SAXIX vs. SAREX

Last updated Jun 3, 2026

SAXIX (SA Global Fixed Income Fund) and SAREX (SA Real Estate Securities Fund) are both mutual funds - SAXIX is a Global Bonds fund managed by SA Funds, while SAREX is a REIT fund managed by SA Funds. Over the past 10 years, SAXIX returned 1.30%/yr vs 5.06%/yr for SAREX. At a 0.03 correlation, their price movements are largely independent. SAXIX charges 0.71%/yr vs 0.75%/yr for SAREX.

Performance

SAXIX vs. SAREX - Performance Comparison

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

Returns By Period

In the year-to-date period, SAXIX achieves a 1.50% return, which is significantly lower than SAREX's 10.86% return. Over the past 10 years, SAXIX has underperformed SAREX with an annualized return of 1.30%, while SAREX has yielded a comparatively higher 5.06% annualized return.

SAXIX

• 1D: -0.11%
• 1M: 0.57%
• YTD: 1.50%
• 6M: 1.54%
• 1Y: 3.81%
• 3Y*: 4.81%
• 5Y*: 1.44%
• 10Y*: 1.30%

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%

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

SAXIX vs. SAREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAXIX SA Global Fixed Income Fund	1.50%	4.87%	5.33%	4.55%	-6.79%	-1.59%	0.89%	3.40%	1.17%	1.17%
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%

Correlation

The correlation between SAXIX and SAREX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jan 3, 2008	0.03

Over the past year, SAXIX and SAREX have become more correlated (0.35) than their long-term average of 0.03, meaning their price movements have been converging.

Return for Risk

SAXIX vs. SAREX — Risk / Return Rank

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

SAXIX

SAXIX Risk / Return Rank: 59
SAXIX Sharpe Ratio Rank: 56
SAXIX Sortino Ratio Rank: 70
SAXIX Omega Ratio Rank: 69
SAXIX Calmar Ratio Rank: 55
SAXIX Martin Ratio Rank: 45

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

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.

SAXIX vs. SAREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SA Global Fixed Income Fund (SAXIX) and SA Real Estate Securities Fund (SAREX). 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.

	SAXIX	SAREX	Difference
Sharpe ratio Return per unit of total volatility	2.21	0.44	+1.77
Sortino ratio Return per unit of downside risk	3.50	0.81	+2.69
Omega ratio Gain probability vs. loss probability	1.47	1.15	+0.32
Calmar ratio Return relative to maximum drawdown	2.84	0.99	+1.85
Martin ratio Return relative to average drawdown	9.44	3.70	+5.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAXIX vs. SAREX - Sharpe Ratio Comparison

The current SAXIX Sharpe Ratio is 2.21, which is higher than the SAREX Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of SAXIX and SAREX, 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

	SAXIX	SAREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	0.44	+1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.11	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.24	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.20	+0.46

Drawdowns

SAXIX vs. SAREX - Drawdown Comparison

The maximum SAXIX drawdown since its inception was -9.94%, smaller than the maximum SAREX drawdown of -68.50%. Use the drawdown chart below to compare losses from any high point for SAXIX and SAREX.

Drawdown Indicators

	SAXIX	SAREX	Difference
Max Drawdown Largest peak-to-trough decline	-9.94%	-68.50%	+58.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.59%	-13.63%	+12.04%
Max Drawdown (3Y) Largest decline over 3 years	-2.65%	-18.07%	+15.42%
Max Drawdown (5Y) Largest decline over 5 years	-9.94%	-33.87%	+23.93%
Max Drawdown (10Y) Largest decline over 10 years	-9.94%	-41.56%	+31.62%
Current Drawdown Current decline from peak	-0.11%	-5.89%	+5.78%
Average Drawdown Average peak-to-trough decline	-1.91%	-12.57%	+10.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	3.64%	-3.16%

Volatility

SAXIX vs. SAREX - Volatility Comparison

The current volatility for SA Global Fixed Income Fund (SAXIX) is 0.60%, while SA Real Estate Securities Fund (SAREX) has a volatility of 3.93%. This indicates that SAXIX experiences smaller price fluctuations and is considered to be less risky than SAREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAXIX	SAREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	3.93%	-3.33%
Volatility (6M) Calculated over the trailing 6-month period	1.48%	22.67%	-21.19%
Volatility (1Y) Calculated over the trailing 1-year period	1.97%	25.57%	-23.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.73%	21.37%	-18.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.08%	21.79%	-19.71%

SAXIX vs. SAREX - Expense Ratio Comparison

SAXIX has a 0.71% expense ratio, which is lower than SAREX's 0.75% expense ratio.

Dividends

SAXIX vs. SAREX - Dividend Comparison

SAXIX's dividend yield for the trailing twelve months is around 4.78%, more than SAREX's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SAXIX SA Global Fixed Income Fund	4.78%	4.85%	6.01%	0.00%	3.58%	0.00%	2.16%	2.83%	2.11%	0.85%	1.25%	0.80%

Frequently Asked Questions

Can I hold both SAXIX and SAREX in my portfolio?

SAXIX and SAREX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAXIX or SAREX?

SAREX has higher volatility (3.93%) compared to SAXIX (0.60%). In terms of maximum drawdown, SAXIX dropped -9.94% vs SAREX's -68.50%.

Which has better risk-adjusted returns?

SAXIX currently has the higher Sharpe Ratio (2.21 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.