NGREX vs. FIKLX

Last updated Jun 24, 2026

NGREX (Northern Global Real Estate Index Fund) and FIKLX (Fidelity Advisor International Real Estate Fund Class Z) are both REIT funds. Over the past 5 years, NGREX returned 1.70%/yr vs -3.45%/yr for FIKLX. A 0.74 correlation means they provide meaningful diversification when combined. NGREX charges 0.47%/yr vs 0.79%/yr for FIKLX.

Performance

NGREX vs. FIKLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Global Real Estate Index Fund (NGREX) and Fidelity Advisor International Real Estate Fund Class Z (FIKLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NGREX achieves a 8.30% return, which is significantly higher than FIKLX's -4.00% return.

NGREX

• 1D: 0.64%
• 1M: -0.54%
• YTD: 8.30%
• 6M: 8.41%
• 1Y: 12.22%
• 3Y*: 11.43%
• 5Y*: 1.70%
• 10Y*: 4.22%

FIKLX

• 1D: 0.00%
• 1M: -1.85%
• YTD: -4.00%
• 6M: -3.72%
• 1Y: 2.03%
• 3Y*: 4.59%
• 5Y*: -3.45%
• 10Y*: —

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

NGREX vs. FIKLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
NGREX Northern Global Real Estate Index Fund	8.30%	10.42%	2.63%	9.98%	-24.31%	22.71%	-8.35%	23.17%	-1.51%
FIKLX Fidelity Advisor International Real Estate Fund Class Z	-4.00%	22.93%	-9.39%	4.32%	-26.54%	12.03%	5.85%	28.22%	-2.29%

Correlation

The correlation between NGREX and FIKLX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.74

The correlation between NGREX and FIKLX has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

Return for Risk

NGREX vs. FIKLX — Risk / Return Rank

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

NGREX

NGREX Risk / Return Rank: 16
NGREX Sharpe Ratio Rank: 14
NGREX Sortino Ratio Rank: 14
NGREX Omega Ratio Rank: 17
NGREX Calmar Ratio Rank: 15
NGREX Martin Ratio Rank: 21

FIKLX

FIKLX Risk / Return Rank: 4
FIKLX Sharpe Ratio Rank: 4
FIKLX Sortino Ratio Rank: 4
FIKLX Omega Ratio Rank: 4
FIKLX Calmar Ratio Rank: 4
FIKLX Martin Ratio Rank: 4

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.

NGREX vs. FIKLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Global Real Estate Index Fund (NGREX) and Fidelity Advisor International Real Estate Fund Class Z (FIKLX). 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.

	NGREX	FIKLX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.22	+0.74
Sortino ratio: Return per unit of downside risk	1.43	0.40	+1.03
Omega ratio: Gain probability vs. loss probability	1.20	1.05	+0.15
Calmar ratio: Return relative to maximum drawdown	1.29	0.19	+1.10
Martin ratio: Return relative to average drawdown	4.72	0.46	+4.26

NGREX vs. FIKLX - Sharpe Ratio Comparison

The current NGREX Sharpe Ratio is 0.96, which is higher than the FIKLX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of NGREX and FIKLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NGREX vs. FIKLX - Drawdown Comparison

The maximum NGREX drawdown since its inception was -72.37%, which is greater than FIKLX's maximum drawdown of -36.93%. Use the drawdown chart below to compare losses from any high point for NGREX and FIKLX.

Drawdown Indicators

	NGREX	FIKLX	Difference
Max Drawdown Largest peak-to-trough decline	-72.37%	-36.93%	-35.44%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-14.03%	+3.70%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-18.09%	+1.02%
Max Drawdown (5Y) Largest decline over 5 years	-32.14%	-36.93%	+4.79%
Max Drawdown (10Y) Largest decline over 10 years	-41.06%	—	—
Current Drawdown Current decline from peak	-2.40%	-20.30%	+17.90%
Average Drawdown Average peak-to-trough decline	-15.86%	-15.74%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	5.78%	-2.98%

Volatility

NGREX vs. FIKLX - Volatility Comparison

Northern Global Real Estate Index Fund (NGREX) has a higher volatility of 3.80% compared to Fidelity Advisor International Real Estate Fund Class Z (FIKLX) at 3.37%. This indicates that NGREX's price experiences larger fluctuations and is considered to be riskier than FIKLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NGREX	FIKLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	3.37%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	11.55%	9.97%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	13.89%	12.14%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	13.70%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	14.71%	+2.41%

NGREX vs. FIKLX - Expense Ratio Comparison

NGREX has a 0.47% expense ratio, which is lower than FIKLX's 0.79% expense ratio.

Dividends

NGREX vs. FIKLX - Dividend Comparison

NGREX's dividend yield for the trailing twelve months is around 3.48%, more than FIKLX's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIKLX Fidelity Advisor International Real Estate Fund Class Z	3.22%	3.10%	5.24%	2.12%	4.60%	5.63%	1.94%	5.41%	0.00%	0.00%	0.00%	0.00%
NGREX Northern Global Real Estate Index Fund	3.48%	3.92%	3.71%	2.40%	1.85%	3.11%	2.09%	4.49%	3.91%	2.59%	4.36%	2.49%

Frequently Asked Questions

Can I hold both NGREX and FIKLX in my portfolio?

NGREX and FIKLX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NGREX or FIKLX?

NGREX has higher volatility (3.80%) compared to FIKLX (3.37%). In terms of maximum drawdown, NGREX dropped -72.37% vs FIKLX's -36.93%.

Which has better risk-adjusted returns?

NGREX currently has the higher Sharpe Ratio (0.96 vs 0.22), 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.