SCHH vs. FSRNX

Last updated Jun 24, 2026

SCHH (Schwab US REIT ETF) and FSRNX (Fidelity Real Estate Index Fund) are both REIT funds - SCHH tracks the Dow Jones Equity All REIT Capped Index while FSRNX tracks the MSCI US IMI Real Estate 25/25 Index. Both are passively managed. Over the past 10 years, SCHH returned 4.29%/yr vs 4.09%/yr for FSRNX. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.07% expense ratio.

Performance

SCHH vs. FSRNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab US REIT ETF (SCHH) and Fidelity Real Estate Index Fund (FSRNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCHH achieves a 15.41% return, which is significantly higher than FSRNX's 9.98% return. Both investments have delivered pretty close results over the past 10 years, with SCHH having a 4.29% annualized return and FSRNX not far behind at 4.09%.

SCHH

• 1D: 1.31%
• 1M: 1.22%
• YTD: 15.41%
• 6M: 16.02%
• 1Y: 14.47%
• 3Y*: 12.09%
• 5Y*: 3.68%
• 10Y*: 4.29%

FSRNX

• 1D: 0.97%
• 1M: -0.16%
• YTD: 9.98%
• 6M: 10.39%
• 1Y: 9.86%
• 3Y*: 10.66%
• 5Y*: 2.47%
• 10Y*: 4.09%

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

SCHH vs. FSRNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHH Schwab US REIT ETF	15.41%	2.20%	4.99%	11.18%	-24.99%	41.07%	-14.81%	22.85%	-4.26%	3.68%
FSRNX Fidelity Real Estate Index Fund	9.98%	3.03%	4.99%	11.93%	-26.14%	40.66%	-11.31%	23.78%	-4.91%	3.15%

Correlation

The correlation between SCHH and FSRNX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.99

The correlation between SCHH and FSRNX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

SCHH vs. FSRNX — Risk / Return Rank

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

SCHH

SCHH Risk / Return Rank: 32
SCHH Sharpe Ratio Rank: 30
SCHH Sortino Ratio Rank: 28
SCHH Omega Ratio Rank: 28
SCHH Calmar Ratio Rank: 36
SCHH Martin Ratio Rank: 37

FSRNX

FSRNX Risk / Return Rank: 13
FSRNX Sharpe Ratio Rank: 11
FSRNX Sortino Ratio Rank: 11
FSRNX Omega Ratio Rank: 11
FSRNX Calmar Ratio Rank: 16
FSRNX Martin Ratio Rank: 17

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.

SCHH vs. FSRNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab US REIT ETF (SCHH) and Fidelity Real Estate Index Fund (FSRNX). 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.

	SCHH	FSRNX	Difference
Sharpe ratio: Return per unit of total volatility	1.05	0.83	+0.22
Sortino ratio: Return per unit of downside risk	1.49	1.21	+0.28
Omega ratio: Gain probability vs. loss probability	1.19	1.15	+0.04
Calmar ratio: Return relative to maximum drawdown	1.75	1.35	+0.40
Martin ratio: Return relative to average drawdown	5.48	4.25	+1.23

SCHH vs. FSRNX - Sharpe Ratio Comparison

The current SCHH Sharpe Ratio is 1.05, which is comparable to the FSRNX Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of SCHH and FSRNX, 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

SCHH vs. FSRNX - Drawdown Comparison

The maximum SCHH drawdown since its inception was -44.22%, roughly equal to the maximum FSRNX drawdown of -44.26%. Use the drawdown chart below to compare losses from any high point for SCHH and FSRNX.

Drawdown Indicators

	SCHH	FSRNX	Difference
Max Drawdown Largest peak-to-trough decline	-44.22%	-44.26%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.28%	-8.47%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-17.76%	-17.49%	-0.27%
Max Drawdown (5Y) Largest decline over 5 years	-33.28%	-34.27%	+0.99%
Max Drawdown (10Y) Largest decline over 10 years	-44.22%	-44.26%	+0.04%
Current Drawdown Current decline from peak	-0.79%	-2.11%	+1.32%
Average Drawdown Average peak-to-trough decline	-9.42%	-9.66%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.69%	-0.04%

Volatility

SCHH vs. FSRNX - Volatility Comparison

Schwab US REIT ETF (SCHH) has a higher volatility of 5.37% compared to Fidelity Real Estate Index Fund (FSRNX) at 4.99%. This indicates that SCHH's price experiences larger fluctuations and is considered to be riskier than FSRNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHH	FSRNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	4.99%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	10.22%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.89%	13.86%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.77%	18.94%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	21.44%	-0.42%

SCHH vs. FSRNX - Expense Ratio Comparison

Both SCHH and FSRNX have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SCHH vs. FSRNX - Dividend Comparison

SCHH's dividend yield for the trailing twelve months is around 2.72%, more than FSRNX's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRNX Fidelity Real Estate Index Fund	2.69%	2.77%	2.86%	2.84%	2.66%	1.25%	3.33%	4.52%	3.62%	2.27%	3.40%	2.57%
SCHH Schwab US REIT ETF	2.72%	3.04%	3.22%	3.24%	2.55%	1.50%	2.86%	2.86%	3.64%	2.22%	2.81%	2.48%

Frequently Asked Questions

Can I hold both SCHH and FSRNX in my portfolio?

With a correlation of 0.97, SCHH and FSRNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SCHH or FSRNX?

SCHH has higher volatility (5.37%) compared to FSRNX (4.99%). In terms of maximum drawdown, SCHH dropped -44.22% vs FSRNX's -44.26%.

Which has better risk-adjusted returns?

SCHH currently has the higher Sharpe Ratio (1.05 vs 0.83), 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.