FSRNX vs. TRREX

Last updated Jun 4, 2026

FSRNX (Fidelity Real Estate Index Fund) and TRREX (T. Rowe Price Real Estate Fund) are both REIT funds. Over the past 10 years, FSRNX returned 3.98%/yr vs 5.53%/yr for TRREX. With a 0.98 correlation, they move nearly in lockstep. FSRNX charges 0.07%/yr vs 0.77%/yr for TRREX.

Performance

FSRNX vs. TRREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Index Fund (FSRNX) and T. Rowe Price Real Estate Fund (TRREX). 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 TRREX's 9.55% return. Over the past 10 years, FSRNX has underperformed TRREX with an annualized return of 3.98%, while TRREX has yielded a comparatively higher 5.53% 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%

TRREX

• 1D: 0.34%
• 1M: -0.60%
• YTD: 9.55%
• 6M: 8.43%
• 1Y: 9.37%
• 3Y*: 8.19%
• 5Y*: 2.46%
• 10Y*: 5.53%

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

FSRNX vs. TRREX - 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%
TRREX T. Rowe Price Real Estate Fund	9.55%	-0.04%	3.54%	13.00%	-26.08%	47.34%	-11.42%	43.47%	-9.07%	3.38%

Correlation

The correlation between FSRNX and TRREX 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 (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 12, 2011	0.98

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

Return for Risk

FSRNX vs. TRREX — 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

TRREX

TRREX Risk / Return Rank: 9
TRREX Sharpe Ratio Rank: 8
TRREX Sortino Ratio Rank: 8
TRREX Omega Ratio Rank: 8
TRREX Calmar Ratio Rank: 11
TRREX Martin Ratio Rank: 12

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. TRREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Index Fund (FSRNX) and T. Rowe Price Real Estate Fund (TRREX). 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	TRREX	Difference
Sharpe ratio: Return per unit of total volatility	0.73	0.66	+0.07
Sortino ratio: Return per unit of downside risk	1.08	0.98	+0.10
Omega ratio: Gain probability vs. loss probability	1.13	1.12	+0.01
Calmar ratio: Return relative to maximum drawdown	1.14	1.11	+0.03
Martin ratio: Return relative to average drawdown	3.63	3.42	+0.21
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. TRREX - Sharpe Ratio Comparison

The current FSRNX Sharpe Ratio is 0.73, which is comparable to the TRREX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of FSRNX and TRREX, 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	TRREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	0.66	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.13	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.25	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.33	+0.01

Drawdowns

FSRNX vs. TRREX - Drawdown Comparison

The maximum FSRNX drawdown since its inception was -44.26%, smaller than the maximum TRREX drawdown of -75.30%. Use the drawdown chart below to compare losses from any high point for FSRNX and TRREX.

Drawdown Indicators

	FSRNX	TRREX	Difference
Max Drawdown Largest peak-to-trough decline	-44.26%	-75.30%	+31.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-7.96%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-17.49%	-18.10%	+0.61%
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	-33.21%	-1.06%
Max Drawdown (10Y) Largest decline over 10 years	-44.26%	-42.28%	-1.98%
Current Drawdown Current decline from peak	-3.70%	-6.07%	+2.37%
Average Drawdown Average peak-to-trough decline	-9.69%	-12.73%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.58%	+0.09%

Volatility

FSRNX vs. TRREX - Volatility Comparison

Fidelity Real Estate Index Fund (FSRNX) and T. Rowe Price Real Estate Fund (TRREX) have volatilities of 3.79% and 3.76%, 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	TRREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	3.76%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	9.44%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	13.33%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	18.90%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.40%	21.86%	-0.46%

FSRNX vs. TRREX - Expense Ratio Comparison

FSRNX has a 0.07% expense ratio, which is lower than TRREX's 0.77% expense ratio.

Dividends

FSRNX vs. TRREX - Dividend Comparison

FSRNX's dividend yield for the trailing twelve months is around 2.58%, less than TRREX's 6.68% yield.

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%
TRREX T. Rowe Price Real Estate Fund	6.68%	7.15%	9.44%	11.63%	25.52%	15.42%	41.93%	32.33%	5.73%	2.61%	2.28%	2.26%

Frequently Asked Questions

Can I hold both FSRNX and TRREX in my portfolio?

With a correlation of 0.97, FSRNX and TRREX 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 TRREX?

FSRNX has higher volatility (3.79%) compared to TRREX (3.76%). In terms of maximum drawdown, FSRNX dropped -44.26% vs TRREX's -75.30%.

Which has better risk-adjusted returns?

FSRNX currently has the higher Sharpe Ratio (0.73 vs 0.66), 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.