FRIOX vs. CRARX

Last updated Jun 3, 2026

FRIOX (Fidelity Advisor Real Estate Income Fund Class C) and CRARX (MainStay CBRE Real Estate Fund) are both REIT funds. Over the past 10 years, FRIOX returned 4.32%/yr vs 5.13%/yr for CRARX. Their correlation of 0.89 suggests significant overlap in exposure. FRIOX charges 1.72%/yr vs 0.83%/yr for CRARX.

Performance

FRIOX vs. CRARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Real Estate Income Fund Class C (FRIOX) and MainStay CBRE Real Estate Fund (CRARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRIOX achieves a 3.13% return, which is significantly lower than CRARX's 12.22% return. Over the past 10 years, FRIOX has underperformed CRARX with an annualized return of 4.32%, while CRARX has yielded a comparatively higher 5.13% annualized return.

FRIOX

• 1D: -0.33%
• 1M: -0.16%
• YTD: 3.13%
• 6M: 3.56%
• 1Y: 7.07%
• 3Y*: 7.34%
• 5Y*: 2.56%
• 10Y*: 4.32%

CRARX

• 1D: -1.73%
• 1M: -1.82%
• YTD: 12.22%
• 6M: 10.79%
• 1Y: 10.89%
• 3Y*: 8.05%
• 5Y*: 2.48%
• 10Y*: 5.13%

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

FRIOX vs. CRARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRIOX Fidelity Advisor Real Estate Income Fund Class C	3.13%	6.06%	6.79%	8.31%	-15.51%	17.80%	-2.13%	16.74%	-2.56%	5.39%
CRARX MainStay CBRE Real Estate Fund	12.22%	-0.28%	0.71%	13.50%	-26.95%	52.55%	-6.50%	28.29%	-8.00%	5.23%

Correlation

The correlation between FRIOX and CRARX 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	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 21, 2010	0.89

The correlation between FRIOX and CRARX has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

FRIOX vs. CRARX — Risk / Return Rank

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

FRIOX

FRIOX Risk / Return Rank: 35
FRIOX Sharpe Ratio Rank: 36
FRIOX Sortino Ratio Rank: 35
FRIOX Omega Ratio Rank: 36
FRIOX Calmar Ratio Rank: 28
FRIOX Martin Ratio Rank: 40

CRARX

CRARX Risk / Return Rank: 13
CRARX Sharpe Ratio Rank: 11
CRARX Sortino Ratio Rank: 10
CRARX Omega Ratio Rank: 10
CRARX Calmar Ratio Rank: 17
CRARX Martin Ratio Rank: 17

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.

FRIOX vs. CRARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Real Estate Income Fund Class C (FRIOX) and MainStay CBRE Real Estate Fund (CRARX). 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.

	FRIOX	CRARX	Difference
Sharpe ratio Return per unit of total volatility	1.73	0.86	+0.87
Sortino ratio Return per unit of downside risk	2.43	1.23	+1.20
Omega ratio Gain probability vs. loss probability	1.32	1.15	+0.17
Calmar ratio Return relative to maximum drawdown	2.01	1.52	+0.49
Martin ratio Return relative to average drawdown	8.67	4.79	+3.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRIOX vs. CRARX - Sharpe Ratio Comparison

The current FRIOX Sharpe Ratio is 1.73, which is higher than the CRARX Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of FRIOX and CRARX, 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

	FRIOX	CRARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	0.86	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.13	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.24	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.33	+0.35

Drawdowns

FRIOX vs. CRARX - Drawdown Comparison

The maximum FRIOX drawdown since its inception was -34.54%, smaller than the maximum CRARX drawdown of -72.66%. Use the drawdown chart below to compare losses from any high point for FRIOX and CRARX.

Drawdown Indicators

	FRIOX	CRARX	Difference
Max Drawdown Largest peak-to-trough decline	-34.54%	-72.66%	+38.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.51%	-7.99%	+4.48%
Max Drawdown (3Y) Largest decline over 3 years	-7.50%	-18.78%	+11.28%
Max Drawdown (5Y) Largest decline over 5 years	-18.83%	-35.43%	+16.60%
Max Drawdown (10Y) Largest decline over 10 years	-34.54%	-45.19%	+10.65%
Current Drawdown Current decline from peak	-0.49%	-6.55%	+6.06%
Average Drawdown Average peak-to-trough decline	-3.63%	-12.57%	+8.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	2.54%	-1.72%

Volatility

FRIOX vs. CRARX - Volatility Comparison

The current volatility for Fidelity Advisor Real Estate Income Fund Class C (FRIOX) is 1.18%, while MainStay CBRE Real Estate Fund (CRARX) has a volatility of 3.62%. This indicates that FRIOX experiences smaller price fluctuations and is considered to be less risky than CRARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRIOX	CRARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	3.62%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	3.15%	9.33%	-6.18%
Volatility (1Y) Calculated over the trailing 1-year period	4.07%	12.94%	-8.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.51%	18.98%	-12.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.49%	21.28%	-11.79%

FRIOX vs. CRARX - Expense Ratio Comparison

FRIOX has a 1.72% expense ratio, which is higher than CRARX's 0.83% expense ratio.

Dividends

FRIOX vs. CRARX - Dividend Comparison

FRIOX's dividend yield for the trailing twelve months is around 3.59%, more than CRARX's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRARX MainStay CBRE Real Estate Fund	2.24%	2.57%	1.80%	3.36%	34.64%	4.37%	1.77%	15.57%	30.33%	21.82%	8.85%	7.27%
FRIOX Fidelity Advisor Real Estate Income Fund Class C	3.59%	3.68%	3.68%	4.09%	5.00%	1.02%	3.92%	4.76%	4.46%	3.69%	4.05%	3.11%

Frequently Asked Questions

Can I hold both FRIOX and CRARX in my portfolio?

FRIOX and CRARX 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, FRIOX or CRARX?

CRARX has higher volatility (3.62%) compared to FRIOX (1.18%). In terms of maximum drawdown, FRIOX dropped -34.54% vs CRARX's -72.66%.

Which has better risk-adjusted returns?

FRIOX currently has the higher Sharpe Ratio (1.73 vs 0.86), 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.