RFI vs. FOF

Last updated Jun 5, 2026

RFI (Cohen & Steers Total Return Realty Fund) and FOF (Cohen & Steers Closed-End Opportunity Fund) are both mutual funds - RFI is a REIT fund managed by Cohen & Steers, while FOF is a Large Cap Value Equities fund actively managed by Cohen & Steers. Over the past 10 years, RFI returned 6.79%/yr vs 10.98%/yr for FOF. At a 0.45 correlation, their price movements are largely independent.

Performance

RFI vs. FOF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers Total Return Realty Fund (RFI) and Cohen & Steers Closed-End Opportunity Fund (FOF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFI achieves a 5.53% return, which is significantly lower than FOF's 8.50% return. Over the past 10 years, RFI has underperformed FOF with an annualized return of 6.79%, while FOF has yielded a comparatively higher 10.98% annualized return.

RFI

• 1D: 1.08%
• 1M: -2.26%
• YTD: 5.53%
• 6M: 4.87%
• 1Y: 0.82%
• 3Y*: 8.74%
• 5Y*: 1.26%
• 10Y*: 6.79%

FOF

• 1D: 0.29%
• 1M: 0.22%
• YTD: 8.50%
• 6M: 10.06%
• 1Y: 21.77%
• 3Y*: 19.04%
• 5Y*: 8.42%
• 10Y*: 10.98%

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

RFI vs. FOF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RFI Cohen & Steers Total Return Realty Fund	5.53%	3.55%	6.63%	4.36%	-22.13%	39.21%	-0.79%	44.46%	-8.89%	13.91%
FOF Cohen & Steers Closed-End Opportunity Fund	8.50%	13.01%	23.65%	17.90%	-22.69%	28.24%	1.52%	31.37%	-9.43%	23.41%

Correlation

The correlation between RFI and FOF is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Nov 29, 2006	0.45

Return for Risk

RFI vs. FOF — Risk / Return Rank

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

RFI

RFI Risk / Return Rank: 3
RFI Sharpe Ratio Rank: 3
RFI Sortino Ratio Rank: 3
RFI Omega Ratio Rank: 3
RFI Calmar Ratio Rank: 3
RFI Martin Ratio Rank: 3

FOF

FOF Risk / Return Rank: 25
FOF Sharpe Ratio Rank: 31
FOF Sortino Ratio Rank: 29
FOF Omega Ratio Rank: 32
FOF Calmar Ratio Rank: 17
FOF Martin Ratio Rank: 19

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.

RFI vs. FOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Total Return Realty Fund (RFI) and Cohen & Steers Closed-End Opportunity Fund (FOF). 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.

	RFI	FOF	Difference
Sharpe ratio: Return per unit of total volatility	0.07	1.60	-1.53
Sortino ratio: Return per unit of downside risk	0.18	2.23	-2.05
Omega ratio: Gain probability vs. loss probability	1.02	1.30	-0.28
Calmar ratio: Return relative to maximum drawdown	0.09	1.45	-1.37
Martin ratio: Return relative to average drawdown	0.20	4.94	-4.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFI vs. FOF - Sharpe Ratio Comparison

The current RFI Sharpe Ratio is 0.07, which is lower than the FOF Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of RFI and FOF, 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

	RFI	FOF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	1.60	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.47	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.54	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.33	0.00

Drawdowns

RFI vs. FOF - Drawdown Comparison

The maximum RFI drawdown since its inception was -73.67%, which is greater than FOF's maximum drawdown of -59.38%. Use the drawdown chart below to compare losses from any high point for RFI and FOF.

Drawdown Indicators

	RFI	FOF	Difference
Max Drawdown Largest peak-to-trough decline	-73.67%	-59.38%	-14.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.69%	-15.07%	+5.38%
Max Drawdown (3Y) Largest decline over 3 years	-16.93%	-18.58%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-34.38%	-29.96%	-4.42%
Max Drawdown (10Y) Largest decline over 10 years	-50.51%	-49.74%	-0.77%
Current Drawdown Current decline from peak	-5.64%	-5.26%	-0.38%
Average Drawdown Average peak-to-trough decline	-12.11%	-9.35%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	4.42%	-0.33%

Volatility

RFI vs. FOF - Volatility Comparison

The current volatility for Cohen & Steers Total Return Realty Fund (RFI) is 4.27%, while Cohen & Steers Closed-End Opportunity Fund (FOF) has a volatility of 5.69%. This indicates that RFI experiences smaller price fluctuations and is considered to be less risky than FOF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFI	FOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	5.69%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	12.30%	-2.65%
Volatility (1Y) Calculated over the trailing 1-year period	11.96%	13.67%	-1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.29%	18.04%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.15%	20.34%	+4.81%

Dividends

RFI vs. FOF - Dividend Comparison

RFI's dividend yield for the trailing twelve months is around 8.53%, more than FOF's 7.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOF Cohen & Steers Closed-End Opportunity Fund	7.52%	7.91%	8.22%	9.32%	9.99%	7.06%	8.41%	7.78%	9.41%	7.84%	8.90%	9.49%
RFI Cohen & Steers Total Return Realty Fund	8.53%	8.69%	8.29%	8.17%	10.02%	6.82%	7.61%	6.63%	8.93%	7.52%	7.93%	10.36%

Frequently Asked Questions

Can I hold both RFI and FOF in my portfolio?

RFI and FOF have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFI or FOF?

FOF has higher volatility (5.69%) compared to RFI (4.27%). In terms of maximum drawdown, RFI dropped -73.67% vs FOF's -59.38%.

Which has better risk-adjusted returns?

FOF currently has the higher Sharpe Ratio (1.60 vs 0.07), 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.