FSRNX vs. FPRO

Last updated Jun 23, 2026

FSRNX (Fidelity Real Estate Index Fund) and FPRO (Fidelity Real Estate Investment ETF) are both REIT funds from Fidelity. FSRNX is passively managed, while FPRO is actively managed. Over the past 5 years, FSRNX returned 2.55%/yr vs 3.47%/yr for FPRO. With a 0.98 correlation, they move nearly in lockstep. FSRNX charges 0.07%/yr vs 0.59%/yr for FPRO.

Performance

FSRNX vs. FPRO - Performance Comparison

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

Returns By Period

In the year-to-date period, FSRNX achieves a 8.92% return, which is significantly lower than FPRO's 12.54% return.

FSRNX

• 1D: 0.00%
• 1M: -1.12%
• YTD: 8.92%
• 6M: 9.19%
• 1Y: 10.34%
• 3Y*: 8.60%
• 5Y*: 2.55%
• 10Y*: 3.96%

FPRO

• 1D: 0.99%
• 1M: -0.01%
• YTD: 12.54%
• 6M: 13.23%
• 1Y: 12.34%
• 3Y*: 11.04%
• 5Y*: 3.47%
• 10Y*: —

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

FSRNX vs. FPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSRNX Fidelity Real Estate Index Fund	8.92%	3.03%	4.99%	11.93%	-26.14%	36.89%
FPRO Fidelity Real Estate Investment ETF	12.54%	2.60%	5.63%	10.93%	-25.02%	40.20%

Correlation

The correlation between FSRNX and FPRO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.98

The correlation between FSRNX and FPRO has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

FSRNX vs. FPRO — Risk / Return Rank

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

FSRNX

FSRNX Risk / Return Rank: 12
FSRNX Sharpe Ratio Rank: 10
FSRNX Sortino Ratio Rank: 9
FSRNX Omega Ratio Rank: 9
FSRNX Calmar Ratio Rank: 14
FSRNX Martin Ratio Rank: 15

FPRO

FPRO Risk / Return Rank: 28
FPRO Sharpe Ratio Rank: 26
FPRO Sortino Ratio Rank: 24
FPRO Omega Ratio Rank: 24
FPRO Calmar Ratio Rank: 33
FPRO Martin Ratio Rank: 33

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. FPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Index Fund (FSRNX) and Fidelity Real Estate Investment ETF (FPRO). 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	FPRO	Difference
Sharpe ratio: Return per unit of total volatility	0.75	0.91	-0.15
Sortino ratio: Return per unit of downside risk	1.11	1.31	-0.19
Omega ratio: Gain probability vs. loss probability	1.14	1.16	-0.02
Calmar ratio: Return relative to maximum drawdown	1.23	1.62	-0.39
Martin ratio: Return relative to average drawdown	3.86	4.62	-0.76

FSRNX vs. FPRO - Sharpe Ratio Comparison

The current FSRNX Sharpe Ratio is 0.75, which is comparable to the FPRO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of FSRNX and FPRO, 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. FPRO - Drawdown Comparison

The maximum FSRNX drawdown since its inception was -44.26%, which is greater than FPRO's maximum drawdown of -32.81%. Use the drawdown chart below to compare losses from any high point for FSRNX and FPRO.

Drawdown Indicators

	FSRNX	FPRO	Difference
Max Drawdown Largest peak-to-trough decline	-44.26%	-32.81%	-11.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-7.67%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-17.49%	-16.83%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	-32.81%	-1.46%
Max Drawdown (10Y) Largest decline over 10 years	-44.26%	—	—
Current Drawdown Current decline from peak	-3.05%	-1.73%	-1.32%
Average Drawdown Average peak-to-trough decline	-9.66%	-12.54%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.68%	+0.01%

Volatility

FSRNX vs. FPRO - Volatility Comparison

Fidelity Real Estate Index Fund (FSRNX) has a higher volatility of 5.05% compared to Fidelity Real Estate Investment ETF (FPRO) at 4.80%. This indicates that FSRNX's price experiences larger fluctuations and is considered to be riskier than FPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSRNX	FPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	4.80%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	9.92%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	13.81%	13.70%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	18.67%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.43%	18.37%	+3.06%

FSRNX vs. FPRO - Expense Ratio Comparison

FSRNX has a 0.07% expense ratio, which is lower than FPRO's 0.59% expense ratio.

Dividends

FSRNX vs. FPRO - Dividend Comparison

FSRNX's dividend yield for the trailing twelve months is around 2.72%, more than FPRO's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPRO Fidelity Real Estate Investment ETF	2.52%	2.69%	2.50%	2.83%	2.67%	1.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSRNX Fidelity Real Estate Index Fund	2.72%	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 FPRO in my portfolio?

With a correlation of 0.97, FSRNX and FPRO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FSRNX or FPRO?

FSRNX has higher volatility (5.05%) compared to FPRO (4.80%). In terms of maximum drawdown, FSRNX dropped -44.26% vs FPRO's -32.81%.

Which has better risk-adjusted returns?

FPRO currently has the higher Sharpe Ratio (0.91 vs 0.75), 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.