FSRNX vs. FCSSX

Last updated Jul 17, 2026

FSRNX (Fidelity Real Estate Index Fund) and FCSSX (Fidelity Series Commodity Strategy Fund) are both mutual funds - FSRNX is a REIT fund tracking the MSCI US IMI Real Estate 25/25 Index, while FCSSX is a Commodities fund managed by Fidelity. Over the past 10 years, FSRNX returned 3.67%/yr vs 6.22%/yr for FCSSX. At a 0.14 correlation, their price movements are largely independent. FSRNX charges 0.07%/yr vs 0.00%/yr for FCSSX.

Performance

FSRNX vs. FCSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Index Fund (FSRNX) and Fidelity Series Commodity Strategy Fund (FCSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSRNX achieves a 12.53% return, which is significantly lower than FCSSX's 16.73% return. Over the past 10 years, FSRNX has underperformed FCSSX with an annualized return of 3.67%, while FCSSX has yielded a comparatively higher 6.22% annualized return.

FSRNX

• 1D: 0.28%
• 1M: 0.78%
• 6M: 8.76%
• YTD: 12.53%
• 1Y: 12.62%
• 3Y*: 8.44%
• 5Y*: 2.38%
• 10Y*: 3.67%

FCSSX

• 1D: 0.52%
• 1M: 1.63%
• 6M: 12.36%
• YTD: 16.73%
• 1Y: 25.02%
• 3Y*: 11.14%
• 5Y*: 10.21%
• 10Y*: 6.22%

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

FSRNX vs. FCSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRNX Fidelity Real Estate Index Fund	12.53%	3.03%	4.99%	11.93%	-26.14%	40.66%	-11.31%	23.78%	-4.91%	3.15%
FCSSX Fidelity Series Commodity Strategy Fund	16.73%	15.43%	5.36%	-8.25%	18.11%	27.59%	-3.11%	7.41%	-12.10%	0.92%

Correlation

The correlation between FSRNX and FCSSX is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.14

The correlation between FSRNX and FCSSX shifts across timeframes, from -0.06 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSRNX vs. FCSSX — Risk / Return Rank

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

FSRNX

FSRNX Risk / Return Rank: 24
FSRNX Sharpe Ratio Rank: 22
FSRNX Sortino Ratio Rank: 21
FSRNX Omega Ratio Rank: 21
FSRNX Calmar Ratio Rank: 31
FSRNX Martin Ratio Rank: 29

FCSSX

FCSSX Risk / Return Rank: 53
FCSSX Sharpe Ratio Rank: 66
FCSSX Sortino Ratio Rank: 56
FCSSX Omega Ratio Rank: 59
FCSSX Calmar Ratio Rank: 45
FCSSX Martin Ratio Rank: 39

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.

FSRNX vs. FCSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Index Fund (FSRNX) and Fidelity Series Commodity Strategy Fund (FCSSX). 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.

	FSRNX	FCSSX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.80	-0.80
Sortino ratio: Return per unit of downside risk	1.45	2.38	-0.93
Omega ratio: Gain probability vs. loss probability	1.18	1.32	-0.14
Calmar ratio: Return relative to maximum drawdown	1.64	2.07	-0.43
Martin ratio: Return relative to average drawdown	5.15	6.81	-1.67

FSRNX vs. FCSSX - Sharpe Ratio Comparison

The current FSRNX Sharpe Ratio is 1.00, which is lower than the FCSSX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of FSRNX and FCSSX, 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

FSRNX vs. FCSSX - Drawdown Comparison

The maximum FSRNX drawdown since its inception was -44.26%, smaller than the maximum FCSSX drawdown of -66.04%. Use the drawdown chart below to compare losses from any high point for FSRNX and FCSSX.

Drawdown Indicators

	FSRNX	FCSSX	Difference
Max Drawdown Largest peak-to-trough decline	-44.26%	-66.04%	+21.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-12.43%	+3.96%
Max Drawdown (3Y) Largest decline over 3 years	-17.49%	-12.43%	-5.06%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	-24.07%	-10.20%
Max Drawdown (10Y) Largest decline over 10 years	-44.26%	-33.37%	-10.89%
Current Drawdown Current decline from peak	-0.82%	-12.66%	+11.84%
Average Drawdown Average peak-to-trough decline	-9.62%	-36.04%	+26.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	3.77%	-1.08%

Volatility

FSRNX vs. FCSSX - Volatility Comparison

Fidelity Real Estate Index Fund (FSRNX) has a higher volatility of 4.87% compared to Fidelity Series Commodity Strategy Fund (FCSSX) at 4.05%. This indicates that FSRNX's price experiences larger fluctuations and is considered to be riskier than FCSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSRNX	FCSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	4.05%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	10.71%	11.75%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	14.30%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.97%	15.95%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.44%	14.29%	+7.15%

FSRNX vs. FCSSX - Expense Ratio Comparison

FSRNX has a 0.07% expense ratio, which is higher than FCSSX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FSRNX vs. FCSSX - Dividend Comparison

FSRNX's dividend yield for the trailing twelve months is around 2.63%, more than FCSSX's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCSSX Fidelity Series Commodity Strategy Fund	2.31%	2.69%	12.74%	4.53%	128.24%	41.74%	0.44%	1.49%	6.76%	0.53%	0.00%	0.00%
FSRNX Fidelity Real Estate Index Fund	2.63%	2.77%	2.86%	2.84%	2.66%	1.25%	3.33%	4.52%	3.62%	2.27%	3.40%	2.57%

Frequently Asked Questions

Can I hold both FSRNX and FCSSX in my portfolio?

FSRNX and FCSSX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSRNX or FCSSX?

FSRNX has higher volatility (4.87%) compared to FCSSX (4.05%). In terms of maximum drawdown, FSRNX dropped -44.26% vs FCSSX's -66.04%.

Which has better risk-adjusted returns?

FCSSX currently has the higher Sharpe Ratio (1.80 vs 1.00), 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.