NURE vs. FSRNX

Last updated Jun 24, 2026

NURE (Nuveen Short-Term REIT ETF) and FSRNX (Fidelity Real Estate Index Fund) are both REIT funds - NURE tracks the Dow Jones U.S. Select Short-Term REIT Index while FSRNX tracks the MSCI US IMI Real Estate 25/25 Index. Both are passively managed. Over the past 5 years, NURE returned 1.78%/yr vs 2.47%/yr for FSRNX. Their correlation of 0.86 suggests significant overlap in exposure. NURE charges 0.35%/yr vs 0.07%/yr for FSRNX.

Performance

NURE vs. FSRNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Short-Term REIT ETF (NURE) 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, NURE achieves a 14.93% return, which is significantly higher than FSRNX's 9.98% return.

NURE

• 1D: 0.84%
• 1M: 4.01%
• YTD: 14.93%
• 6M: 15.97%
• 1Y: 10.47%
• 3Y*: 7.27%
• 5Y*: 1.78%
• 10Y*: —

FSRNX

• 1D: 0.97%
• 1M: -0.16%
• YTD: 9.98%
• 6M: 10.39%
• 1Y: 9.86%
• 3Y*: 10.66%
• 5Y*: 2.47%
• 10Y*: 4.09%

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

NURE vs. FSRNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NURE Nuveen Short-Term REIT ETF	14.93%	-7.51%	6.65%	13.09%	-28.48%	53.41%	-7.24%	25.10%	0.02%	8.41%
FSRNX Fidelity Real Estate Index Fund	9.98%	3.03%	4.99%	11.93%	-26.14%	40.66%	-11.31%	23.78%	-4.91%	3.15%

Correlation

The correlation between NURE and FSRNX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 20, 2016	0.86

The correlation between NURE and FSRNX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

NURE vs. FSRNX — Risk / Return Rank

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

NURE

NURE Risk / Return Rank: 21
NURE Sharpe Ratio Rank: 20
NURE Sortino Ratio Rank: 20
NURE Omega Ratio Rank: 19
NURE Calmar Ratio Rank: 25
NURE Martin Ratio Rank: 21

FSRNX

FSRNX Risk / Return Rank: 13
FSRNX Sharpe Ratio Rank: 11
FSRNX Sortino Ratio Rank: 11
FSRNX Omega Ratio Rank: 11
FSRNX Calmar Ratio Rank: 16
FSRNX Martin Ratio Rank: 17

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.

NURE vs. FSRNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Short-Term REIT ETF (NURE) 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.

	NURE	FSRNX	Difference
Sharpe ratio: Return per unit of total volatility	0.66	0.83	-0.17
Sortino ratio: Return per unit of downside risk	1.05	1.21	-0.17
Omega ratio: Gain probability vs. loss probability	1.12	1.15	-0.03
Calmar ratio: Return relative to maximum drawdown	1.15	1.35	-0.20
Martin ratio: Return relative to average drawdown	2.39	4.25	-1.86

NURE vs. FSRNX - Sharpe Ratio Comparison

The current NURE Sharpe Ratio is 0.66, which is comparable to the FSRNX Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of NURE 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.

Drawdowns

NURE vs. FSRNX - Drawdown Comparison

The maximum NURE drawdown since its inception was -46.05%, roughly equal to the maximum FSRNX drawdown of -44.26%. Use the drawdown chart below to compare losses from any high point for NURE and FSRNX.

Drawdown Indicators

	NURE	FSRNX	Difference
Max Drawdown Largest peak-to-trough decline	-46.05%	-44.26%	-1.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.13%	-8.47%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-21.03%	-17.49%	-3.54%
Max Drawdown (5Y) Largest decline over 5 years	-35.98%	-34.27%	-1.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.26%	—
Current Drawdown Current decline from peak	-9.39%	-2.11%	-7.28%
Average Drawdown Average peak-to-trough decline	-12.28%	-9.66%	-2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	2.69%	+1.69%

Volatility

NURE vs. FSRNX - Volatility Comparison

The current volatility for Nuveen Short-Term REIT ETF (NURE) is 4.29%, while Fidelity Real Estate Index Fund (FSRNX) has a volatility of 4.99%. This indicates that NURE experiences smaller price fluctuations and is considered to be less risky than FSRNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NURE	FSRNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	4.99%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	11.62%	10.22%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	16.02%	13.86%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	18.94%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	21.44%	+0.34%

NURE vs. FSRNX - Expense Ratio Comparison

NURE has a 0.35% expense ratio, which is higher than FSRNX's 0.07% expense ratio.

Dividends

NURE vs. FSRNX - Dividend Comparison

NURE's dividend yield for the trailing twelve months is around 4.33%, more than FSRNX's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRNX Fidelity Real Estate Index Fund	2.69%	2.77%	2.86%	2.84%	2.66%	1.25%	3.33%	4.52%	3.62%	2.27%	3.40%	2.57%
NURE Nuveen Short-Term REIT ETF	4.33%	4.56%	3.51%	3.73%	2.80%	1.34%	3.41%	3.28%	4.11%	3.86%	0.48%	0.00%

Frequently Asked Questions

Can I hold both NURE and FSRNX in my portfolio?

NURE and FSRNX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NURE or FSRNX?

FSRNX has higher volatility (4.99%) compared to NURE (4.29%). In terms of maximum drawdown, NURE dropped -46.05% vs FSRNX's -44.26%.

Which has better risk-adjusted returns?

FSRNX currently has the higher Sharpe Ratio (0.83 vs 0.66), 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.