FRESX vs. REZ
FRESX (Fidelity Real Estate Investment Portfolio) and REZ (iShares Residential and Multisector Real Estate ETF) are both REIT funds. FRESX is actively managed, while REZ is passively managed. Over the past 10 years, FRESX returned 4.73%/yr vs 6.74%/yr for REZ. Their correlation of 0.90 means they have usually moved in the same direction. FRESX charges 0.64%/yr vs 0.48%/yr for REZ.
Performance
FRESX vs. REZ - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FRESX having a 16.43% return and REZ slightly higher at 16.94%. Over the past 10 years, FRESX has underperformed REZ with an annualized return of 4.73%, while REZ has yielded a comparatively higher 6.74% annualized return.
FRESX
- 1D
- -0.93%
- 1M
- 1.67%
- 6M
- 12.68%
- YTD
- 16.43%
- 1Y
- 17.61%
- 3Y*
- 10.00%
- 5Y*
- 3.34%
- 10Y*
- 4.73%
- ALL TIME*
- 8.84%
REZ
- 1D
- 0.01%
- 1M
- -1.36%
- 6M
- 15.00%
- YTD
- 16.94%
- 1Y
- 20.55%
- 3Y*
- 12.14%
- 5Y*
- 3.89%
- 10Y*
- 6.74%
- ALL TIME*
- 7.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $3.79M | $3.86M | $3.20M |
FRESX vs. REZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRESX Fidelity Real Estate Investment Portfolio | 16.43% | 2.54% | 5.87% | 10.82% | -24.36% | 42.34% | -7.93% | 25.22% | -4.48% | 4.28% |
REZ iShares Residential and Multisector Real Estate ETF | 16.94% | 4.80% | 12.73% | 10.97% | -28.31% | 47.86% | -6.62% | 24.49% | 3.89% | 3.87% |
Correlation
The correlation between FRESX and REZ is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since May 4, 2007 | 0.90 |
The correlation between FRESX and REZ has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.
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Return for Risk
FRESX vs. REZ — Risk / Return Rank
FRESX
REZ
FRESX vs. REZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment Portfolio (FRESX) and iShares Residential and Multisector Real Estate ETF (REZ). 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.
| FRESX | REZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.24 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 2.43 | -0.42 |
| Martin ratioReturn relative to average drawdown | 6.21 | 7.59 | -1.38 |
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Drawdowns
FRESX vs. REZ - Drawdown Comparison
The maximum FRESX drawdown since its inception was -76.34%, which is greater than REZ's maximum drawdown of -66.87%. Use the drawdown chart below to compare losses from any high point for FRESX and REZ.
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Drawdown Indicators
| FRESX | REZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.34% | -66.87% | -9.47% |
Max Drawdown (1Y)Largest decline over 1 year | -7.78% | -8.76% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -16.44% | -15.28% | -1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -32.13% | -35.05% | +2.92% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | -44.15% | +3.22% |
Current DrawdownCurrent decline from peak | -1.24% | -3.23% | +1.99% |
Average DrawdownAverage peak-to-trough decline | -11.08% | -12.59% | +1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 2.80% | -0.27% |
Volatility
FRESX vs. REZ - Volatility Comparison
The current volatility for Fidelity Real Estate Investment Portfolio (FRESX) is 4.33%, while iShares Residential and Multisector Real Estate ETF (REZ) has a volatility of 5.95%. This indicates that FRESX experiences smaller price fluctuations and is considered to be less risky than REZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRESX | REZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.33% | 5.95% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 10.73% | 12.35% | -1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.00% | 15.55% | -1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.82% | 19.06% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.62% | 21.62% | -1.00% |
FRESX vs. REZ - Expense Ratio Comparison
FRESX has a 0.64% expense ratio, which is higher than REZ's 0.48% expense ratio.
Dividends
FRESX vs. REZ - Dividend Comparison
FRESX's dividend yield for the trailing twelve months is around 4.03%, more than REZ's 1.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRESX Fidelity Real Estate Investment Portfolio | 4.03% | 4.64% | 5.58% | 6.95% | 10.16% | 3.70% | 4.77% | 6.91% | 4.23% | 4.00% | 4.90% | 6.09% |
REZ iShares Residential and Multisector Real Estate ETF | 1.96% | 2.74% | 2.26% | 2.94% | 3.37% | 1.81% | 3.17% | 2.90% | 3.63% | 3.57% | 5.55% | 3.18% |
Frequently Asked Questions
FRESX and REZ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REZ has higher volatility (5.95%) compared to FRESX (4.33%). In terms of maximum drawdown, FRESX dropped -76.34% vs REZ's -66.87%.
REZ currently has the higher Sharpe Ratio (1.38 vs 1.12), 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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