FRESX vs. NBRFX

Last updated Jun 5, 2026

FRESX (Fidelity Real Estate Investment Portfolio) and NBRFX (Neuberger Berman Real Estate Fund) are both REIT funds. Over the past 10 years, FRESX returned 5.18%/yr vs 6.41%/yr for NBRFX. With a 0.98 correlation, they move nearly in lockstep. FRESX charges 0.71%/yr vs 1.39%/yr for NBRFX.

Performance

FRESX vs. NBRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Investment Portfolio (FRESX) and Neuberger Berman Real Estate Fund (NBRFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRESX achieves a 9.81% return, which is significantly lower than NBRFX's 11.05% return. Over the past 10 years, FRESX has underperformed NBRFX with an annualized return of 5.18%, while NBRFX has yielded a comparatively higher 6.41% annualized return.

FRESX

• 1D: -0.10%
• 1M: -1.45%
• YTD: 9.81%
• 6M: 9.10%
• 1Y: 9.72%
• 3Y*: 9.13%
• 5Y*: 3.14%
• 10Y*: 5.18%

NBRFX

• 1D: -0.14%
• 1M: -1.86%
• YTD: 11.05%
• 6M: 10.14%
• 1Y: 8.84%
• 3Y*: 8.42%
• 5Y*: 2.41%
• 10Y*: 6.41%

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

FRESX vs. NBRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRESX Fidelity Real Estate Investment Portfolio	9.81%	2.54%	5.87%	10.82%	-24.36%	42.34%	-7.93%	25.22%	-4.48%	4.28%
NBRFX Neuberger Berman Real Estate Fund	11.05%	-2.14%	5.02%	11.70%	-27.35%	47.87%	-1.34%	31.06%	-5.31%	11.59%

Correlation

The correlation between FRESX and NBRFX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 3, 2002	0.98

The correlation between FRESX and NBRFX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

FRESX vs. NBRFX — Risk / Return Rank

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

FRESX

FRESX Risk / Return Rank: 11
FRESX Sharpe Ratio Rank: 10
FRESX Sortino Ratio Rank: 9
FRESX Omega Ratio Rank: 9
FRESX Calmar Ratio Rank: 15
FRESX Martin Ratio Rank: 13

NBRFX

NBRFX Risk / Return Rank: 10
NBRFX Sharpe Ratio Rank: 9
NBRFX Sortino Ratio Rank: 9
NBRFX Omega Ratio Rank: 9
NBRFX Calmar Ratio Rank: 13
NBRFX Martin Ratio Rank: 12

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.

FRESX vs. NBRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment Portfolio (FRESX) and Neuberger Berman Real Estate Fund (NBRFX). 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.

	FRESX	NBRFX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	0.70	+0.07
Sortino ratio: Return per unit of downside risk	1.13	1.02	+0.10
Omega ratio: Gain probability vs. loss probability	1.14	1.13	+0.01
Calmar ratio: Return relative to maximum drawdown	1.31	1.17	+0.14
Martin ratio: Return relative to average drawdown	3.76	3.21	+0.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRESX vs. NBRFX - Sharpe Ratio Comparison

The current FRESX Sharpe Ratio is 0.77, which is comparable to the NBRFX Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of FRESX and NBRFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FRESX	NBRFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	0.70	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.12	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.32	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.32	+0.06

Drawdowns

FRESX vs. NBRFX - Drawdown Comparison

The maximum FRESX drawdown since its inception was -76.34%, which is greater than NBRFX's maximum drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for FRESX and NBRFX.

Drawdown Indicators

	FRESX	NBRFX	Difference
Max Drawdown Largest peak-to-trough decline	-76.34%	-70.52%	-5.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.78%	-7.84%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-16.44%	-18.06%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-32.13%	-35.60%	+3.47%
Max Drawdown (10Y) Largest decline over 10 years	-40.93%	-37.56%	-3.37%
Current Drawdown Current decline from peak	-2.97%	-7.40%	+4.43%
Average Drawdown Average peak-to-trough decline	-11.12%	-11.82%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.84%	-0.14%

Volatility

FRESX vs. NBRFX - Volatility Comparison

Fidelity Real Estate Investment Portfolio (FRESX) and Neuberger Berman Real Estate Fund (NBRFX) have volatilities of 3.74% and 3.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRESX	NBRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	3.62%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	9.18%	9.51%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.27%	13.05%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	19.78%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.56%	20.34%	+0.22%

FRESX vs. NBRFX - Expense Ratio Comparison

FRESX has a 0.71% expense ratio, which is lower than NBRFX's 1.39% expense ratio.

Dividends

FRESX vs. NBRFX - Dividend Comparison

FRESX's dividend yield for the trailing twelve months is around 4.22%, more than NBRFX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRESX Fidelity Real Estate Investment Portfolio	4.22%	4.64%	5.58%	6.95%	10.16%	3.70%	4.77%	6.91%	4.23%	4.00%	4.90%	6.09%
NBRFX Neuberger Berman Real Estate Fund	1.83%	2.07%	1.94%	2.11%	12.58%	7.76%	2.03%	4.73%	6.98%	6.43%	14.86%	9.29%

Frequently Asked Questions

Can I hold both FRESX and NBRFX in my portfolio?

With a correlation of 0.97, FRESX and NBRFX 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.

Which is riskier, FRESX or NBRFX?

FRESX has higher volatility (3.74%) compared to NBRFX (3.62%). In terms of maximum drawdown, FRESX dropped -76.34% vs NBRFX's -70.52%.

Which has better risk-adjusted returns?

FRESX currently has the higher Sharpe Ratio (0.77 vs 0.70), 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.