REM vs. FNMA

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Mortgage Real Estate ETF (REM) and Federal National Mortgage Association (FNMA).

REM is a passively managed fund by iShares that tracks the performance of the FTSE NAREIT All Mortgage Capped Index. It was launched on May 4, 2007.

Performance

REM vs. FNMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Mortgage Real Estate ETF (REM) and Federal National Mortgage Association (FNMA). The values are adjusted to include any dividend payments, if applicable.

REM vs. FNMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
REM iShares Mortgage Real Estate ETF	-2.83%	13.30%	-1.00%	14.43%	-27.56%	16.14%	-19.99%	21.34%	-3.09%	18.43%
FNMA Federal National Mortgage Association	-34.02%	227.13%	206.54%	202.77%	-56.90%	-65.69%	-23.40%	194.34%	-60.00%	-32.05%

Returns By Period

In the year-to-date period, REM achieves a -2.83% return, which is significantly higher than FNMA's -34.02% return. Over the past 10 years, REM has underperformed FNMA with an annualized return of 3.23%, while FNMA has yielded a comparatively higher 17.85% annualized return.

REM

• 1D: -0.37%
• 1M: -5.30%
• YTD: -2.83%
• 6M: 0.50%
• 1Y: 4.62%
• 3Y*: 8.76%
• 5Y*: -1.60%
• 10Y*: 3.23%

FNMA

• 1D: -2.48%
• 1M: 0.00%
• YTD: -34.02%
• 6M: -41.44%
• 1Y: 7.27%
• 3Y*: 158.47%
• 5Y*: 28.26%
• 10Y*: 17.85%

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

Return for Risk

REM vs. FNMA — Risk / Return Rank

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

REM

REM Risk / Return Rank: 17
REM Sharpe Ratio Rank: 17
REM Sortino Ratio Rank: 17
REM Omega Ratio Rank: 17
REM Calmar Ratio Rank: 18
REM Martin Ratio Rank: 18

FNMA

FNMA Risk / Return Rank: 48
FNMA Sharpe Ratio Rank: 43
FNMA Sortino Ratio Rank: 56
FNMA Omega Ratio Rank: 52
FNMA Calmar Ratio Rank: 45
FNMA Martin Ratio Rank: 45

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.

REM vs. FNMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Mortgage Real Estate ETF (REM) and Federal National Mortgage Association (FNMA). 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.

	REM	FNMA	Difference
Sharpe ratio Return per unit of total volatility	0.22	0.07	+0.15
Sortino ratio Return per unit of downside risk	0.43	1.07	-0.64
Omega ratio Gain probability vs. loss probability	1.06	1.12	-0.06
Calmar ratio Return relative to maximum drawdown	0.29	0.17	+0.12
Martin ratio Return relative to average drawdown	0.81	0.39	+0.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REM vs. FNMA - Sharpe Ratio Comparison

The current REM Sharpe Ratio is 0.22, which is higher than the FNMA Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of REM and FNMA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	REM	FNMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	0.07	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.31	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.22	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.07	-0.12

Correlation

The correlation between REM and FNMA is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

REM vs. FNMA - Dividend Comparison

REM's dividend yield for the trailing twelve months is around 9.25%, while FNMA has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
REM iShares Mortgage Real Estate ETF	9.25%	8.70%	9.61%	9.46%	11.13%	7.29%	7.72%	8.16%	10.00%	9.97%	10.03%	11.99%
FNMA Federal National Mortgage Association	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

REM vs. FNMA - Drawdown Comparison

The maximum REM drawdown since its inception was -74.73%, smaller than the maximum FNMA drawdown of -99.74%. Use the drawdown chart below to compare losses from any high point for REM and FNMA.

Drawdown Indicators

	REM	FNMA	Difference
Max Drawdown Largest peak-to-trough decline	-74.73%	-99.74%	+25.01%
Max Drawdown (1Y) Largest decline over 1 year	-14.38%	-69.76%	+55.38%
Max Drawdown (5Y) Largest decline over 5 years	-43.31%	-85.55%	+42.24%
Max Drawdown (10Y) Largest decline over 10 years	-68.52%	-92.13%	+23.61%
Current Drawdown Current decline from peak	-24.42%	-90.33%	+65.91%
Average Drawdown Average peak-to-trough decline	-38.50%	-46.01%	+7.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	30.63%	-25.39%

Volatility

REM vs. FNMA - Volatility Comparison

The current volatility for iShares Mortgage Real Estate ETF (REM) is 7.75%, while Federal National Mortgage Association (FNMA) has a volatility of 49.81%. This indicates that REM experiences smaller price fluctuations and is considered to be less risky than FNMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	REM	FNMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	49.81%	-42.06%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	69.39%	-56.57%
Volatility (1Y) Calculated over the trailing 1-year period	21.02%	106.10%	-85.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.56%	91.17%	-67.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.22%	82.49%	-54.27%