JOE vs. FREL

Last updated Jun 4, 2026

JOE (The St. Joe Company) is a stock, while FREL (Fidelity MSCI Real Estate Index ETF) is REIT fund tracking the MSCI USA IMI Real Estate Index. Over the past 10 years, JOE returned 14.65%/yr vs 5.67%/yr for FREL. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

JOE vs. FREL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The St. Joe Company (JOE) and Fidelity MSCI Real Estate Index ETF (FREL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JOE achieves a 8.88% return, which is significantly higher than FREL's 7.59% return. Over the past 10 years, JOE has outperformed FREL with an annualized return of 14.65%, while FREL has yielded a comparatively lower 5.67% annualized return.

JOE

• 1D: 1.43%
• 1M: -1.06%
• YTD: 8.88%
• 6M: 4.60%
• 1Y: 45.50%
• 3Y*: 12.76%
• 5Y*: 7.44%
• 10Y*: 14.65%

FREL

• 1D: -0.14%
• 1M: -1.00%
• YTD: 7.59%
• 6M: 6.51%
• 1Y: 9.81%
• 3Y*: 9.05%
• 5Y*: 2.09%
• 10Y*: 5.67%

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

JOE vs. FREL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JOE The St. Joe Company	8.88%	33.68%	-24.64%	57.12%	-25.07%	23.45%	114.56%	50.57%	-27.04%	-5.00%
FREL Fidelity MSCI Real Estate Index ETF	7.59%	3.09%	5.05%	11.74%	-26.21%	40.46%	-4.99%	28.78%	-4.52%	8.86%

Correlation

The correlation between JOE and FREL is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 6, 2015	0.51

The correlation between JOE and FREL has been stable across timeframes, ranging from 0.51 to 0.61 - a consistent structural relationship.

Return for Risk

JOE vs. FREL — Risk / Return Rank

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

JOE

JOE Risk / Return Rank: 79
JOE Sharpe Ratio Rank: 81
JOE Sortino Ratio Rank: 78
JOE Omega Ratio Rank: 76
JOE Calmar Ratio Rank: 80
JOE Martin Ratio Rank: 83

FREL

FREL Risk / Return Rank: 22
FREL Sharpe Ratio Rank: 21
FREL Sortino Ratio Rank: 20
FREL Omega Ratio Rank: 20
FREL Calmar Ratio Rank: 24
FREL Martin Ratio Rank: 26

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.

JOE vs. FREL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The St. Joe Company (JOE) and Fidelity MSCI Real Estate Index ETF (FREL). 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.

	JOE	FREL	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.75	+0.73
Sortino ratio: Return per unit of downside risk	2.21	1.10	+1.12
Omega ratio: Gain probability vs. loss probability	1.27	1.14	+0.13
Calmar ratio: Return relative to maximum drawdown	2.70	1.17	+1.53
Martin ratio: Return relative to average drawdown	7.80	3.67	+4.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JOE vs. FREL - Sharpe Ratio Comparison

The current JOE Sharpe Ratio is 1.48, which is higher than the FREL Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of JOE and FREL, 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

	JOE	FREL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	0.75	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.11	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.28	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.25	-0.16

Drawdowns

JOE vs. FREL - Drawdown Comparison

The maximum JOE drawdown since its inception was -84.33%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for JOE and FREL.

Drawdown Indicators

	JOE	FREL	Difference
Max Drawdown Largest peak-to-trough decline	-84.33%	-42.61%	-41.72%
Max Drawdown (1Y) Largest decline over 1 year	-16.94%	-8.45%	-8.49%
Max Drawdown (3Y) Largest decline over 3 years	-35.71%	-17.54%	-18.17%
Max Drawdown (5Y) Largest decline over 5 years	-48.43%	-34.40%	-14.03%
Max Drawdown (10Y) Largest decline over 10 years	-48.43%	-42.61%	-5.82%
Current Drawdown Current decline from peak	-17.68%	-3.93%	-13.75%
Average Drawdown Average peak-to-trough decline	-51.31%	-9.95%	-41.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.85%	2.68%	+3.17%

Volatility

JOE vs. FREL - Volatility Comparison

The St. Joe Company (JOE) has a higher volatility of 5.80% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 3.75%. This indicates that JOE's price experiences larger fluctuations and is considered to be riskier than FREL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JOE	FREL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	3.75%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	21.10%	9.27%	+11.83%
Volatility (1Y) Calculated over the trailing 1-year period	30.91%	13.17%	+17.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.39%	18.84%	+13.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.46%	20.67%	+11.79%

Dividends

JOE vs. FREL - Dividend Comparison

JOE's dividend yield for the trailing twelve months is around 0.93%, less than FREL's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FREL Fidelity MSCI Real Estate Index ETF	3.34%	3.59%	3.48%	3.73%	3.57%	2.34%	3.77%	3.32%	5.54%	3.27%	4.01%	3.80%
JOE The St. Joe Company	0.93%	0.98%	1.16%	0.73%	1.03%	0.61%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JOE and FREL in my portfolio?

JOE and FREL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JOE or FREL?

JOE has higher volatility (5.80%) compared to FREL (3.75%). In terms of maximum drawdown, JOE dropped -84.33% vs FREL's -42.61%.

Which has better risk-adjusted returns?

JOE currently has the higher Sharpe Ratio (1.48 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.