SAREX vs. PHRAX
SAREX (SA Real Estate Securities Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both REIT funds. Over the past 10 years, SAREX returned 5.33%/yr vs 6.49%/yr for PHRAX. With a 0.97 correlation, they move nearly in lockstep. SAREX charges 0.75%/yr vs 1.36%/yr for PHRAX.
Performance
SAREX vs. PHRAX - Performance Comparison
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Returns By Period
In the year-to-date period, SAREX achieves a 15.24% return, which is significantly lower than PHRAX's 17.09% return. Over the past 10 years, SAREX has underperformed PHRAX with an annualized return of 5.33%, while PHRAX has yielded a comparatively higher 6.49% annualized return.
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%
PHRAX
- 1D
- 1.27%
- 1M
- 1.75%
- YTD
- 17.09%
- 6M
- 16.70%
- 1Y
- 15.25%
- 3Y*
- 13.00%
- 5Y*
- 4.76%
- 10Y*
- 6.49%
SAREX vs. PHRAX - 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% |
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 17.09% | 0.23% | 10.15% | 10.98% | -26.33% | 46.79% | -1.98% | 27.09% | -7.41% | 5.65% |
Correlation
The correlation between SAREX and PHRAX 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 | 0.89 |
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 2, 2008 | 0.97 |
The correlation between SAREX and PHRAX shifts across timeframes, from 0.86 (1 year) to 0.97 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SAREX vs. PHRAX — Risk / Return Rank
SAREX
PHRAX
SAREX vs. PHRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SA Real Estate Securities Fund (SAREX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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 | PHRAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.20 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 1.99 | -0.96 |
| Martin ratioReturn relative to average drawdown | 3.60 | 5.77 | -2.17 |
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Drawdowns
SAREX vs. PHRAX - Drawdown Comparison
The maximum SAREX drawdown since its inception was -68.50%, smaller than the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for SAREX and PHRAX.
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Drawdown Indicators
| SAREX | PHRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.50% | -72.56% | +4.06% |
Max Drawdown (1Y)Largest decline over 1 year | -13.63% | -7.83% | -5.80% |
Max Drawdown (3Y)Largest decline over 3 years | -18.07% | -19.09% | +1.02% |
Max Drawdown (5Y)Largest decline over 5 years | -33.87% | -33.51% | -0.36% |
Max Drawdown (10Y)Largest decline over 10 years | -41.56% | -42.00% | +0.44% |
Current DrawdownCurrent decline from peak | -2.17% | 0.00% | -2.17% |
Average DrawdownAverage peak-to-trough decline | -12.54% | -11.35% | -1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 2.69% | +1.05% |
Volatility
SAREX vs. PHRAX - Volatility Comparison
SA Real Estate Securities Fund (SAREX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) have volatilities of 5.21% and 5.29%, 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.
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Volatility by Period
| SAREX | PHRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 5.29% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 23.02% | 10.21% | +12.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.74% | 13.78% | +11.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.41% | 19.12% | +2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.83% | 21.02% | +0.81% |
SAREX vs. PHRAX - Expense Ratio Comparison
SAREX has a 0.75% expense ratio, which is lower than PHRAX's 1.36% expense ratio.
Dividends
SAREX vs. PHRAX - Dividend Comparison
SAREX's dividend yield for the trailing twelve months is around 2.79%, less than PHRAX's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 5.00% | 5.93% | 8.39% | 12.35% | 11.12% | 4.45% | 5.58% | 21.34% | 19.03% | 18.54% | 21.22% | 20.04% |
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 PHRAX 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.
PHRAX has higher volatility (5.29%) compared to SAREX (5.21%). In terms of maximum drawdown, SAREX dropped -68.50% vs PHRAX's -72.56%.
PHRAX currently has the higher Sharpe Ratio (1.13 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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