PPTY vs. FRESX

Last updated Jun 3, 2026

PPTY (US Diversified Real Estate ETF) and FRESX (Fidelity Real Estate Investment Portfolio) are both REIT funds. Over the past 5 years, PPTY returned 2.22%/yr vs 3.05%/yr for FRESX. Their correlation of 0.93 suggests significant overlap in exposure. PPTY charges 0.49%/yr vs 0.71%/yr for FRESX.

Performance

PPTY vs. FRESX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Diversified Real Estate ETF (PPTY) and Fidelity Real Estate Investment Portfolio (FRESX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PPTY having a 9.21% return and FRESX slightly higher at 9.39%.

PPTY

• 1D: 0.63%
• 1M: 0.62%
• YTD: 9.21%
• 6M: 8.45%
• 1Y: 10.29%
• 3Y*: 8.94%
• 5Y*: 2.22%
• 10Y*: —

FRESX

• 1D: -1.64%
• 1M: -2.24%
• YTD: 9.39%
• 6M: 8.90%
• 1Y: 9.30%
• 3Y*: 8.99%
• 5Y*: 3.05%
• 10Y*: 5.14%

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

PPTY vs. FRESX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PPTY US Diversified Real Estate ETF	9.21%	-3.47%	9.85%	12.66%	-26.10%	40.36%	-7.25%	30.19%	4.07%
FRESX Fidelity Real Estate Investment Portfolio	9.39%	2.54%	5.87%	10.82%	-24.36%	42.34%	-7.93%	25.22%	5.23%

Correlation

The correlation between PPTY and FRESX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 28, 2018	0.93

The correlation between PPTY and FRESX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

PPTY vs. FRESX — Risk / Return Rank

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

PPTY

PPTY Risk / Return Rank: 23
PPTY Sharpe Ratio Rank: 22
PPTY Sortino Ratio Rank: 21
PPTY Omega Ratio Rank: 21
PPTY Calmar Ratio Rank: 26
PPTY Martin Ratio Rank: 26

FRESX

FRESX Risk / Return Rank: 9
FRESX Sharpe Ratio Rank: 8
FRESX Sortino Ratio Rank: 8
FRESX Omega Ratio Rank: 8
FRESX Calmar Ratio Rank: 12
FRESX Martin Ratio Rank: 11

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.

PPTY vs. FRESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Diversified Real Estate ETF (PPTY) and Fidelity Real Estate Investment Portfolio (FRESX). 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.

	PPTY	FRESX	Difference
Sharpe ratio Return per unit of total volatility	0.76	0.71	+0.05
Sortino ratio Return per unit of downside risk	1.12	1.05	+0.07
Omega ratio Gain probability vs. loss probability	1.14	1.13	+0.01
Calmar ratio Return relative to maximum drawdown	1.27	1.23	+0.04
Martin ratio Return relative to average drawdown	3.66	3.56	+0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPTY vs. FRESX - Sharpe Ratio Comparison

The current PPTY Sharpe Ratio is 0.76, which is comparable to the FRESX Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of PPTY and FRESX, 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

	PPTY	FRESX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	0.71	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.16	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.38	-0.08

Drawdowns

PPTY vs. FRESX - Drawdown Comparison

The maximum PPTY drawdown since its inception was -41.69%, smaller than the maximum FRESX drawdown of -76.34%. Use the drawdown chart below to compare losses from any high point for PPTY and FRESX.

Drawdown Indicators

	PPTY	FRESX	Difference
Max Drawdown Largest peak-to-trough decline	-41.69%	-76.34%	+34.65%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-7.78%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-21.06%	-16.44%	-4.62%
Max Drawdown (5Y) Largest decline over 5 years	-32.37%	-32.13%	-0.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.93%	—
Current Drawdown Current decline from peak	-3.78%	-3.34%	-0.44%
Average Drawdown Average peak-to-trough decline	-11.35%	-11.12%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.69%	+0.11%

Volatility

PPTY vs. FRESX - Volatility Comparison

US Diversified Real Estate ETF (PPTY) has a higher volatility of 3.97% compared to Fidelity Real Estate Investment Portfolio (FRESX) at 3.74%. This indicates that PPTY's price experiences larger fluctuations and is considered to be riskier than FRESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPTY	FRESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	3.74%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	9.26%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.63%	13.29%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.57%	18.73%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.92%	20.56%	+1.36%

PPTY vs. FRESX - Expense Ratio Comparison

PPTY has a 0.49% expense ratio, which is lower than FRESX's 0.71% expense ratio.

Dividends

PPTY vs. FRESX - Dividend Comparison

PPTY's dividend yield for the trailing twelve months is around 2.66%, less than FRESX's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRESX Fidelity Real Estate Investment Portfolio	4.24%	4.64%	5.58%	6.95%	10.16%	3.70%	4.77%	6.91%	4.23%	4.00%	4.90%	6.09%
PPTY US Diversified Real Estate ETF	2.66%	3.04%	3.29%	4.08%	4.29%	2.87%	3.43%	3.30%	1.97%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPTY and FRESX in my portfolio?

PPTY and FRESX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPTY or FRESX?

PPTY has higher volatility (3.97%) compared to FRESX (3.74%). In terms of maximum drawdown, PPTY dropped -41.69% vs FRESX's -76.34%.

Which has better risk-adjusted returns?

PPTY currently has the higher Sharpe Ratio (0.76 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.