NRO vs. FSRNX
NRO (Neuberger Berman Real Estate Securities Income Fund) and FSRNX (Fidelity Real Estate Index Fund) are both REIT funds. NRO is actively managed, while FSRNX is passively managed. Over the past 10 years, NRO returned 4.34%/yr vs 3.55%/yr for FSRNX. Their 0.69 correlation means they have sometimes moved together and sometimes differently.
Performance
NRO vs. FSRNX - Performance Comparison
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Returns By Period
In the year-to-date period, NRO achieves a 6.81% return, which is significantly lower than FSRNX's 14.40% return. Over the past 10 years, NRO has outperformed FSRNX with an annualized return of 4.34%, while FSRNX has yielded a comparatively lower 3.55% annualized return.
NRO
- 1D
- -0.66%
- 1M
- -1.26%
- 6M
- 7.85%
- YTD
- 6.81%
- 1Y
- 5.63%
- 3Y*
- 12.43%
- 5Y*
- 0.94%
- 10Y*
- 4.34%
- ALL TIME*
- 3.99%
FSRNX
- 1D
- -1.24%
- 1M
- 1.38%
- 6M
- 11.50%
- YTD
- 14.40%
- 1Y
- 15.83%
- 3Y*
- 9.42%
- 5Y*
- 2.53%
- 10Y*
- 3.55%
- ALL TIME*
- 7.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $782.35K | $1.08M | $899.31K |
NRO vs. FSRNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NRO Neuberger Berman Real Estate Securities Income Fund | 6.81% | 0.85% | 23.87% | 15.24% | -35.04% | 29.26% | -10.88% | 47.57% | -16.37% | 13.29% |
FSRNX Fidelity Real Estate Index Fund | 14.40% | 3.03% | 4.99% | 11.93% | -26.14% | 40.66% | -11.31% | 23.78% | -4.91% | 3.15% |
Correlation
The correlation between NRO and FSRNX is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.69 |
The correlation between NRO and FSRNX has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.
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Return for Risk
NRO vs. FSRNX — Risk / Return Rank
NRO
FSRNX
NRO vs. FSRNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Real Estate Securities Income Fund (NRO) 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.
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.
| NRO | FSRNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.18 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 1.65 | -1.14 |
| Martin ratioReturn relative to average drawdown | 1.38 | 5.37 | -3.99 |
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Drawdowns
NRO vs. FSRNX - Drawdown Comparison
The maximum NRO drawdown since its inception was -92.91%, which is greater than FSRNX's maximum drawdown of -44.26%. Use the drawdown chart below to compare losses from any high point for NRO and FSRNX.
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Drawdown Indicators
| NRO | FSRNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.91% | -44.26% | -48.65% |
Max Drawdown (1Y)Largest decline over 1 year | -11.61% | -8.47% | -3.14% |
Max Drawdown (3Y)Largest decline over 3 years | -24.78% | -17.49% | -7.29% |
Max Drawdown (5Y)Largest decline over 5 years | -42.35% | -34.27% | -8.08% |
Max Drawdown (10Y)Largest decline over 10 years | -62.59% | -44.26% | -18.33% |
Current DrawdownCurrent decline from peak | -5.33% | -1.45% | -3.88% |
Average DrawdownAverage peak-to-trough decline | -27.06% | -9.60% | -17.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.33% | 2.61% | +1.72% |
Volatility
NRO vs. FSRNX - Volatility Comparison
Neuberger Berman Real Estate Securities Income Fund (NRO) and Fidelity Real Estate Index Fund (FSRNX) have volatilities of 4.35% and 4.46%, 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
| NRO | FSRNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.35% | 4.46% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 12.28% | 10.84% | +1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.97% | 14.01% | +0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.58% | 18.97% | +2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.40% | 21.45% | +4.95% |
Dividends
NRO vs. FSRNX - Dividend Comparison
NRO's dividend yield for the trailing twelve months is around 12.40%, more than FSRNX's 2.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSRNX Fidelity Real Estate Index Fund | 2.59% | 2.77% | 2.86% | 2.84% | 2.66% | 1.25% | 3.33% | 4.52% | 3.62% | 2.27% | 3.40% | 2.57% |
NRO Neuberger Berman Real Estate Securities Income Fund | 12.40% | 12.27% | 10.55% | 11.74% | 11.96% | 7.10% | 10.88% | 8.60% | 12.77% | 9.31% | 7.64% | 7.19% |
Frequently Asked Questions
NRO and FSRNX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSRNX has higher volatility (4.46%) compared to NRO (4.35%). In terms of maximum drawdown, NRO dropped -92.91% vs FSRNX's -44.26%.
FSRNX currently has the higher Sharpe Ratio (1.00 vs 0.40), 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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