FSRNX vs. SCHH

Last updated Aug 1, 2026

FSRNX (Fidelity Real Estate Index Fund) and SCHH (Schwab US REIT ETF) are both REIT funds - FSRNX tracks the MSCI US IMI Real Estate 25/25 Index while SCHH tracks the Dow Jones Equity All REIT Capped Index. Both are passively managed. Over the past 10 years, FSRNX returned 3.55%/yr vs 3.73%/yr for SCHH. Their 0.99 correlation means they have historically moved very closely together. Both charge a 0.07% expense ratio.

Performance

FSRNX vs. SCHH - Performance Comparison

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

Returns By Period

In the year-to-date period, FSRNX achieves a 14.40% return, which is significantly lower than SCHH's 17.68% return. Over the past 10 years, FSRNX has underperformed SCHH with an annualized return of 3.55%, while SCHH has yielded a comparatively higher 3.73% annualized return.

FSRNX

• 1D: -1.24%
• 1M: 1.38%
• 6M: 11.50%
• YTD: 14.40%
• 1Y: 15.83%
• 3Y*: 9.42%
• 5Y*: 2.53%
• 10Y*: 3.55%
• ALL TIME*: 7.25%

SCHH

• 1D: -0.49%
• 1M: 0.87%
• 6M: 14.82%
• YTD: 17.68%
• 1Y: 19.86%
• 3Y*: 10.28%
• 5Y*: 3.28%
• 10Y*: 3.73%
• ALL TIME*: 7.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSRNX Fidelity Real Estate Index Fund	$0.00	$0.00	$0.00
SCHH Schwab US REIT ETF	$134.76M	$145.46M	$140.74M

FSRNX vs. SCHH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRNX Fidelity Real Estate Index Fund	14.40%	3.03%	4.99%	11.93%	-26.14%	40.66%	-11.31%	23.78%	-4.91%	3.15%
SCHH Schwab US REIT ETF	17.68%	2.20%	4.99%	11.18%	-24.99%	41.07%	-14.81%	22.85%	-4.26%	3.68%

Correlation

The correlation between FSRNX and SCHH is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (10Y) Provides a long-term view across more market conditions.	0.99
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.99

The correlation between FSRNX and SCHH has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

FSRNX vs. SCHH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSRNX

FSRNX Risk / Return Rank: 35
FSRNX Sharpe Ratio Rank: 32
FSRNX Sortino Ratio Rank: 32
FSRNX Omega Ratio Rank: 31
FSRNX Calmar Ratio Rank: 43
FSRNX Martin Ratio Rank: 38

SCHH

SCHH Risk / Return Rank: 63
SCHH Sharpe Ratio Rank: 61
SCHH Sortino Ratio Rank: 60
SCHH Omega Ratio Rank: 59
SCHH Calmar Ratio Rank: 69
SCHH Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSRNX vs. SCHH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Index Fund (FSRNX) and Schwab US REIT ETF (SCHH). 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	SCHH	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.42	-0.42
Sortino ratio: Return per unit of downside risk	1.48	2.01	-0.53
Omega ratio: Gain probability vs. loss probability	1.18	1.25	-0.07
Calmar ratio: Return relative to maximum drawdown	1.65	2.37	-0.72
Martin ratio: Return relative to average drawdown	5.37	7.96	-2.59

FSRNX vs. SCHH - Sharpe Ratio Comparison

The current FSRNX Sharpe Ratio is 1.01, which is comparable to the SCHH Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of FSRNX and SCHH, 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. SCHH - Drawdown Comparison

The maximum FSRNX drawdown since its inception was -44.26%, roughly equal to the maximum SCHH drawdown of -44.22%. Use the drawdown chart below to compare losses from any high point for FSRNX and SCHH.

Drawdown Indicators

	FSRNX	SCHH	Difference
Max Drawdown Largest peak-to-trough decline	-44.26%	-44.22%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-8.28%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-17.49%	-17.76%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	-33.28%	-0.99%
Max Drawdown (10Y) Largest decline over 10 years	-44.26%	-44.22%	-0.04%
Current Drawdown Current decline from peak	-1.45%	-2.33%	+0.88%
Average Drawdown Average peak-to-trough decline	-9.60%	-9.36%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.47%	+0.14%

Volatility

FSRNX vs. SCHH - Volatility Comparison

Fidelity Real Estate Index Fund (FSRNX) and Schwab US REIT ETF (SCHH) have volatilities of 4.46% and 4.56%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSRNX	SCHH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	4.56%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	10.84%	10.96%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	14.01%	13.92%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.97%	18.79%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.45%	21.03%	+0.42%

FSRNX vs. SCHH - Expense Ratio Comparison

Both FSRNX and SCHH have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FSRNX vs. SCHH - Dividend Comparison

FSRNX's dividend yield for the trailing twelve months is around 2.59%, less than SCHH's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRNX Fidelity Real Estate Index Fund	2.59%	2.77%	2.86%	2.84%	2.66%	1.25%	3.33%	4.52%	3.62%	2.27%	3.40%	2.57%
SCHH Schwab US REIT ETF	2.72%	3.04%	3.22%	3.24%	2.55%	1.50%	2.86%	2.86%	3.64%	2.22%	2.81%	2.48%

Frequently Asked Questions

Can I hold both FSRNX and SCHH in my portfolio?

With a correlation of 0.97, FSRNX and SCHH 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 SCHH?

SCHH has higher volatility (4.56%) compared to FSRNX (4.46%). In terms of maximum drawdown, FSRNX dropped -44.26% vs SCHH's -44.22%.

Which has better risk-adjusted returns?

SCHH currently has the higher Sharpe Ratio (1.42 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.