FSRNX vs. SCHH
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 4.09%/yr vs 4.29%/yr for SCHH. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.07% expense ratio.
Performance
FSRNX vs. SCHH - Performance Comparison
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Returns By Period
In the year-to-date period, FSRNX achieves a 9.98% return, which is significantly lower than SCHH's 15.41% return. Both investments have delivered pretty close results over the past 10 years, with FSRNX having a 4.09% annualized return and SCHH not far ahead at 4.29%.
FSRNX
- 1D
- 0.97%
- 1M
- -0.16%
- YTD
- 9.98%
- 6M
- 10.39%
- 1Y
- 9.86%
- 3Y*
- 10.66%
- 5Y*
- 2.47%
- 10Y*
- 4.09%
SCHH
- 1D
- 1.31%
- 1M
- 1.22%
- YTD
- 15.41%
- 6M
- 16.02%
- 1Y
- 14.47%
- 3Y*
- 12.09%
- 5Y*
- 3.68%
- 10Y*
- 4.29%
FSRNX vs. SCHH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSRNX Fidelity Real Estate Index Fund | 9.98% | 3.03% | 4.99% | 11.93% | -26.14% | 40.66% | -11.31% | 23.78% | -4.91% | 3.15% |
SCHH Schwab US REIT ETF | 15.41% | 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 - 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 | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 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.
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Return for Risk
FSRNX vs. SCHH — Risk / Return Rank
FSRNX
SCHH
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 ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.19 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 1.75 | -0.40 |
| Martin ratioReturn relative to average drawdown | 4.25 | 5.48 | -1.23 |
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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.
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Drawdown Indicators
| FSRNX | SCHH | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -2.11% | -0.79% | -1.32% |
Average DrawdownAverage peak-to-trough decline | -9.66% | -9.42% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.65% | +0.04% |
Volatility
FSRNX vs. SCHH - Volatility Comparison
The current volatility for Fidelity Real Estate Index Fund (FSRNX) is 4.99%, while Schwab US REIT ETF (SCHH) has a volatility of 5.37%. This indicates that FSRNX experiences smaller price fluctuations and is considered to be less risky than SCHH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSRNX | SCHH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.99% | 5.37% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 10.22% | 10.42% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.86% | 13.89% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.94% | 18.77% | +0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.44% | 21.02% | +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 2.69%, 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 | 2.69% | 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
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.
SCHH has higher volatility (5.37%) compared to FSRNX (4.99%). In terms of maximum drawdown, FSRNX dropped -44.26% vs SCHH's -44.22%.
SCHH currently has the higher Sharpe Ratio (1.05 vs 0.83), 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.
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