RPEAX vs. RPFRX

Last updated Jun 23, 2026

RPEAX (Davis Opportunity Fund) and RPFRX (Davis Real Estate Fund) are both mutual funds - RPEAX is a Large Cap Blend Equities fund managed by Davis Funds, while RPFRX is a REIT fund managed by Davis Funds. Over the past 10 years, RPEAX returned 12.99%/yr vs 3.91%/yr for RPFRX. A 0.56 correlation means they provide meaningful diversification when combined. RPEAX charges 0.93%/yr vs 0.95%/yr for RPFRX.

Performance

RPEAX vs. RPFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davis Opportunity Fund (RPEAX) and Davis Real Estate Fund (RPFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with RPEAX having a 10.39% return and RPFRX slightly lower at 10.11%. Over the past 10 years, RPEAX has outperformed RPFRX with an annualized return of 12.99%, while RPFRX has yielded a comparatively lower 3.91% annualized return.

RPEAX

• 1D: 0.23%
• 1M: -0.16%
• YTD: 10.39%
• 6M: 10.17%
• 1Y: 27.23%
• 3Y*: 25.88%
• 5Y*: 13.89%
• 10Y*: 12.99%

RPFRX

• 1D: 0.55%
• 1M: 1.45%
• YTD: 10.11%
• 6M: 10.53%
• 1Y: 5.30%
• 3Y*: 4.64%
• 5Y*: 0.07%
• 10Y*: 3.91%

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

RPEAX vs. RPFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPEAX Davis Opportunity Fund	10.39%	21.86%	32.82%	22.21%	-14.12%	24.92%	12.78%	25.06%	-23.66%	23.09%
RPFRX Davis Real Estate Fund	10.11%	-6.17%	2.30%	10.48%	-26.78%	43.26%	-8.25%	25.39%	-4.52%	8.32%

Correlation

The correlation between RPEAX and RPFRX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.56

The correlation between RPEAX and RPFRX shifts across timeframes, from 0.53 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

RPEAX vs. RPFRX — Risk / Return Rank

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

RPEAX

RPEAX Risk / Return Rank: 51
RPEAX Sharpe Ratio Rank: 54
RPEAX Sortino Ratio Rank: 49
RPEAX Omega Ratio Rank: 50
RPEAX Calmar Ratio Rank: 52
RPEAX Martin Ratio Rank: 49

RPFRX

RPFRX Risk / Return Rank: 6
RPFRX Sharpe Ratio Rank: 5
RPFRX Sortino Ratio Rank: 5
RPFRX Omega Ratio Rank: 5
RPFRX Calmar Ratio Rank: 6
RPFRX Martin Ratio Rank: 6

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.

RPEAX vs. RPFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis Opportunity Fund (RPEAX) and Davis Real Estate Fund (RPFRX). 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.

	RPEAX	RPFRX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	0.36	+1.64
Sortino ratio: Return per unit of downside risk	2.72	0.60	+2.11
Omega ratio: Gain probability vs. loss probability	1.36	1.07	+0.28
Calmar ratio: Return relative to maximum drawdown	2.64	0.53	+2.11
Martin ratio: Return relative to average drawdown	9.51	1.28	+8.23

RPEAX vs. RPFRX - Sharpe Ratio Comparison

The current RPEAX Sharpe Ratio is 2.00, which is higher than the RPFRX Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of RPEAX and RPFRX, 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

RPEAX vs. RPFRX - Drawdown Comparison

The maximum RPEAX drawdown since its inception was -59.71%, smaller than the maximum RPFRX drawdown of -75.01%. Use the drawdown chart below to compare losses from any high point for RPEAX and RPFRX.

Drawdown Indicators

	RPEAX	RPFRX	Difference
Max Drawdown Largest peak-to-trough decline	-59.71%	-75.01%	+15.30%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-10.13%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-25.44%	-22.20%	-3.24%
Max Drawdown (5Y) Largest decline over 5 years	-26.03%	-35.52%	+9.49%
Max Drawdown (10Y) Largest decline over 10 years	-39.78%	-42.29%	+2.51%
Current Drawdown Current decline from peak	-2.52%	-14.62%	+12.10%
Average Drawdown Average peak-to-trough decline	-10.46%	-13.41%	+2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	4.19%	-1.37%

Volatility

RPEAX vs. RPFRX - Volatility Comparison

The current volatility for Davis Opportunity Fund (RPEAX) is 4.12%, while Davis Real Estate Fund (RPFRX) has a volatility of 4.97%. This indicates that RPEAX experiences smaller price fluctuations and is considered to be less risky than RPFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPEAX	RPFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	4.97%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	10.69%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	13.38%	14.78%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.56%	19.55%	+5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.76%	21.15%	+0.61%

RPEAX vs. RPFRX - Expense Ratio Comparison

RPEAX has a 0.93% expense ratio, which is lower than RPFRX's 0.95% expense ratio.

Dividends

RPEAX vs. RPFRX - Dividend Comparison

RPEAX's dividend yield for the trailing twelve months is around 12.60%, more than RPFRX's 6.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RPEAX Davis Opportunity Fund	12.60%	13.91%	33.00%	6.17%	8.47%	9.23%	2.88%	4.86%	0.64%	2.70%	2.44%	21.42%
RPFRX Davis Real Estate Fund	6.54%	6.48%	1.43%	2.26%	5.33%	1.05%	1.77%	2.78%	6.03%	5.84%	1.61%	1.19%

Frequently Asked Questions

Can I hold both RPEAX and RPFRX in my portfolio?

RPEAX and RPFRX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPEAX or RPFRX?

RPFRX has higher volatility (4.97%) compared to RPEAX (4.12%). In terms of maximum drawdown, RPEAX dropped -59.71% vs RPFRX's -75.01%.

Which has better risk-adjusted returns?

RPEAX currently has the higher Sharpe Ratio (2.00 vs 0.36), 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.