QREARX vs. FIRIX

Last updated Aug 1, 2026

QREARX (TIAA Real Estate Account) and FIRIX (Fidelity Advisor International Real Estate Fund Class I) are both REIT funds. Over the past year, QREARX returned 4.33% vs 7.20% for FIRIX. Their -0.15 correlation means they have often moved in opposite directions in the past. QREARX charges 0.90%/yr vs 0.92%/yr for FIRIX.

Performance

QREARX vs. FIRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA Real Estate Account (QREARX) and Fidelity Advisor International Real Estate Fund Class I (FIRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QREARX achieves a 2.46% return, which is significantly higher than FIRIX's 0.19% return.

QREARX

• 1D: 0.02%
• 1M: 0.32%
• 6M: 2.31%
• YTD: 2.46%
• 1Y: 4.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.09%

FIRIX

• 1D: 1.05%
• 1M: 2.43%
• 6M: -3.92%
• YTD: 0.19%
• 1Y: 7.20%
• 3Y*: 4.35%
• 5Y*: -3.12%
• 10Y*: 3.65%
• ALL TIME*: 2.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIRIX Fidelity Advisor International Real Estate Fund Class I	$0.00	$0.00	$0.00
QREARX TIAA Real Estate Account	$0.00	$0.00	$0.00

QREARX vs. FIRIX - Yearly Performance Comparison

	2026 (YTD)	2025
QREARX TIAA Real Estate Account	2.46%	3.93%
FIRIX Fidelity Advisor International Real Estate Fund Class I	0.19%	23.15%

Correlation

The correlation between QREARX and FIRIX is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.23
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	-0.15

Return for Risk

QREARX vs. FIRIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QREARX

QREARX Risk / Return Rank: 99
QREARX Sharpe Ratio Rank: 99
QREARX Sortino Ratio Rank: 100
QREARX Omega Ratio Rank: 99
QREARX Calmar Ratio Rank: 99
QREARX Martin Ratio Rank: 99

FIRIX

FIRIX Risk / Return Rank: 13
FIRIX Sharpe Ratio Rank: 14
FIRIX Sortino Ratio Rank: 15
FIRIX Omega Ratio Rank: 15
FIRIX Calmar Ratio Rank: 11
FIRIX Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QREARX vs. FIRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA Real Estate Account (QREARX) and Fidelity Advisor International Real Estate Fund Class I (FIRIX). 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.

	QREARX	FIRIX	Difference
Sharpe ratio: Return per unit of total volatility	4.42	0.58	+3.83
Sortino ratio: Return per unit of downside risk	11.47	0.92	+10.56
Omega ratio: Gain probability vs. loss probability	3.33	1.11	+2.22
Calmar ratio: Return relative to maximum drawdown	14.94	0.51	+14.43
Martin ratio: Return relative to average drawdown	61.13	1.05	+60.08

QREARX vs. FIRIX - Sharpe Ratio Comparison

The current QREARX Sharpe Ratio is 4.42, which is higher than the FIRIX Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of QREARX and FIRIX, 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

QREARX vs. FIRIX - Drawdown Comparison

The maximum QREARX drawdown since its inception was -1.45%, smaller than the maximum FIRIX drawdown of -71.41%. Use the drawdown chart below to compare losses from any high point for QREARX and FIRIX.

Drawdown Indicators

	QREARX	FIRIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.45%	-71.41%	+69.96%
Max Drawdown (1Y) Largest decline over 1 year	-0.29%	-14.08%	+13.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.07%	—
Current Drawdown Current decline from peak	-0.02%	-17.24%	+17.22%
Average Drawdown Average peak-to-trough decline	-0.05%	-19.98%	+19.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	6.86%	-6.79%

Volatility

QREARX vs. FIRIX - Volatility Comparison

The current volatility for TIAA Real Estate Account (QREARX) is 0.10%, while Fidelity Advisor International Real Estate Fund Class I (FIRIX) has a volatility of 3.01%. This indicates that QREARX experiences smaller price fluctuations and is considered to be less risky than FIRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QREARX	FIRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	3.01%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	10.11%	-9.25%
Volatility (1Y) Calculated over the trailing 1-year period	0.99%	12.41%	-11.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.69%	13.75%	-12.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.69%	13.54%	-11.85%

QREARX vs. FIRIX - Expense Ratio Comparison

QREARX has a 0.90% expense ratio, which is lower than FIRIX's 0.92% expense ratio.

Dividends

QREARX vs. FIRIX - Dividend Comparison

QREARX has not paid dividends to shareholders, while FIRIX's dividend yield for the trailing twelve months is around 2.99%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRIX Fidelity Advisor International Real Estate Fund Class I	2.99%	2.99%	5.16%	1.90%	4.41%	5.49%	1.84%	5.15%	2.10%	3.41%	4.27%	3.09%
QREARX TIAA Real Estate Account	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QREARX and FIRIX in my portfolio?

QREARX and FIRIX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QREARX or FIRIX?

FIRIX has higher volatility (3.01%) compared to QREARX (0.10%). In terms of maximum drawdown, QREARX dropped -1.45% vs FIRIX's -71.41%.

Which has better risk-adjusted returns?

QREARX currently has the higher Sharpe Ratio (4.42 vs 0.58), 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.