SAREX vs. FSREX
SAREX (SA Real Estate Securities Fund) and FSREX (Fidelity Series Real Estate Income Fund) are both REIT funds. Over the past 10 years, SAREX returned 5.33%/yr vs 5.34%/yr for FSREX. A 0.73 correlation means they provide meaningful diversification when combined. SAREX charges 0.75%/yr vs 0.00%/yr for FSREX.
Performance
SAREX vs. FSREX - Performance Comparison
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Returns By Period
In the year-to-date period, SAREX achieves a 15.24% return, which is significantly higher than FSREX's 1.71% return. Both investments have delivered pretty close results over the past 10 years, with SAREX having a 5.33% annualized return and FSREX not far ahead at 5.34%.
SAREX
- 1D
- 1.28%
- 1M
- 1.12%
- YTD
- 15.24%
- 6M
- 15.03%
- 1Y
- 12.47%
- 3Y*
- 11.23%
- 5Y*
- 3.00%
- 10Y*
- 5.33%
FSREX
- 1D
- 0.10%
- 1M
- 0.61%
- YTD
- 1.71%
- 6M
- 1.81%
- 1Y
- 6.44%
- 3Y*
- 8.79%
- 5Y*
- 4.02%
- 10Y*
- 5.34%
SAREX vs. FSREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SAREX SA Real Estate Securities Fund | 15.24% | 0.73% | 4.61% | 10.60% | -25.42% | 40.94% | -6.22% | 26.91% | -4.00% | 4.61% |
FSREX Fidelity Series Real Estate Income Fund | 1.71% | 8.93% | 9.87% | 8.29% | -11.78% | 15.78% | 0.58% | 16.02% | -0.73% | 5.91% |
Correlation
The correlation between SAREX and FSREX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2011 | 0.73 |
Over the past year, the correlation between SAREX and FSREX has dropped to 0.37 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.
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Return for Risk
SAREX vs. FSREX — Risk / Return Rank
SAREX
FSREX
SAREX vs. FSREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SA Real Estate Securities Fund (SAREX) and Fidelity Series Real Estate Income Fund (FSREX). 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 | FSREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.30 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.56 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 3.29 | -2.27 |
| Martin ratioReturn relative to average drawdown | 3.60 | 14.47 | -10.87 |
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Drawdowns
SAREX vs. FSREX - Drawdown Comparison
The maximum SAREX drawdown since its inception was -68.50%, which is greater than FSREX's maximum drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for SAREX and FSREX.
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Drawdown Indicators
| SAREX | FSREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.50% | -32.02% | -36.48% |
Max Drawdown (1Y)Largest decline over 1 year | -13.63% | -2.06% | -11.57% |
Max Drawdown (3Y)Largest decline over 3 years | -18.07% | -5.12% | -12.95% |
Max Drawdown (5Y)Largest decline over 5 years | -33.87% | -15.22% | -18.65% |
Max Drawdown (10Y)Largest decline over 10 years | -41.56% | -32.02% | -9.54% |
Current DrawdownCurrent decline from peak | -2.17% | -0.20% | -1.97% |
Average DrawdownAverage peak-to-trough decline | -12.54% | -2.54% | -10.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 0.47% | +3.27% |
Volatility
SAREX vs. FSREX - Volatility Comparison
SA Real Estate Securities Fund (SAREX) has a higher volatility of 5.21% compared to Fidelity Series Real Estate Income Fund (FSREX) at 0.69%. This indicates that SAREX's price experiences larger fluctuations and is considered to be riskier than FSREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAREX | FSREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 0.69% | +4.52% |
Volatility (6M)Calculated over the trailing 6-month period | 23.02% | 1.89% | +21.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.74% | 2.45% | +23.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.41% | 4.77% | +16.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.83% | 7.89% | +13.94% |
SAREX vs. FSREX - Expense Ratio Comparison
SAREX has a 0.75% expense ratio, which is higher than FSREX's 0.00% expense ratio.
Dividends
SAREX vs. FSREX - Dividend Comparison
SAREX's dividend yield for the trailing twelve months is around 2.79%, less than FSREX's 5.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSREX Fidelity Series Real Estate Income Fund | 5.07% | 5.64% | 6.05% | 7.43% | 9.99% | 3.58% | 6.24% | 6.62% | 5.87% | 5.49% | 5.22% | 4.33% |
SAREX SA Real Estate Securities Fund | 2.79% | 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
SAREX and FSREX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SAREX has higher volatility (5.21%) compared to FSREX (0.69%). In terms of maximum drawdown, SAREX dropped -68.50% vs FSREX's -32.02%.
FSREX currently has the higher Sharpe Ratio (2.77 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.
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