*
- 3.06%
- 10Y*
- 6.27%
- ALL TIME*
- 8.44%
PHRAX
- 1D
- -1.39%
- 1M
- 1.67%
- 6M
- 18.05%
- YTD
- 20.77%
- 1Y
- 23.78%
- 3Y*
- 11.61%
- 5Y*
- 4.37%
- 10Y*
- 5.95%
- ALL TIME*
- 9.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FREEX vs. PHRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FREEX Franklin Real Estate Securities Fund | 17.03% | 2.24% | 3.84% | 9.99% | -25.71% | 44.04% | -3.34% | 52.71% | -6.58% | 2.62% |
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 20.77% | 0.23% | 10.15% | 10.98% | -26.33% | 46.79% | -1.98% | 27.09% | -7.41% | 5.65% |
Correlation
The correlation between FREEX and PHRAX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 1995 | 0.97 |
The correlation between FREEX and PHRAX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
FREEX vs. PHRAX — Risk / Return Rank
FREEX
PHRAX
FREEX vs. PHRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Real Estate Securities Fund (FREEX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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 | PHRAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.27 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 2.72 | -0.63 |
| Martin ratioReturn relative to average drawdown | 6.50 | 8.52 | -2.02 |
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Drawdowns
FREEX vs. PHRAX - Drawdown Comparison
The maximum FREEX drawdown since its inception was -76.99%, which is greater than PHRAX's maximum drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for FREEX and PHRAX.
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Drawdown Indicators
| FREEX | PHRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.99% | -72.56% | -4.43% |
Max Drawdown (1Y)Largest decline over 1 year | -7.76% | -7.83% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -16.08% | -19.09% | +3.01% |
Max Drawdown (5Y)Largest decline over 5 years | -33.79% | -33.51% | -0.28% |
Max Drawdown (10Y)Largest decline over 10 years | -40.57% | -42.00% | +1.43% |
Current DrawdownCurrent decline from peak | -1.96% | -2.61% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -14.17% | -11.31% | -2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 2.52% | -0.01% |
Volatility
FREEX vs. PHRAX - Volatility Comparison
The current volatility for Franklin Real Estate Securities Fund (FREEX) is 4.47%, while Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a volatility of 4.74%. This indicates that FREEX experiences smaller price fluctuations and is considered to be less risky than PHRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FREEX | PHRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.47% | 4.74% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.76% | 10.88% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.68% | 13.93% | -0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.47% | 19.14% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 21.03% | +0.87% |
FREEX vs. PHRAX - Expense Ratio Comparison
FREEX has a 1.11% expense ratio, which is lower than PHRAX's 1.36% expense ratio.
Dividends
FREEX vs. PHRAX - Dividend Comparison
FREEX's dividend yield for the trailing twelve months is around 5.68%, more than PHRAX's 4.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREEX Franklin Real Estate Securities Fund | 5.68% | 6.65% | 12.00% | 5.13% | 3.70% | 7.51% | 8.38% | 33.46% | 5.49% | 9.77% | 2.66% | 1.50% |
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 4.85% | 5.93% | 8.39% | 12.35% | 11.12% | 4.45% | 5.58% | 21.34% | 19.03% | 18.54% | 21.22% | 20.04% |
Frequently Asked Questions
With a correlation of 0.98, FREEX and PHRAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PHRAX has higher volatility (4.74%) compared to FREEX (4.47%). In terms of maximum drawdown, FREEX dropped -76.99% vs PHRAX's -72.56%.
PHRAX currently has the higher Sharpe Ratio (1.54 vs 1.19), 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.
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