IRGIX vs. FSRNX

Last updated Jun 4, 2026

IRGIX (VY CBRE Global Real Estate Portfolio) and FSRNX (Fidelity Real Estate Index Fund) are both REIT funds. Over the past 10 years, IRGIX returned 4.16%/yr vs 3.98%/yr for FSRNX. Their correlation of 0.90 suggests significant overlap in exposure. IRGIX charges 0.87%/yr vs 0.07%/yr for FSRNX.

Performance

IRGIX vs. FSRNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VY CBRE Global Real Estate Portfolio (IRGIX) 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, IRGIX achieves a 6.18% return, which is significantly lower than FSRNX's 7.68% return. Both investments have delivered pretty close results over the past 10 years, with IRGIX having a 4.16% annualized return and FSRNX not far behind at 3.98%.

IRGIX

• 1D: 0.29%
• 1M: -2.31%
• YTD: 6.18%
• 6M: 5.87%
• 1Y: 9.12%
• 3Y*: 7.94%
• 5Y*: 1.72%
• 10Y*: 4.16%

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)

IRGIX vs. FSRNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRGIX VY CBRE Global Real Estate Portfolio	6.18%	6.78%	0.38%	12.63%	-24.95%	34.42%	-4.96%	24.74%	-8.52%	10.82%
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 IRGIX and FSRNX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 12, 2011	0.90

The correlation between IRGIX and FSRNX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

IRGIX vs. FSRNX — Risk / Return Rank

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

IRGIX

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

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.

IRGIX vs. FSRNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VY CBRE Global Real Estate Portfolio (IRGIX) 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.

	IRGIX	FSRNX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	0.73	-0.03
Sortino ratio: Return per unit of downside risk	1.03	1.08	-0.05
Omega ratio: Gain probability vs. loss probability	1.14	1.13	0.00
Calmar ratio: Return relative to maximum drawdown	0.92	1.14	-0.23
Martin ratio: Return relative to average drawdown	3.29	3.63	-0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IRGIX vs. FSRNX - Sharpe Ratio Comparison

The current IRGIX Sharpe Ratio is 0.71, which is comparable to the FSRNX Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of IRGIX 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

	IRGIX	FSRNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	0.73	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.11	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.19	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.34	-0.13

Drawdowns

IRGIX vs. FSRNX - Drawdown Comparison

The maximum IRGIX drawdown since its inception was -68.77%, which is greater than FSRNX's maximum drawdown of -44.26%. Use the drawdown chart below to compare losses from any high point for IRGIX and FSRNX.

Drawdown Indicators

	IRGIX	FSRNX	Difference
Max Drawdown Largest peak-to-trough decline	-68.77%	-44.26%	-24.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.95%	-8.47%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-18.56%	-17.49%	-1.07%
Max Drawdown (5Y) Largest decline over 5 years	-33.32%	-34.27%	+0.95%
Max Drawdown (10Y) Largest decline over 10 years	-42.76%	-44.26%	+1.50%
Current Drawdown Current decline from peak	-3.92%	-3.70%	-0.22%
Average Drawdown Average peak-to-trough decline	-14.16%	-9.69%	-4.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.67%	+0.02%

Volatility

IRGIX vs. FSRNX - Volatility Comparison

VY CBRE Global Real Estate Portfolio (IRGIX) has a higher volatility of 6.06% compared to Fidelity Real Estate Index Fund (FSRNX) at 3.79%. This indicates that IRGIX's price experiences larger fluctuations and is considered to be riskier than FSRNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IRGIX	FSRNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	3.79%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	9.42%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.93%	13.22%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	18.89%	-1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	21.40%	-3.48%

IRGIX vs. FSRNX - Expense Ratio Comparison

IRGIX has a 0.87% expense ratio, which is higher than FSRNX's 0.07% expense ratio.

Dividends

IRGIX vs. FSRNX - Dividend Comparison

IRGIX's dividend yield for the trailing twelve months is around 7.13%, 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%
IRGIX VY CBRE Global Real Estate Portfolio	7.13%	3.00%	3.20%	2.90%	10.28%	2.59%	15.46%	2.73%	6.15%	3.71%	1.41%	3.38%

Frequently Asked Questions

Can I hold both IRGIX and FSRNX in my portfolio?

IRGIX and FSRNX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IRGIX or FSRNX?

IRGIX has higher volatility (6.06%) compared to FSRNX (3.79%). In terms of maximum drawdown, IRGIX dropped -68.77% vs FSRNX's -44.26%.

Which has better risk-adjusted returns?

FSRNX currently has the higher Sharpe Ratio (0.73 vs 0.71), 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.