FSRNX vs. VGSLX
FSRNX (Fidelity Real Estate Index Fund) and VGSLX (Vanguard Real Estate Index Fund Admiral Shares) are both REIT funds - FSRNX tracks the MSCI US IMI Real Estate 25/25 Index while VGSLX tracks the MSCI US Investable Market Real Estate 25/50 Index. Both are passively managed. Over the past 10 years, FSRNX returned 4.09%/yr vs 5.28%/yr for VGSLX. With a 0.99 correlation, they move nearly in lockstep. FSRNX charges 0.07%/yr vs 0.13%/yr for VGSLX.
Performance
FSRNX vs. VGSLX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FSRNX having a 9.98% return and VGSLX slightly higher at 10.34%. Over the past 10 years, FSRNX has underperformed VGSLX with an annualized return of 4.09%, while VGSLX has yielded a comparatively higher 5.28% annualized return.
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%
VGSLX
- 1D
- 1.06%
- 1M
- -0.19%
- YTD
- 10.34%
- 6M
- 10.73%
- 1Y
- 10.19%
- 3Y*
- 10.80%
- 5Y*
- 2.52%
- 10Y*
- 5.28%
FSRNX vs. VGSLX - 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% |
VGSLX Vanguard Real Estate Index Fund Admiral Shares | 10.34% | 3.18% | 3.67% | 13.13% | -26.20% | 40.39% | -4.75% | 28.90% | -5.99% | 4.91% |
Correlation
The correlation between FSRNX and VGSLX is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
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 VGSLX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
FSRNX vs. VGSLX — Risk / Return Rank
FSRNX
VGSLX
FSRNX vs. VGSLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Index Fund (FSRNX) and Vanguard Real Estate Index Fund Admiral Shares (VGSLX). 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 | VGSLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.16 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 1.42 | -0.06 |
| Martin ratioReturn relative to average drawdown | 4.25 | 4.43 | -0.18 |
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Drawdowns
FSRNX vs. VGSLX - Drawdown Comparison
The maximum FSRNX drawdown since its inception was -44.26%, smaller than the maximum VGSLX drawdown of -73.05%. Use the drawdown chart below to compare losses from any high point for FSRNX and VGSLX.
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Drawdown Indicators
| FSRNX | VGSLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.26% | -73.05% | +28.79% |
Max Drawdown (1Y)Largest decline over 1 year | -8.47% | -8.33% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -17.49% | -17.41% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -34.27% | -34.41% | +0.14% |
Max Drawdown (10Y)Largest decline over 10 years | -44.26% | -42.34% | -1.92% |
Current DrawdownCurrent decline from peak | -2.11% | -1.99% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -9.66% | -12.55% | +2.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.66% | +0.03% |
Volatility
FSRNX vs. VGSLX - Volatility Comparison
Fidelity Real Estate Index Fund (FSRNX) and Vanguard Real Estate Index Fund Admiral Shares (VGSLX) have volatilities of 4.99% and 5.05%, 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.
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Volatility by Period
| FSRNX | VGSLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.99% | 5.05% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 10.22% | 10.16% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.86% | 13.83% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.94% | 18.92% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.44% | 20.89% | +0.55% |
FSRNX vs. VGSLX - Expense Ratio Comparison
FSRNX has a 0.07% expense ratio, which is lower than VGSLX's 0.13% expense ratio. Despite the difference, 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. VGSLX - Dividend Comparison
FSRNX's dividend yield for the trailing twelve months is around 2.69%, less than VGSLX's 3.61% 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% |
VGSLX Vanguard Real Estate Index Fund Admiral Shares | 3.61% | 3.92% | 3.85% | 3.91% | 3.91% | 2.56% | 3.92% | 3.39% | 4.73% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
With a correlation of 1.00, FSRNX and VGSLX 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.
VGSLX has higher volatility (5.05%) compared to FSRNX (4.99%). In terms of maximum drawdown, FSRNX dropped -44.26% vs VGSLX's -73.05%.
VGSLX currently has the higher Sharpe Ratio (0.86 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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