QREARX vs. FRESX

Last updated Jun 3, 2026

QREARX (TIAA Real Estate Account) and FRESX (Fidelity Real Estate Investment Portfolio) are both REIT funds. Over the past year, QREARX returned 3.24% vs 9.30% for FRESX. At a correlation of -0.12, they often move in opposite directions. QREARX charges 0.90%/yr vs 0.71%/yr for FRESX.

Performance

QREARX vs. FRESX - Performance Comparison

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

Returns By Period

In the year-to-date period, QREARX achieves a 0.95% return, which is significantly lower than FRESX's 9.39% return.

QREARX

• 1D: 0.02%
• 1M: 0.15%
• YTD: 0.95%
• 6M: 1.12%
• 1Y: 3.24%
• 3Y*: —
• 5Y*: —
• 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)

QREARX vs. FRESX - Yearly Performance Comparison

	2026 (YTD)	2025
QREARX TIAA Real Estate Account	0.95%	3.93%
FRESX Fidelity Real Estate Investment Portfolio	9.39%	2.46%

Correlation

The correlation between QREARX and FRESX is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Jan 6, 2025	-0.12

Return for Risk

QREARX vs. FRESX — Risk / Return Rank

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

QREARX

QREARX Risk / Return Rank: 98
QREARX Sharpe Ratio Rank: 99
QREARX Sortino Ratio Rank: 98
QREARX Omega Ratio Rank: 98
QREARX Calmar Ratio Rank: 98
QREARX Martin Ratio Rank: 98

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.

QREARX vs. FRESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA Real Estate Account (QREARX) 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.

	QREARX	FRESX	Difference
Sharpe ratio Return per unit of total volatility	4.33	0.71	+3.62
Sortino ratio Return per unit of downside risk	6.63	1.05	+5.58
Omega ratio Gain probability vs. loss probability	2.51	1.13	+1.38
Calmar ratio Return relative to maximum drawdown	8.63	1.23	+7.40
Martin ratio Return relative to average drawdown	31.50	3.56	+27.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QREARX vs. FRESX - Sharpe Ratio Comparison

The current QREARX Sharpe Ratio is 4.33, which is higher than the FRESX Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of QREARX 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

	QREARX	FRESX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.33	0.71	+3.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	0.38	+1.74

Drawdowns

QREARX vs. FRESX - Drawdown Comparison

The maximum QREARX drawdown since its inception was -1.45%, smaller than the maximum FRESX drawdown of -76.34%. Use the drawdown chart below to compare losses from any high point for QREARX and FRESX.

Drawdown Indicators

	QREARX	FRESX	Difference
Max Drawdown Largest peak-to-trough decline	-1.45%	-76.34%	+74.89%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-7.78%	+7.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.93%	—
Current Drawdown Current decline from peak	-0.06%	-3.34%	+3.28%
Average Drawdown Average peak-to-trough decline	-0.06%	-11.12%	+11.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	2.69%	-2.59%

Volatility

QREARX vs. FRESX - Volatility Comparison

The current volatility for TIAA Real Estate Account (QREARX) is 0.14%, while Fidelity Real Estate Investment Portfolio (FRESX) has a volatility of 3.74%. This indicates that QREARX experiences smaller price fluctuations and is considered to be less risky than FRESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QREARX	FRESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	3.74%	-3.60%
Volatility (6M) Calculated over the trailing 6-month period	0.45%	9.26%	-8.81%
Volatility (1Y) Calculated over the trailing 1-year period	0.77%	13.29%	-12.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.66%	18.73%	-17.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.66%	20.56%	-18.90%

QREARX vs. FRESX - Expense Ratio Comparison

QREARX has a 0.90% expense ratio, which is higher than FRESX's 0.71% expense ratio.

Dividends

QREARX vs. FRESX - Dividend Comparison

QREARX has not paid dividends to shareholders, while FRESX's dividend yield for the trailing twelve months is around 4.24%.

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%
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 FRESX in my portfolio?

QREARX and FRESX have a correlation of -0.18, 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 FRESX?

FRESX has higher volatility (3.74%) compared to QREARX (0.14%). In terms of maximum drawdown, QREARX dropped -1.45% vs FRESX's -76.34%.

Which has better risk-adjusted returns?

QREARX currently has the higher Sharpe Ratio (4.33 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.