FSREX vs. TAREX

Last updated Jun 3, 2026

FSREX (Fidelity Series Real Estate Income Fund) and TAREX (Third Avenue Real Estate Value Fund) are both REIT funds. Over the past 10 years, FSREX returned 5.36%/yr vs 4.06%/yr for TAREX. A 0.63 correlation means they provide meaningful diversification when combined. FSREX charges 0.00%/yr vs 1.15%/yr for TAREX.

Performance

FSREX vs. TAREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Real Estate Income Fund (FSREX) and Third Avenue Real Estate Value Fund (TAREX). 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 higher than TAREX's -7.18% return. Over the past 10 years, FSREX has outperformed TAREX with an annualized return of 5.36%, while TAREX has yielded a comparatively lower 4.06% 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%

TAREX

• 1D: -1.12%
• 1M: -1.84%
• YTD: -7.18%
• 6M: -8.65%
• 1Y: 0.62%
• 3Y*: 12.32%
• 5Y*: 2.89%
• 10Y*: 4.06%

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

FSREX vs. TAREX - 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%
TAREX Third Avenue Real Estate Value Fund	-7.18%	12.52%	13.54%	23.48%	-26.53%	30.69%	-8.23%	21.09%	-19.98%	16.10%

Correlation

The correlation between FSREX and TAREX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 25, 2011	0.63

The correlation between FSREX and TAREX shifts across timeframes, from 0.52 (3 years) to 0.65 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSREX vs. TAREX — 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

TAREX

TAREX Risk / Return Rank: 3
TAREX Sharpe Ratio Rank: 3
TAREX Sortino Ratio Rank: 3
TAREX Omega Ratio Rank: 3
TAREX Calmar Ratio Rank: 3
TAREX Martin Ratio Rank: 3

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. TAREX - Risk-Adjusted Trends Comparison

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

	FSREX	TAREX	Difference
Sharpe ratio Return per unit of total volatility	3.08	0.04	+3.04
Sortino ratio Return per unit of downside risk	4.78	0.18	+4.60
Omega ratio Gain probability vs. loss probability	1.63	1.02	+0.61
Calmar ratio Return relative to maximum drawdown	3.68	0.08	+3.60
Martin ratio Return relative to average drawdown	16.22	0.22	+16.00
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. TAREX - Sharpe Ratio Comparison

The current FSREX Sharpe Ratio is 3.08, which is higher than the TAREX Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of FSREX and TAREX, 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	TAREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.08	0.04	+3.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.16	+0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.22	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.46	+0.49

Drawdowns

FSREX vs. TAREX - Drawdown Comparison

The maximum FSREX drawdown since its inception was -32.02%, smaller than the maximum TAREX drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for FSREX and TAREX.

Drawdown Indicators

	FSREX	TAREX	Difference
Max Drawdown Largest peak-to-trough decline	-32.02%	-67.68%	+35.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.06%	-15.81%	+13.75%
Max Drawdown (3Y) Largest decline over 3 years	-5.12%	-19.88%	+14.76%
Max Drawdown (5Y) Largest decline over 5 years	-15.22%	-31.89%	+16.67%
Max Drawdown (10Y) Largest decline over 10 years	-32.02%	-44.73%	+12.71%
Current Drawdown Current decline from peak	0.00%	-11.07%	+11.07%
Average Drawdown Average peak-to-trough decline	-2.55%	-11.18%	+8.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	5.65%	-5.18%

Volatility

FSREX vs. TAREX - Volatility Comparison

The current volatility for Fidelity Series Real Estate Income Fund (FSREX) is 0.86%, while Third Avenue Real Estate Value Fund (TAREX) has a volatility of 4.85%. This indicates that FSREX experiences smaller price fluctuations and is considered to be less risky than TAREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSREX	TAREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	4.85%	-3.99%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	11.55%	-9.70%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	15.27%	-12.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.77%	18.33%	-13.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.89%	18.77%	-10.88%

FSREX vs. TAREX - Expense Ratio Comparison

FSREX has a 0.00% expense ratio, which is lower than TAREX's 1.15% expense ratio.

Dividends

FSREX vs. TAREX - Dividend Comparison

FSREX's dividend yield for the trailing twelve months is around 5.58%, less than TAREX's 6.12% 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%
TAREX Third Avenue Real Estate Value Fund	6.12%	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

Can I hold both FSREX and TAREX in my portfolio?

FSREX and TAREX have a correlation of 0.53, 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 TAREX?

TAREX has higher volatility (4.85%) compared to FSREX (0.86%). In terms of maximum drawdown, FSREX dropped -32.02% vs TAREX's -67.68%.

Which has better risk-adjusted returns?

FSREX currently has the higher Sharpe Ratio (3.08 vs 0.04), 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.