SAREX vs. BREFX

Last updated Jun 24, 2026

SAREX (SA Real Estate Securities Fund) and BREFX (Baron Real Estate Fund Retail Shares) are both REIT funds. Over the past 10 years, SAREX returned 5.20%/yr vs 11.47%/yr for BREFX. A 0.72 correlation means they provide meaningful diversification when combined. SAREX charges 0.75%/yr vs 1.31%/yr for BREFX.

Performance

SAREX vs. BREFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SA Real Estate Securities Fund (SAREX) and Baron Real Estate Fund Retail Shares (BREFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAREX achieves a 13.78% return, which is significantly higher than BREFX's 3.33% return. Over the past 10 years, SAREX has underperformed BREFX with an annualized return of 5.20%, while BREFX has yielded a comparatively higher 11.47% annualized return.

SAREX

• 1D: 1.22%
• 1M: -0.16%
• YTD: 13.78%
• 6M: 14.40%
• 1Y: 11.33%
• 3Y*: 10.76%
• 5Y*: 2.68%
• 10Y*: 5.20%

BREFX

• 1D: -0.54%
• 1M: 3.80%
• YTD: 3.33%
• 6M: 2.08%
• 1Y: 13.23%
• 3Y*: 11.36%
• 5Y*: 2.90%
• 10Y*: 11.47%

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

SAREX vs. BREFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAREX SA Real Estate Securities Fund	13.78%	0.73%	4.61%	10.60%	-25.42%	40.94%	-6.22%	26.91%	-4.00%	4.61%
BREFX Baron Real Estate Fund Retail Shares	3.33%	4.91%	12.19%	24.70%	-28.62%	24.09%	43.92%	44.27%	-22.23%	31.06%

Correlation

The correlation between SAREX and BREFX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Dec 31, 2009	0.72

The correlation between SAREX and BREFX shifts across timeframes, from 0.56 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SAREX vs. BREFX — Risk / Return Rank

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

SAREX

SAREX Risk / Return Rank: 11
SAREX Sharpe Ratio Rank: 7
SAREX Sortino Ratio Rank: 8
SAREX Omega Ratio Rank: 13
SAREX Calmar Ratio Rank: 12
SAREX Martin Ratio Rank: 14

BREFX

BREFX Risk / Return Rank: 13
BREFX Sharpe Ratio Rank: 12
BREFX Sortino Ratio Rank: 13
BREFX Omega Ratio Rank: 12
BREFX Calmar Ratio Rank: 14
BREFX Martin Ratio Rank: 13

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.

SAREX vs. BREFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SA Real Estate Securities Fund (SAREX) and Baron Real Estate Fund Retail Shares (BREFX). 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.

	SAREX	BREFX	Difference
Sharpe ratio: Return per unit of total volatility	0.54	0.89	-0.35
Sortino ratio: Return per unit of downside risk	0.94	1.39	-0.45
Omega ratio: Gain probability vs. loss probability	1.17	1.16	+0.01
Calmar ratio: Return relative to maximum drawdown	1.02	1.20	-0.18
Martin ratio: Return relative to average drawdown	3.59	3.40	+0.19

SAREX vs. BREFX - Sharpe Ratio Comparison

The current SAREX Sharpe Ratio is 0.54, which is lower than the BREFX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of SAREX and BREFX, 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

SAREX vs. BREFX - Drawdown Comparison

The maximum SAREX drawdown since its inception was -68.50%, which is greater than BREFX's maximum drawdown of -38.52%. Use the drawdown chart below to compare losses from any high point for SAREX and BREFX.

Drawdown Indicators

	SAREX	BREFX	Difference
Max Drawdown Largest peak-to-trough decline	-68.50%	-38.52%	-29.98%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-12.60%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-18.07%	-23.98%	+5.91%
Max Drawdown (5Y) Largest decline over 5 years	-33.87%	-34.05%	+0.18%
Max Drawdown (10Y) Largest decline over 10 years	-41.56%	-38.52%	-3.04%
Current Drawdown Current decline from peak	-3.41%	-1.97%	-1.44%
Average Drawdown Average peak-to-trough decline	-12.54%	-7.67%	-4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	4.45%	-0.71%

Volatility

SAREX vs. BREFX - Volatility Comparison

SA Real Estate Securities Fund (SAREX) and Baron Real Estate Fund Retail Shares (BREFX) have volatilities of 5.05% and 5.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAREX	BREFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	5.05%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	23.00%	12.60%	+10.40%
Volatility (1Y) Calculated over the trailing 1-year period	25.77%	17.05%	+8.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.41%	20.79%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.83%	21.25%	+0.58%

SAREX vs. BREFX - Expense Ratio Comparison

SAREX has a 0.75% expense ratio, which is lower than BREFX's 1.31% expense ratio.

Dividends

SAREX vs. BREFX - Dividend Comparison

SAREX's dividend yield for the trailing twelve months is around 2.83%, less than BREFX's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BREFX Baron Real Estate Fund Retail Shares	3.53%	3.64%	0.16%	0.06%	2.94%	8.17%	6.27%	13.89%	12.04%	4.77%	0.35%	1.98%
SAREX SA Real Estate Securities Fund	2.83%	3.22%	3.22%	3.04%	7.62%	8.33%	3.87%	4.29%	3.98%	2.90%	3.67%	1.80%

Frequently Asked Questions

Can I hold both SAREX and BREFX in my portfolio?

SAREX and BREFX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAREX or BREFX?

BREFX has higher volatility (5.05%) compared to SAREX (5.05%). In terms of maximum drawdown, SAREX dropped -68.50% vs BREFX's -38.52%.

Which has better risk-adjusted returns?

BREFX currently has the higher Sharpe Ratio (0.89 vs 0.54), 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.