FRESX vs. VGSNX
FRESX (Fidelity Real Estate Investment Portfolio) and VGSNX (Vanguard Real Estate Index Fund Institutional Shares) are both REIT funds. Over the past 10 years, FRESX returned 5.19%/yr vs 5.22%/yr for VGSNX. With a 0.99 correlation, they move nearly in lockstep. FRESX charges 0.71%/yr vs 0.10%/yr for VGSNX.
Performance
FRESX vs. VGSNX - Performance Comparison
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Returns By Period
In the year-to-date period, FRESX achieves a 9.92% return, which is significantly higher than VGSNX's 7.95% return. Both investments have delivered pretty close results over the past 10 years, with FRESX having a 5.19% annualized return and VGSNX not far ahead at 5.22%.
FRESX
- 1D
- 0.48%
- 1M
- -1.17%
- YTD
- 9.92%
- 6M
- 8.98%
- 1Y
- 10.25%
- 3Y*
- 9.16%
- 5Y*
- 3.21%
- 10Y*
- 5.19%
VGSNX
- 1D
- 0.44%
- 1M
- -0.96%
- YTD
- 7.95%
- 6M
- 6.90%
- 1Y
- 10.16%
- 3Y*
- 9.20%
- 5Y*
- 2.22%
- 10Y*
- 5.22%
FRESX vs. VGSNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRESX Fidelity Real Estate Investment Portfolio | 9.92% | 2.54% | 5.87% | 10.82% | -24.36% | 42.34% | -7.93% | 25.22% | -4.48% | 4.28% |
VGSNX Vanguard Real Estate Index Fund Institutional Shares | 7.95% | 3.21% | 3.72% | 13.12% | -26.19% | 40.46% | -4.76% | 28.98% | -5.97% | 4.90% |
Correlation
The correlation between FRESX and VGSNX is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2003 | 0.99 |
The correlation between FRESX and VGSNX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
FRESX vs. VGSNX — Risk / Return Rank
FRESX
VGSNX
FRESX vs. VGSNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment Portfolio (FRESX) and Vanguard Real Estate Index Fund Institutional Shares (VGSNX). 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 | VGSNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.14 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 1.19 | +0.08 |
| Martin ratioReturn relative to average drawdown | 3.66 | 3.75 | -0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FRESX | VGSNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.74 | 0.75 | -0.01 |
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 | 0.25 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.28 | +0.11 |
Drawdowns
FRESX vs. VGSNX - Drawdown Comparison
The maximum FRESX drawdown since its inception was -76.34%, roughly equal to the maximum VGSNX drawdown of -73.06%. Use the drawdown chart below to compare losses from any high point for FRESX and VGSNX.
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Drawdown Indicators
| FRESX | VGSNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.34% | -73.06% | -3.28% |
Max Drawdown (1Y)Largest decline over 1 year | -7.78% | -8.34% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -16.44% | -17.41% | +0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -32.13% | -34.39% | +2.26% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | -42.30% | +1.37% |
Current DrawdownCurrent decline from peak | -2.87% | -3.52% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -11.12% | -13.29% | +2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.64% | +0.05% |
Volatility
FRESX vs. VGSNX - Volatility Comparison
Fidelity Real Estate Investment Portfolio (FRESX) and Vanguard Real Estate Index Fund Institutional Shares (VGSNX) have volatilities of 3.78% and 3.75%, 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.
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Volatility by Period
| FRESX | VGSNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 3.75% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 9.27% | 9.32% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.27% | 13.16% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.72% | 18.87% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.56% | 20.91% | -0.35% |
FRESX vs. VGSNX - Expense Ratio Comparison
FRESX has a 0.71% expense ratio, which is higher than VGSNX's 0.10% expense ratio.
Dividends
FRESX vs. VGSNX - Dividend Comparison
FRESX's dividend yield for the trailing twelve months is around 4.22%, more than VGSNX's 3.71% 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% |
VGSNX Vanguard Real Estate Index Fund Institutional Shares | 3.71% | 3.94% | 3.87% | 3.93% | 3.94% | 2.57% | 3.95% | 3.40% | 4.75% | 4.26% | 4.84% | 3.94% |
Frequently Asked Questions
With a correlation of 0.99, FRESX and VGSNX 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.
FRESX has higher volatility (3.78%) compared to VGSNX (3.75%). In terms of maximum drawdown, FRESX dropped -76.34% vs VGSNX's -73.06%.
VGSNX currently has the higher Sharpe Ratio (0.75 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.
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