FSRNX vs. VNQ
FSRNX (Fidelity Real Estate Index Fund) and VNQ (Vanguard Real Estate ETF) are both REIT funds - FSRNX tracks the MSCI US IMI Real Estate 25/25 Index while VNQ tracks the MSCI US Investable Market Real Estate 25/50 Index. Both are passively managed. Over the past 10 years, FSRNX returned 3.96%/yr vs 5.31%/yr for VNQ. With a 0.99 correlation, they move nearly in lockstep. FSRNX charges 0.07%/yr vs 0.13%/yr for VNQ.
Performance
FSRNX vs. VNQ - Performance Comparison
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Returns By Period
In the year-to-date period, FSRNX achieves a 8.92% return, which is significantly lower than VNQ's 10.32% return. Over the past 10 years, FSRNX has underperformed VNQ with an annualized return of 3.96%, while VNQ has yielded a comparatively higher 5.31% annualized return.
FSRNX
- 1D
- 0.00%
- 1M
- -1.12%
- YTD
- 8.92%
- 6M
- 9.19%
- 1Y
- 10.34%
- 3Y*
- 8.60%
- 5Y*
- 2.55%
- 10Y*
- 3.96%
VNQ
- 1D
- 1.08%
- 1M
- -0.19%
- YTD
- 10.32%
- 6M
- 10.63%
- 1Y
- 11.80%
- 3Y*
- 10.81%
- 5Y*
- 2.52%
- 10Y*
- 5.31%
FSRNX vs. VNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSRNX Fidelity Real Estate Index Fund | 8.92% | 3.03% | 4.99% | 11.93% | -26.14% | 40.66% | -11.31% | 23.78% | -4.91% | 3.15% |
VNQ Vanguard Real Estate ETF | 10.32% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
Correlation
The correlation between FSRNX and VNQ is 0.99 - 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 | 0.99 |
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 VNQ 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. VNQ — Risk / Return Rank
FSRNX
VNQ
FSRNX vs. VNQ - 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 ETF (VNQ). 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 | VNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.16 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.42 | -0.19 |
| Martin ratioReturn relative to average drawdown | 3.86 | 4.45 | -0.59 |
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Drawdowns
FSRNX vs. VNQ - Drawdown Comparison
The maximum FSRNX drawdown since its inception was -44.26%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for FSRNX and VNQ.
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Drawdown Indicators
| FSRNX | VNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.26% | -73.07% | +28.81% |
Max Drawdown (1Y)Largest decline over 1 year | -8.47% | -8.34% | -0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -17.49% | -17.46% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -34.27% | -34.48% | +0.21% |
Max Drawdown (10Y)Largest decline over 10 years | -44.26% | -42.40% | -1.86% |
Current DrawdownCurrent decline from peak | -3.05% | -1.95% | -1.10% |
Average DrawdownAverage peak-to-trough decline | -9.66% | -13.60% | +3.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.66% | +0.03% |
Volatility
FSRNX vs. VNQ - Volatility Comparison
Fidelity Real Estate Index Fund (FSRNX) and Vanguard Real Estate ETF (VNQ) have volatilities of 5.05% and 5.03%, 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 | VNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 5.03% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 10.19% | 10.15% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.81% | 13.81% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.95% | 18.85% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.43% | 20.75% | +0.68% |
FSRNX vs. VNQ - Expense Ratio Comparison
FSRNX has a 0.07% expense ratio, which is lower than VNQ'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. VNQ - Dividend Comparison
FSRNX's dividend yield for the trailing twelve months is around 2.72%, less than VNQ's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSRNX Fidelity Real Estate Index Fund | 2.72% | 2.77% | 2.86% | 2.84% | 2.66% | 1.25% | 3.33% | 4.52% | 3.62% | 2.27% | 3.40% | 2.57% |
VNQ Vanguard Real Estate ETF | 3.61% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
With a correlation of 0.99, FSRNX and VNQ 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.
FSRNX has higher volatility (5.05%) compared to VNQ (5.03%). In terms of maximum drawdown, FSRNX dropped -44.26% vs VNQ's -73.07%.
VNQ currently has the higher Sharpe Ratio (0.86 vs 0.75), 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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