SETAX vs. BIREX
SETAX (SEI Institutional Managed Trust Real Estate Fund) and BIREX (BlackRock Real Estate Securities Fund) are both REIT funds from BlackRock. Over the past 10 years, SETAX returned 6.74%/yr vs 6.55%/yr for BIREX. With a 0.98 correlation, they move nearly in lockstep. SETAX charges 1.14%/yr vs 0.75%/yr for BIREX.
Performance
SETAX vs. BIREX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SETAX having a 14.94% return and BIREX slightly higher at 15.57%. Both investments have delivered pretty close results over the past 10 years, with SETAX having a 6.74% annualized return and BIREX not far behind at 6.55%.
SETAX
- 1D
- 1.40%
- 1M
- 1.52%
- YTD
- 14.94%
- 6M
- 14.62%
- 1Y
- 13.77%
- 3Y*
- 14.23%
- 5Y*
- 5.35%
- 10Y*
- 6.74%
BIREX
- 1D
- 1.19%
- 1M
- 0.71%
- YTD
- 15.57%
- 6M
- 15.26%
- 1Y
- 14.85%
- 3Y*
- 12.34%
- 5Y*
- 3.66%
- 10Y*
- 6.55%
SETAX vs. BIREX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SETAX SEI Institutional Managed Trust Real Estate Fund | 14.94% | 1.90% | 10.63% | 15.75% | -25.85% | 44.05% | -3.51% | 25.14% | -5.87% | 5.17% |
BIREX BlackRock Real Estate Securities Fund | 15.57% | 3.08% | 3.75% | 13.57% | -27.58% | 46.24% | -4.17% | 27.75% | -2.95% | 6.19% |
Correlation
The correlation between SETAX and BIREX is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.98 |
The correlation between SETAX and BIREX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
SETAX vs. BIREX — Risk / Return Rank
SETAX
BIREX
SETAX vs. BIREX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Managed Trust Real Estate Fund (SETAX) and BlackRock Real Estate Securities Fund (BIREX). 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.
| SETAX | BIREX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.20 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | 1.87 | -0.07 |
| Martin ratioReturn relative to average drawdown | 5.36 | 6.11 | -0.75 |
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Drawdowns
SETAX vs. BIREX - Drawdown Comparison
The maximum SETAX drawdown since its inception was -75.06%, which is greater than BIREX's maximum drawdown of -41.92%. Use the drawdown chart below to compare losses from any high point for SETAX and BIREX.
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Drawdown Indicators
| SETAX | BIREX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.06% | -41.92% | -33.14% |
Max Drawdown (1Y)Largest decline over 1 year | -7.80% | -8.16% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -18.05% | +1.10% |
Max Drawdown (5Y)Largest decline over 5 years | -32.26% | -34.76% | +2.50% |
Max Drawdown (10Y)Largest decline over 10 years | -41.32% | -41.92% | +0.60% |
Current DrawdownCurrent decline from peak | -0.42% | -0.58% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -13.91% | -9.69% | -4.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.49% | +0.11% |
Volatility
SETAX vs. BIREX - Volatility Comparison
SEI Institutional Managed Trust Real Estate Fund (SETAX) has a higher volatility of 5.21% compared to BlackRock Real Estate Securities Fund (BIREX) at 4.81%. This indicates that SETAX's price experiences larger fluctuations and is considered to be riskier than BIREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SETAX | BIREX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.21% | 4.81% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 10.17% | 10.19% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.64% | 13.57% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.22% | 18.78% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.16% | 20.93% | +0.23% |
SETAX vs. BIREX - Expense Ratio Comparison
SETAX has a 1.14% expense ratio, which is higher than BIREX's 0.75% expense ratio.
Dividends
SETAX vs. BIREX - Dividend Comparison
SETAX's dividend yield for the trailing twelve months is around 10.32%, more than BIREX's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIREX BlackRock Real Estate Securities Fund | 2.64% | 2.98% | 2.88% | 2.87% | 4.36% | 1.63% | 2.16% | 1.93% | 3.07% | 9.88% | 6.72% | 6.75% |
SETAX SEI Institutional Managed Trust Real Estate Fund | 10.32% | 11.86% | 5.19% | 2.10% | 5.36% | 6.86% | 6.34% | 8.59% | 17.07% | 8.65% | 13.65% | 5.99% |
Frequently Asked Questions
With a correlation of 0.98, SETAX and BIREX 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.
SETAX has higher volatility (5.21%) compared to BIREX (4.81%). In terms of maximum drawdown, SETAX dropped -75.06% vs BIREX's -41.92%.
BIREX currently has the higher Sharpe Ratio (1.13 vs 1.03), 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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