QREARX vs. FSREX

Last updated Jun 3, 2026

QREARX (TIAA Real Estate Account) and FSREX (Fidelity Series Real Estate Income Fund) are both REIT funds. Over the past year, QREARX returned 3.24% vs 7.79% for FSREX. At a correlation of -0.29, they often move in opposite directions. QREARX charges 0.90%/yr vs 0.00%/yr for FSREX.

Performance

QREARX vs. FSREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA Real Estate Account (QREARX) and Fidelity Series Real Estate Income Fund (FSREX). 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 FSREX's 1.59% return.

QREARX

• 1D: 0.02%
• 1M: 0.15%
• YTD: 0.95%
• 6M: 1.12%
• 1Y: 3.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FSREX

• 1D: 0.10%
• 1M: 0.29%
• YTD: 1.59%
• 6M: 2.16%
• 1Y: 7.79%
• 3Y*: 8.75%
• 5Y*: 4.23%
• 10Y*: 5.36%

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

QREARX vs. FSREX - Yearly Performance Comparison

	2026 (YTD)	2025
QREARX TIAA Real Estate Account	0.95%	3.93%
FSREX Fidelity Series Real Estate Income Fund	1.59%	8.60%

Correlation

The correlation between QREARX and FSREX is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Jan 6, 2025	-0.29

Return for Risk

QREARX vs. FSREX — 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

FSREX

FSREX Risk / Return Rank: 88
FSREX Sharpe Ratio Rank: 92
FSREX Sortino Ratio Rank: 93
FSREX Omega Ratio Rank: 89
FSREX Calmar Ratio Rank: 80
FSREX Martin Ratio Rank: 85

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. FSREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA Real Estate Account (QREARX) and Fidelity Series Real Estate Income Fund (FSREX). 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	FSREX	Difference
Sharpe ratio Return per unit of total volatility	4.33	3.08	+1.25
Sortino ratio Return per unit of downside risk	6.63	4.78	+1.85
Omega ratio Gain probability vs. loss probability	2.51	1.63	+0.88
Calmar ratio Return relative to maximum drawdown	8.63	3.68	+4.95
Martin ratio Return relative to average drawdown	31.50	16.22	+15.28
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. FSREX - Sharpe Ratio Comparison

The current QREARX Sharpe Ratio is 4.33, which is higher than the FSREX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of QREARX and FSREX, 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	FSREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.33	3.08	+1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	0.95	+1.17

Drawdowns

QREARX vs. FSREX - Drawdown Comparison

The maximum QREARX drawdown since its inception was -1.45%, smaller than the maximum FSREX drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for QREARX and FSREX.

Drawdown Indicators

	QREARX	FSREX	Difference
Max Drawdown Largest peak-to-trough decline	-1.45%	-32.02%	+30.57%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-2.06%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.22%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.02%	—
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.06%	-2.55%	+2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.47%	-0.37%

Volatility

QREARX vs. FSREX - Volatility Comparison

The current volatility for TIAA Real Estate Account (QREARX) is 0.14%, while Fidelity Series Real Estate Income Fund (FSREX) has a volatility of 0.86%. This indicates that QREARX experiences smaller price fluctuations and is considered to be less risky than FSREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QREARX	FSREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.86%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	0.45%	1.85%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	0.77%	2.47%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.66%	4.77%	-3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.66%	7.89%	-6.23%

QREARX vs. FSREX - Expense Ratio Comparison

QREARX has a 0.90% expense ratio, which is higher than FSREX's 0.00% expense ratio.

Dividends

QREARX vs. FSREX - Dividend Comparison

QREARX has not paid dividends to shareholders, while FSREX's dividend yield for the trailing twelve months is around 5.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSREX Fidelity Series Real Estate Income Fund	5.58%	5.64%	6.05%	7.43%	9.99%	3.58%	6.24%	6.62%	5.87%	5.49%	5.22%	4.33%
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 FSREX in my portfolio?

QREARX and FSREX have a correlation of -0.30, 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 FSREX?

FSREX has higher volatility (0.86%) compared to QREARX (0.14%). In terms of maximum drawdown, QREARX dropped -1.45% vs FSREX's -32.02%.

Which has better risk-adjusted returns?

QREARX currently has the higher Sharpe Ratio (4.33 vs 3.08), 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.