IRFIX vs. FSRNX

Last updated Jun 4, 2026

IRFIX (Cohen & Steers International Realty Fund) and FSRNX (Fidelity Real Estate Index Fund) are both REIT funds. Over the past 10 years, IRFIX returned 2.61%/yr vs 3.98%/yr for FSRNX. A 0.50 correlation means they provide meaningful diversification when combined. IRFIX charges 1.00%/yr vs 0.07%/yr for FSRNX.

Performance

IRFIX vs. FSRNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers International Realty Fund (IRFIX) and Fidelity Real Estate Index Fund (FSRNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IRFIX achieves a -0.55% return, which is significantly lower than FSRNX's 7.68% return. Over the past 10 years, IRFIX has underperformed FSRNX with an annualized return of 2.61%, while FSRNX has yielded a comparatively higher 3.98% annualized return.

IRFIX

• 1D: -0.22%
• 1M: -3.71%
• YTD: -0.55%
• 6M: 0.95%
• 1Y: 7.06%
• 3Y*: 5.34%
• 5Y*: -3.15%
• 10Y*: 2.61%

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%

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

IRFIX vs. FSRNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRFIX Cohen & Steers International Realty Fund	-0.55%	23.52%	-10.56%	4.58%	-23.84%	7.66%	-0.81%	23.74%	-3.74%	23.38%
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%

Correlation

The correlation between IRFIX and FSRNX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Sep 12, 2011	0.50

The correlation between IRFIX and FSRNX has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

Return for Risk

IRFIX vs. FSRNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IRFIX

IRFIX Risk / Return Rank: 6
IRFIX Sharpe Ratio Rank: 6
IRFIX Sortino Ratio Rank: 6
IRFIX Omega Ratio Rank: 6
IRFIX Calmar Ratio Rank: 5
IRFIX Martin Ratio Rank: 5

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

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.

IRFIX vs. FSRNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers International Realty Fund (IRFIX) and Fidelity Real Estate Index Fund (FSRNX). 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.

	IRFIX	FSRNX	Difference
Sharpe ratio: Return per unit of total volatility	0.50	0.73	-0.23
Sortino ratio: Return per unit of downside risk	0.83	1.08	-0.25
Omega ratio: Gain probability vs. loss probability	1.10	1.13	-0.03
Calmar ratio: Return relative to maximum drawdown	0.44	1.14	-0.70
Martin ratio: Return relative to average drawdown	1.38	3.63	-2.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IRFIX vs. FSRNX - Sharpe Ratio Comparison

The current IRFIX Sharpe Ratio is 0.50, which is lower than the FSRNX Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of IRFIX and FSRNX, 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

	IRFIX	FSRNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	0.73	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.21	0.11	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.19	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.34	-0.16

Drawdowns

IRFIX vs. FSRNX - Drawdown Comparison

The maximum IRFIX drawdown since its inception was -70.13%, which is greater than FSRNX's maximum drawdown of -44.26%. Use the drawdown chart below to compare losses from any high point for IRFIX and FSRNX.

Drawdown Indicators

	IRFIX	FSRNX	Difference
Max Drawdown Largest peak-to-trough decline	-70.13%	-44.26%	-25.87%
Max Drawdown (1Y) Largest decline over 1 year	-14.85%	-8.47%	-6.38%
Max Drawdown (3Y) Largest decline over 3 years	-21.06%	-17.49%	-3.57%
Max Drawdown (5Y) Largest decline over 5 years	-38.41%	-34.27%	-4.14%
Max Drawdown (10Y) Largest decline over 10 years	-39.51%	-44.26%	+4.75%
Current Drawdown Current decline from peak	-17.16%	-3.70%	-13.46%
Average Drawdown Average peak-to-trough decline	-18.66%	-9.69%	-8.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	2.67%	+2.04%

Volatility

IRFIX vs. FSRNX - Volatility Comparison

Cohen & Steers International Realty Fund (IRFIX) and Fidelity Real Estate Index Fund (FSRNX) have volatilities of 3.87% and 3.79%, 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

	IRFIX	FSRNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	3.79%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	9.42%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.95%	13.22%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.32%	18.89%	-3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	21.40%	-5.72%

IRFIX vs. FSRNX - Expense Ratio Comparison

IRFIX has a 1.00% expense ratio, which is higher than FSRNX's 0.07% expense ratio.

Dividends

IRFIX vs. FSRNX - Dividend Comparison

IRFIX's dividend yield for the trailing twelve months is around 6.20%, more than FSRNX's 2.58% 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%
IRFIX Cohen & Steers International Realty Fund	6.20%	6.17%	3.24%	2.62%	2.62%	7.70%	3.40%	9.81%	4.19%	3.37%	6.46%	3.36%

Frequently Asked Questions

Can I hold both IRFIX and FSRNX in my portfolio?

IRFIX and FSRNX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IRFIX or FSRNX?

IRFIX has higher volatility (3.87%) compared to FSRNX (3.79%). In terms of maximum drawdown, IRFIX dropped -70.13% vs FSRNX's -44.26%.

Which has better risk-adjusted returns?

FSRNX currently has the higher Sharpe Ratio (0.73 vs 0.50), 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.