FSRNX vs. LAES

Last updated Jun 4, 2026

FSRNX (Fidelity Real Estate Index Fund) is REIT fund tracking the MSCI US IMI Real Estate 25/25 Index, while LAES (SEALSQ Corp) is a stock. Over the past 3 years, FSRNX returned 9.07%/yr vs -34.53%/yr for LAES. At a 0.13 correlation, their price movements are largely independent.

Performance

FSRNX vs. LAES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Index Fund (FSRNX) and SEALSQ Corp (LAES). 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 higher than LAES's -8.47% 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%

LAES

• 1D: -6.74%
• 1M: 16.50%
• YTD: -8.47%
• 6M: -26.23%
• 1Y: -0.00%
• 3Y*: -34.53%
• 5Y*: —
• 10Y*: —

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

FSRNX vs. LAES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FSRNX Fidelity Real Estate Index Fund	7.68%	3.03%	4.99%	16.42%
LAES SEALSQ Corp	-8.47%	-38.54%	380.47%	-94.17%

Correlation

The correlation between FSRNX and LAES is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since May 25, 2023	0.13

Return for Risk

FSRNX vs. LAES — 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

LAES

LAES Risk / Return Rank: 43
LAES Sharpe Ratio Rank: 40
LAES Sortino Ratio Rank: 50
LAES Omega Ratio Rank: 47
LAES Calmar Ratio Rank: 40
LAES 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. LAES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Index Fund (FSRNX) and SEALSQ Corp (LAES). 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	LAES	Difference
Sharpe ratio: Return per unit of total volatility	0.73	-0.00	+0.73
Sortino ratio: Return per unit of downside risk	1.08	0.89	+0.19
Omega ratio: Gain probability vs. loss probability	1.13	1.10	+0.04
Calmar ratio: Return relative to maximum drawdown	1.14	-0.00	+1.14
Martin ratio: Return relative to average drawdown	3.63	-0.00	+3.63
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. LAES - Sharpe Ratio Comparison

The current FSRNX Sharpe Ratio is 0.73, which is higher than the LAES Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of FSRNX and LAES, 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	LAES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	-0.00	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	-0.27	+0.61

Drawdowns

FSRNX vs. LAES - Drawdown Comparison

The maximum FSRNX drawdown since its inception was -44.26%, smaller than the maximum LAES drawdown of -98.44%. Use the drawdown chart below to compare losses from any high point for FSRNX and LAES.

Drawdown Indicators

	FSRNX	LAES	Difference
Max Drawdown Largest peak-to-trough decline	-44.26%	-98.44%	+54.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-72.68%	+64.21%
Max Drawdown (3Y) Largest decline over 3 years	-17.49%	-98.07%	+80.58%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.26%	—	—
Current Drawdown Current decline from peak	-3.70%	-84.25%	+80.55%
Average Drawdown Average peak-to-trough decline	-9.69%	-84.70%	+75.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	42.52%	-39.85%

Volatility

FSRNX vs. LAES - Volatility Comparison

The current volatility for Fidelity Real Estate Index Fund (FSRNX) is 3.79%, while SEALSQ Corp (LAES) has a volatility of 29.06%. This indicates that FSRNX experiences smaller price fluctuations and is considered to be less risky than LAES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSRNX	LAES	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	29.06%	-25.27%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	65.60%	-56.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	109.98%	-96.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	170.43%	-151.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.40%	170.43%	-149.03%

Dividends

FSRNX vs. LAES - Dividend Comparison

FSRNX's dividend yield for the trailing twelve months is around 2.58%, while LAES has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
LAES SEALSQ Corp	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSRNX and LAES in my portfolio?

FSRNX and LAES have a correlation of 0.12, 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 LAES?

LAES has higher volatility (29.06%) compared to FSRNX (3.79%). In terms of maximum drawdown, FSRNX dropped -44.26% vs LAES's -98.44%.

Which has better risk-adjusted returns?

FSRNX currently has the higher Sharpe Ratio (0.73 vs -0.00), 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.