SAREX vs. CREMX

Last updated Aug 4, 2026

SAREX (SA Real Estate Securities Fund) and CREMX (Redwood Real Estate Income Fund) are both REIT funds. Over the past year, SAREX returned 18.22% vs 7.34% for CREMX. Their 0.04 correlation means their historical movements had little consistent relationship. SAREX charges 0.75%/yr vs 5.16%/yr for CREMX.

Performance

SAREX vs. CREMX - Performance Comparison

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

Returns By Period

In the year-to-date period, SAREX achieves a 17.15% return, which is significantly higher than CREMX's 4.02% return.

SAREX

• 1D: -0.54%
• 1M: 0.71%
• 6M: 15.47%
• YTD: 17.15%
• 1Y: 18.22%
• 3Y*: 9.37%
• 5Y*: 2.51%
• 10Y*: 4.74%
• ALL TIME*: 6.35%

CREMX

• 1D: 0.13%
• 1M: 0.49%
• 6M: 3.28%
• YTD: 4.02%
• 1Y: 7.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CREMX Redwood Real Estate Income Fund	$0.00	$0.00	$0.00
SAREX SA Real Estate Securities Fund	$0.00	$0.00	$0.00

SAREX vs. CREMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SAREX SA Real Estate Securities Fund	17.15%	0.73%	4.61%	10.70%
CREMX Redwood Real Estate Income Fund	4.02%	7.72%	8.09%	1.95%

Correlation

The correlation between SAREX and CREMX is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (All Time) Calculated using the full available price history since Sep 11, 2023	0.04

Return for Risk

SAREX vs. CREMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SAREX

SAREX Risk / Return Rank: 29
SAREX Sharpe Ratio Rank: 19
SAREX Sortino Ratio Rank: 21
SAREX Omega Ratio Rank: 38
SAREX Calmar Ratio Rank: 30
SAREX Martin Ratio Rank: 34

CREMX

CREMX Risk / Return Rank: 100
CREMX Sharpe Ratio Rank: 100
CREMX Sortino Ratio Rank: 100
CREMX Omega Ratio Rank: 100
CREMX Calmar Ratio Rank: 100
CREMX Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SAREX vs. CREMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SA Real Estate Securities Fund (SAREX) and Redwood Real Estate Income Fund (CREMX). 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	CREMX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	16.51	-15.74
Sortino ratio: Return per unit of downside risk	1.24	103.38	-102.14
Omega ratio: Gain probability vs. loss probability	1.24	60.33	-59.10
Calmar ratio: Return relative to maximum drawdown	1.44	186.40	-184.96
Martin ratio: Return relative to average drawdown	5.27	1,472.45	-1,467.18

SAREX vs. CREMX - Sharpe Ratio Comparison

The current SAREX Sharpe Ratio is 0.77, which is lower than the CREMX Sharpe Ratio of 16.51. The chart below compares the historical Sharpe Ratios of SAREX and CREMX, 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. CREMX - Drawdown Comparison

The maximum SAREX drawdown since its inception was -68.50%, which is greater than CREMX's maximum drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for SAREX and CREMX.

Drawdown Indicators

	SAREX	CREMX	Difference
Max Drawdown Largest peak-to-trough decline	-68.50%	-0.71%	-67.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-0.04%	-13.59%
Max Drawdown (3Y) Largest decline over 3 years	-18.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.56%	—	—
Current Drawdown Current decline from peak	-2.21%	0.00%	-2.21%
Average Drawdown Average peak-to-trough decline	-12.47%	-0.02%	-12.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	0.01%	+3.73%

Volatility

SAREX vs. CREMX - Volatility Comparison

SA Real Estate Securities Fund (SAREX) has a higher volatility of 4.54% compared to Redwood Real Estate Income Fund (CREMX) at 0.18%. This indicates that SAREX's price experiences larger fluctuations and is considered to be riskier than CREMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAREX	CREMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	0.18%	+4.36%
Volatility (6M) Calculated over the trailing 6-month period	23.23%	0.32%	+22.91%
Volatility (1Y) Calculated over the trailing 1-year period	25.51%	0.45%	+25.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.43%	0.85%	+20.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.84%	0.85%	+20.99%

SAREX vs. CREMX - Expense Ratio Comparison

SAREX has a 0.75% expense ratio, which is lower than CREMX's 5.16% expense ratio.

Dividends

SAREX vs. CREMX - Dividend Comparison

SAREX's dividend yield for the trailing twelve months is around 2.75%, less than CREMX's 7.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CREMX Redwood Real Estate Income Fund	7.02%	7.38%	7.64%	1.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SAREX SA Real Estate Securities Fund	2.75%	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 CREMX in my portfolio?

SAREX and CREMX have a correlation of 0.04, 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 CREMX?

SAREX has higher volatility (4.54%) compared to CREMX (0.18%). In terms of maximum drawdown, SAREX dropped -68.50% vs CREMX's -0.71%.

Which has better risk-adjusted returns?

CREMX currently has the higher Sharpe Ratio (16.51 vs 0.77), 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.