FSRNX vs. FSPSX

Last updated Jun 4, 2026

FSRNX (Fidelity Real Estate Index Fund) and FSPSX (Fidelity International Index Fund) are both mutual funds - FSRNX is a REIT fund tracking the MSCI US IMI Real Estate 25/25 Index, while FSPSX is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index. Both are passively managed. Over the past 10 years, FSRNX returned 3.98%/yr vs 9.45%/yr for FSPSX. A 0.52 correlation means they provide meaningful diversification when combined. FSRNX charges 0.07%/yr vs 0.04%/yr for FSPSX.

Performance

FSRNX vs. FSPSX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSRNX achieves a 7.68% return, which is significantly lower than FSPSX's 9.51% return. Over the past 10 years, FSRNX has underperformed FSPSX with an annualized return of 3.98%, while FSPSX has yielded a comparatively higher 9.45% annualized return.

FSRNX

• 1D: 0.46%
• 1M: -0.80%
• YTD: 7.68%
• 6M: 6.60%
• 1Y: 9.92%
• 3Y*: 9.07%
• 5Y*: 2.15%
• 10Y*: 3.98%

FSPSX

• 1D: 0.41%
• 1M: 4.06%
• YTD: 9.51%
• 6M: 12.14%
• 1Y: 22.52%
• 3Y*: 17.23%
• 5Y*: 8.91%
• 10Y*: 9.45%

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

FSRNX vs. FSPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRNX Fidelity Real Estate Index Fund	7.68%	3.03%	4.99%	11.93%	-26.14%	40.66%	-11.31%	23.78%	-4.91%	3.15%
FSPSX Fidelity International Index Fund	9.51%	31.98%	3.70%	18.31%	-14.23%	11.45%	8.16%	22.03%	-13.55%	25.37%

Correlation

The correlation between FSRNX and FSPSX is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Sep 12, 2011	0.52

The correlation between FSRNX and FSPSX has been stable across timeframes, ranging from 0.49 to 0.56 - a consistent structural relationship.

Return for Risk

FSRNX vs. FSPSX — Risk / Return Rank

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

FSRNX

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

FSPSX

FSPSX Risk / Return Rank: 27
FSPSX Sharpe Ratio Rank: 27
FSPSX Sortino Ratio Rank: 26
FSPSX Omega Ratio Rank: 26
FSPSX Calmar Ratio Rank: 26
FSPSX Martin Ratio Rank: 31

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. FSPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Index Fund (FSRNX) and Fidelity International Index Fund (FSPSX). 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.

	FSRNX	FSPSX	Difference
Sharpe ratio: Return per unit of total volatility	0.73	1.47	-0.74
Sortino ratio: Return per unit of downside risk	1.08	2.10	-1.02
Omega ratio: Gain probability vs. loss probability	1.13	1.27	-0.13
Calmar ratio: Return relative to maximum drawdown	1.14	1.91	-0.76
Martin ratio: Return relative to average drawdown	3.63	7.16	-3.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSRNX vs. FSPSX - Sharpe Ratio Comparison

The current FSRNX Sharpe Ratio is 0.73, which is lower than the FSPSX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of FSRNX and FSPSX, 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

	FSRNX	FSPSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	1.47	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.56	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.57	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.50	-0.16

Drawdowns

FSRNX vs. FSPSX - Drawdown Comparison

The maximum FSRNX drawdown since its inception was -44.26%, which is greater than FSPSX's maximum drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for FSRNX and FSPSX.

Drawdown Indicators

	FSRNX	FSPSX	Difference
Max Drawdown Largest peak-to-trough decline	-44.26%	-33.69%	-10.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-11.39%	+2.92%
Max Drawdown (3Y) Largest decline over 3 years	-17.49%	-13.58%	-3.91%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	-29.41%	-4.86%
Max Drawdown (10Y) Largest decline over 10 years	-44.26%	-33.69%	-10.57%
Current Drawdown Current decline from peak	-3.70%	-0.45%	-3.25%
Average Drawdown Average peak-to-trough decline	-9.69%	-6.55%	-3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.03%	-0.36%

Volatility

FSRNX vs. FSPSX - Volatility Comparison

The current volatility for Fidelity Real Estate Index Fund (FSRNX) is 3.79%, while Fidelity International Index Fund (FSPSX) has a volatility of 4.62%. This indicates that FSRNX experiences smaller price fluctuations and is considered to be less risky than FSPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSRNX	FSPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	4.62%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	12.04%	-2.62%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	14.80%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	15.98%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.40%	16.56%	+4.84%

FSRNX vs. FSPSX - Expense Ratio Comparison

FSRNX has a 0.07% expense ratio, which is higher than FSPSX's 0.04% 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. FSPSX - Dividend Comparison

FSRNX's dividend yield for the trailing twelve months is around 2.58%, less than FSPSX's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSPSX Fidelity International Index Fund	2.88%	3.15%	3.27%	2.79%	2.66%	3.07%	1.84%	3.18%	2.79%	2.50%	3.08%	2.79%
FSRNX Fidelity Real Estate Index Fund	2.58%	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 FSPSX in my portfolio?

FSRNX and FSPSX have a correlation of 0.50, 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 FSPSX?

FSPSX has higher volatility (4.62%) compared to FSRNX (3.79%). In terms of maximum drawdown, FSRNX dropped -44.26% vs FSPSX's -33.69%.

Which has better risk-adjusted returns?

FSPSX currently has the higher Sharpe Ratio (1.47 vs 0.73), 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.