FRIFX vs. PHRAX

Last updated Jun 26, 2026

FRIFX (Fidelity Real Estate Income Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both REIT funds. Over the past 10 years, FRIFX returned 5.39%/yr vs 6.51%/yr for PHRAX. Their correlation of 0.87 suggests significant overlap in exposure. FRIFX charges 0.71%/yr vs 1.36%/yr for PHRAX.

Performance

FRIFX vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Income Fund (FRIFX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRIFX achieves a 4.38% return, which is significantly lower than PHRAX's 17.26% return. Over the past 10 years, FRIFX has underperformed PHRAX with an annualized return of 5.39%, while PHRAX has yielded a comparatively higher 6.51% annualized return.

FRIFX

• 1D: 0.08%
• 1M: 0.24%
• YTD: 4.38%
• 6M: 4.47%
• 1Y: 8.20%
• 3Y*: 8.92%
• 5Y*: 3.51%
• 10Y*: 5.39%

PHRAX

• 1D: 0.15%
• 1M: 1.35%
• YTD: 17.26%
• 6M: 16.86%
• 1Y: 18.61%
• 3Y*: 13.05%
• 5Y*: 4.60%
• 10Y*: 6.51%

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

FRIFX vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRIFX Fidelity Real Estate Income Fund	4.38%	7.16%	7.93%	9.32%	-14.54%	18.90%	-1.09%	17.92%	-1.80%	6.20%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	17.26%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%

Correlation

The correlation between FRIFX and PHRAX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 8, 2003	0.87

The correlation between FRIFX and PHRAX has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

FRIFX vs. PHRAX — Risk / Return Rank

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

FRIFX

FRIFX Risk / Return Rank: 54
FRIFX Sharpe Ratio Rank: 57
FRIFX Sortino Ratio Rank: 57
FRIFX Omega Ratio Rank: 57
FRIFX Calmar Ratio Rank: 45
FRIFX Martin Ratio Rank: 57

PHRAX

PHRAX Risk / Return Rank: 26
PHRAX Sharpe Ratio Rank: 23
PHRAX Sortino Ratio Rank: 21
PHRAX Omega Ratio Rank: 22
PHRAX Calmar Ratio Rank: 37
PHRAX Martin Ratio Rank: 30

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.

FRIFX vs. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Income Fund (FRIFX) 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.

	FRIFX	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.13	+0.72
Sortino ratio: Return per unit of downside risk	2.61	1.57	+1.04
Omega ratio: Gain probability vs. loss probability	1.34	1.20	+0.14
Calmar ratio: Return relative to maximum drawdown	2.26	1.98	+0.28
Martin ratio: Return relative to average drawdown	9.89	5.93	+3.95

FRIFX vs. PHRAX - Sharpe Ratio Comparison

The current FRIFX Sharpe Ratio is 1.84, which is higher than the PHRAX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of FRIFX and PHRAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FRIFX vs. PHRAX - Drawdown Comparison

The maximum FRIFX drawdown since its inception was -38.27%, smaller than the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for FRIFX and PHRAX.

Drawdown Indicators

	FRIFX	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.27%	-72.56%	+34.29%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-7.83%	+4.41%
Max Drawdown (3Y) Largest decline over 3 years	-7.24%	-19.09%	+11.85%
Max Drawdown (5Y) Largest decline over 5 years	-18.12%	-33.51%	+15.39%
Max Drawdown (10Y) Largest decline over 10 years	-34.50%	-42.00%	+7.50%
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-4.25%	-11.35%	+7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	2.69%	-1.91%

Volatility

FRIFX vs. PHRAX - Volatility Comparison

The current volatility for Fidelity Real Estate Income Fund (FRIFX) is 1.31%, while Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a volatility of 5.29%. This indicates that FRIFX 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.

Volatility by Period

	FRIFX	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	5.29%	-3.98%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	10.20%	-6.92%
Volatility (1Y) Calculated over the trailing 1-year period	4.18%	13.73%	-9.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	19.12%	-12.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.48%	21.01%	-11.53%

FRIFX vs. PHRAX - Expense Ratio Comparison

FRIFX has a 0.71% expense ratio, which is lower than PHRAX's 1.36% expense ratio.

Dividends

FRIFX vs. PHRAX - Dividend Comparison

FRIFX's dividend yield for the trailing twelve months is around 4.52%, less than PHRAX's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIFX Fidelity Real Estate Income Fund	4.52%	4.69%	4.65%	4.99%	6.04%	1.47%	4.77%	5.68%	5.08%	4.40%	4.98%	3.65%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	4.99%	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

Can I hold both FRIFX and PHRAX in my portfolio?

FRIFX and PHRAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRIFX or PHRAX?

PHRAX has higher volatility (5.29%) compared to FRIFX (1.31%). In terms of maximum drawdown, FRIFX dropped -38.27% vs PHRAX's -72.56%.

Which has better risk-adjusted returns?

FRIFX currently has the higher Sharpe Ratio (1.84 vs 1.13), 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.