FRESX vs. TAREX
FRESX (Fidelity Real Estate Investment Portfolio) and TAREX (Third Avenue Real Estate Value Fund) are both REIT funds. Over the past 10 years, FRESX returned 4.77%/yr vs 4.15%/yr for TAREX. A 0.71 correlation means they provide meaningful diversification when combined. FRESX charges 0.64%/yr vs 1.15%/yr for TAREX.
Performance
FRESX vs. TAREX - Performance Comparison
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Returns By Period
In the year-to-date period, FRESX achieves a 14.15% return, which is significantly higher than TAREX's -5.76% return. Over the past 10 years, FRESX has outperformed TAREX with an annualized return of 4.77%, while TAREX has yielded a comparatively lower 4.15% annualized return.
FRESX
- 1D
- 0.40%
- 1M
- -0.51%
- 6M
- 12.72%
- YTD
- 14.15%
- 1Y
- 14.19%
- 3Y*
- 9.02%
- 5Y*
- 3.24%
- 10Y*
- 4.77%
TAREX
- 1D
- 0.13%
- 1M
- -0.81%
- 6M
- -8.58%
- YTD
- -5.76%
- 1Y
- -2.04%
- 3Y*
- 11.01%
- 5Y*
- 3.48%
- 10Y*
- 4.15%
FRESX vs. TAREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRESX Fidelity Real Estate Investment Portfolio | 14.15% | 2.54% | 5.87% | 10.82% | -24.36% | 42.34% | -7.93% | 25.22% | -4.48% | 4.28% |
TAREX Third Avenue Real Estate Value Fund | -5.76% | 12.52% | 13.54% | 23.48% | -26.53% | 30.69% | -8.23% | 21.09% | -19.98% | 16.10% |
Correlation
The correlation between FRESX and TAREX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999 | 0.71 |
The correlation between FRESX and TAREX has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.
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Return for Risk
FRESX vs. TAREX — Risk / Return Rank
FRESX
TAREX
FRESX vs. TAREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment Portfolio (FRESX) and Third Avenue Real Estate Value Fund (TAREX). 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 | TAREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.99 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | -0.16 | +1.99 |
| Martin ratioReturn relative to average drawdown | 5.32 | -0.39 | +5.71 |
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Drawdowns
FRESX vs. TAREX - Drawdown Comparison
The maximum FRESX drawdown since its inception was -76.34%, which is greater than TAREX's maximum drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for FRESX and TAREX.
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Drawdown Indicators
| FRESX | TAREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.34% | -67.68% | -8.66% |
Max Drawdown (1Y)Largest decline over 1 year | -7.78% | -15.81% | +8.03% |
Max Drawdown (3Y)Largest decline over 3 years | -16.44% | -19.88% | +3.44% |
Max Drawdown (5Y)Largest decline over 5 years | -32.13% | -31.89% | -0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | -44.73% | +3.80% |
Current DrawdownCurrent decline from peak | -1.49% | -9.71% | +8.22% |
Average DrawdownAverage peak-to-trough decline | -11.10% | -11.17% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 6.46% | -3.78% |
Volatility
FRESX vs. TAREX - Volatility Comparison
Fidelity Real Estate Investment Portfolio (FRESX) has a higher volatility of 4.94% compared to Third Avenue Real Estate Value Fund (TAREX) at 4.62%. This indicates that FRESX's price experiences larger fluctuations and is considered to be riskier than TAREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRESX | TAREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 4.62% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 10.62% | 12.25% | -1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.02% | 15.57% | -1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.81% | 18.40% | +0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.60% | 18.66% | +1.94% |
FRESX vs. TAREX - Expense Ratio Comparison
FRESX has a 0.64% expense ratio, which is lower than TAREX's 1.15% expense ratio.
Dividends
FRESX vs. TAREX - Dividend Comparison
FRESX's dividend yield for the trailing twelve months is around 4.11%, less than TAREX's 6.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRESX Fidelity Real Estate Investment Portfolio | 4.11% | 4.64% | 5.58% | 6.95% | 10.16% | 3.70% | 4.77% | 6.91% | 4.23% | 4.00% | 4.90% | 6.09% |
TAREX Third Avenue Real Estate Value Fund | 6.03% | 5.68% | 6.59% | 5.28% | 8.76% | 9.03% | 0.99% | 18.22% | 11.07% | 1.06% | 1.80% | 5.60% |
Frequently Asked Questions
FRESX and TAREX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRESX has higher volatility (4.94%) compared to TAREX (4.62%). In terms of maximum drawdown, FRESX dropped -76.34% vs TAREX's -67.68%.
FRESX currently has the higher Sharpe Ratio (1.02 vs -0.16), 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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