FSREX vs. PJEZX

Last updated Jun 3, 2026

FSREX (Fidelity Series Real Estate Income Fund) and PJEZX (PGIM US Real Estate Fund) are both REIT funds. Over the past 10 years, FSREX returned 5.36%/yr vs 8.87%/yr for PJEZX. A 0.74 correlation means they provide meaningful diversification when combined. FSREX charges 0.00%/yr vs 1.00%/yr for PJEZX.

Performance

FSREX vs. PJEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Real Estate Income Fund (FSREX) and PGIM US Real Estate Fund (PJEZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSREX achieves a 1.59% return, which is significantly lower than PJEZX's 12.19% return. Over the past 10 years, FSREX has underperformed PJEZX with an annualized return of 5.36%, while PJEZX has yielded a comparatively higher 8.87% annualized return.

FSREX

• 1D: 0.10%
• 1M: 0.29%
• YTD: 1.59%
• 6M: 2.16%
• 1Y: 7.79%
• 3Y*: 8.75%
• 5Y*: 4.23%
• 10Y*: 5.36%

PJEZX

• 1D: -2.15%
• 1M: -2.54%
• YTD: 12.19%
• 6M: 10.39%
• 1Y: 13.96%
• 3Y*: 12.68%
• 5Y*: 5.47%
• 10Y*: 8.87%

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

FSREX vs. PJEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSREX Fidelity Series Real Estate Income Fund	1.59%	8.93%	9.87%	8.29%	-11.78%	15.78%	0.58%	16.02%	-0.73%	5.91%
PJEZX PGIM US Real Estate Fund	12.19%	2.49%	13.08%	15.85%	-27.26%	48.32%	-4.86%	44.30%	-3.54%	5.60%

Correlation

The correlation between FSREX and PJEZX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 25, 2011	0.74

Over the past year, the correlation between FSREX and PJEZX has dropped to 0.41 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

FSREX vs. PJEZX — Risk / Return Rank

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

FSREX

FSREX Risk / Return Rank: 88
FSREX Sharpe Ratio Rank: 92
FSREX Sortino Ratio Rank: 93
FSREX Omega Ratio Rank: 89
FSREX Calmar Ratio Rank: 80
FSREX Martin Ratio Rank: 85

PJEZX

PJEZX Risk / Return Rank: 18
PJEZX Sharpe Ratio Rank: 14
PJEZX Sortino Ratio Rank: 13
PJEZX Omega Ratio Rank: 13
PJEZX Calmar Ratio Rank: 27
PJEZX Martin Ratio Rank: 22

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.

FSREX vs. PJEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Real Estate Income Fund (FSREX) and PGIM US Real Estate Fund (PJEZX). 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.

	FSREX	PJEZX	Difference
Sharpe ratio Return per unit of total volatility	3.08	1.06	+2.02
Sortino ratio Return per unit of downside risk	4.78	1.50	+3.28
Omega ratio Gain probability vs. loss probability	1.63	1.19	+0.44
Calmar ratio Return relative to maximum drawdown	3.68	1.97	+1.71
Martin ratio Return relative to average drawdown	16.22	5.86	+10.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSREX vs. PJEZX - Sharpe Ratio Comparison

The current FSREX Sharpe Ratio is 3.08, which is higher than the PJEZX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of FSREX and PJEZX, 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

	FSREX	PJEZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.08	1.06	+2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.29	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.42	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.47	+0.48

Drawdowns

FSREX vs. PJEZX - Drawdown Comparison

The maximum FSREX drawdown since its inception was -32.02%, smaller than the maximum PJEZX drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for FSREX and PJEZX.

Drawdown Indicators

	FSREX	PJEZX	Difference
Max Drawdown Largest peak-to-trough decline	-32.02%	-43.43%	+11.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.06%	-7.32%	+5.26%
Max Drawdown (3Y) Largest decline over 3 years	-5.12%	-19.19%	+14.07%
Max Drawdown (5Y) Largest decline over 5 years	-15.22%	-34.60%	+19.38%
Max Drawdown (10Y) Largest decline over 10 years	-32.02%	-43.43%	+11.41%
Current Drawdown Current decline from peak	0.00%	-4.16%	+4.16%
Average Drawdown Average peak-to-trough decline	-2.55%	-8.11%	+5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	2.46%	-1.99%

Volatility

FSREX vs. PJEZX - Volatility Comparison

The current volatility for Fidelity Series Real Estate Income Fund (FSREX) is 0.86%, while PGIM US Real Estate Fund (PJEZX) has a volatility of 3.97%. This indicates that FSREX experiences smaller price fluctuations and is considered to be less risky than PJEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSREX	PJEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	3.97%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	9.74%	-7.89%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	13.52%	-11.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.77%	18.91%	-14.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.89%	21.15%	-13.26%

FSREX vs. PJEZX - Expense Ratio Comparison

FSREX has a 0.00% expense ratio, which is lower than PJEZX's 1.00% expense ratio.

Dividends

FSREX vs. PJEZX - Dividend Comparison

FSREX's dividend yield for the trailing twelve months is around 5.58%, more than PJEZX's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSREX Fidelity Series Real Estate Income Fund	5.58%	5.64%	6.05%	7.43%	9.99%	3.58%	6.24%	6.62%	5.87%	5.49%	5.22%	4.33%
PJEZX PGIM US Real Estate Fund	1.86%	2.05%	1.93%	1.65%	3.21%	9.54%	1.56%	13.21%	5.43%	6.31%	15.48%	9.39%

Frequently Asked Questions

Can I hold both FSREX and PJEZX in my portfolio?

FSREX and PJEZX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSREX or PJEZX?

PJEZX has higher volatility (3.97%) compared to FSREX (0.86%). In terms of maximum drawdown, FSREX dropped -32.02% vs PJEZX's -43.43%.

Which has better risk-adjusted returns?

FSREX currently has the higher Sharpe Ratio (3.08 vs 1.06), 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.