SAREX vs. CSEIX

Last updated Jun 3, 2026

SAREX (SA Real Estate Securities Fund) and CSEIX (Cohen & Steers Real Estate Securities Fund, Inc.) are both REIT funds. Over the past 10 years, SAREX returned 5.06%/yr vs 6.86%/yr for CSEIX. With a 0.97 correlation, they move nearly in lockstep. SAREX charges 0.75%/yr vs 1.10%/yr for CSEIX.

Performance

SAREX vs. CSEIX - Performance Comparison

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

Returns By Period

In the year-to-date period, SAREX achieves a 10.86% return, which is significantly higher than CSEIX's 10.31% return. Over the past 10 years, SAREX has underperformed CSEIX with an annualized return of 5.06%, while CSEIX has yielded a comparatively higher 6.86% annualized return.

SAREX

• 1D: -1.70%
• 1M: -1.38%
• YTD: 10.86%
• 6M: 10.00%
• 1Y: 9.90%
• 3Y*: 8.91%
• 5Y*: 2.25%
• 10Y*: 5.06%

CSEIX

• 1D: -1.84%
• 1M: -2.16%
• YTD: 10.31%
• 6M: 9.70%
• 1Y: 10.84%
• 3Y*: 10.51%
• 5Y*: 3.41%
• 10Y*: 6.86%

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

SAREX vs. CSEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAREX SA Real Estate Securities Fund	10.86%	0.73%	4.61%	10.60%	-25.42%	40.94%	-6.22%	26.91%	-4.00%	4.61%
CSEIX Cohen & Steers Real Estate Securities Fund, Inc.	10.31%	4.01%	6.50%	12.81%	-26.47%	41.29%	-1.99%	31.50%	-4.52%	7.79%

Correlation

The correlation between SAREX and CSEIX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 3, 2008	0.97

The correlation between SAREX and CSEIX shifts across timeframes, from 0.86 (1 year) to 0.97 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SAREX vs. CSEIX — Risk / Return Rank

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

SAREX

SAREX Risk / Return Rank: 9
SAREX Sharpe Ratio Rank: 5
SAREX Sortino Ratio Rank: 6
SAREX Omega Ratio Rank: 10
SAREX Calmar Ratio Rank: 10
SAREX Martin Ratio Rank: 12

CSEIX

CSEIX Risk / Return Rank: 12
CSEIX Sharpe Ratio Rank: 10
CSEIX Sortino Ratio Rank: 9
CSEIX Omega Ratio Rank: 10
CSEIX Calmar Ratio Rank: 17
CSEIX Martin Ratio Rank: 16

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. CSEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SA Real Estate Securities Fund (SAREX) and Cohen & Steers Real Estate Securities Fund, Inc. (CSEIX). 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.

	SAREX	CSEIX	Difference
Sharpe ratio Return per unit of total volatility	0.44	0.83	-0.39
Sortino ratio Return per unit of downside risk	0.81	1.19	-0.38
Omega ratio Gain probability vs. loss probability	1.15	1.15	0.00
Calmar ratio Return relative to maximum drawdown	0.99	1.54	-0.55
Martin ratio Return relative to average drawdown	3.70	4.60	-0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAREX vs. CSEIX - Sharpe Ratio Comparison

The current SAREX Sharpe Ratio is 0.44, which is lower than the CSEIX Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of SAREX and CSEIX, 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

	SAREX	CSEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	0.83	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.18	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.33	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.35	-0.16

Drawdowns

SAREX vs. CSEIX - Drawdown Comparison

The maximum SAREX drawdown since its inception was -68.50%, smaller than the maximum CSEIX drawdown of -72.58%. Use the drawdown chart below to compare losses from any high point for SAREX and CSEIX.

Drawdown Indicators

	SAREX	CSEIX	Difference
Max Drawdown Largest peak-to-trough decline	-68.50%	-72.58%	+4.08%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-7.92%	-5.71%
Max Drawdown (3Y) Largest decline over 3 years	-18.07%	-17.31%	-0.76%
Max Drawdown (5Y) Largest decline over 5 years	-33.87%	-33.25%	-0.62%
Max Drawdown (10Y) Largest decline over 10 years	-41.56%	-42.75%	+1.19%
Current Drawdown Current decline from peak	-5.89%	-3.45%	-2.44%
Average Drawdown Average peak-to-trough decline	-12.57%	-10.73%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	2.65%	+0.99%

Volatility

SAREX vs. CSEIX - Volatility Comparison

SA Real Estate Securities Fund (SAREX) and Cohen & Steers Real Estate Securities Fund, Inc. (CSEIX) have volatilities of 3.93% and 3.79%, 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	CSEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	3.79%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	22.67%	9.95%	+12.72%
Volatility (1Y) Calculated over the trailing 1-year period	25.57%	13.23%	+12.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.37%	18.86%	+2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.79%	20.94%	+0.85%

SAREX vs. CSEIX - Expense Ratio Comparison

SAREX has a 0.75% expense ratio, which is lower than CSEIX's 1.10% expense ratio.

Dividends

SAREX vs. CSEIX - Dividend Comparison

SAREX's dividend yield for the trailing twelve months is around 2.90%, less than CSEIX's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSEIX Cohen & Steers Real Estate Securities Fund, Inc.	3.47%	3.75%	2.72%	2.89%	7.91%	4.37%	5.48%	7.83%	3.51%	2.39%	5.87%	23.00%
SAREX SA Real Estate Securities Fund	2.90%	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 CSEIX in my portfolio?

SAREX and CSEIX have a correlation of 0.86, 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 CSEIX?

SAREX has higher volatility (3.93%) compared to CSEIX (3.79%). In terms of maximum drawdown, SAREX dropped -68.50% vs CSEIX's -72.58%.

Which has better risk-adjusted returns?

CSEIX currently has the higher Sharpe Ratio (0.83 vs 0.44), 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.