SFENX vs. SFREX

Last updated Jun 13, 2026

SFENX (Schwab Fundamental Emerging Markets Large Company Index Fund) and SFREX (Schwab Fundamental Global Real Estate Index Fund) are both mutual funds - SFENX is a Emerging Markets Diversified fund managed by Charles Schwab, while SFREX is a REIT fund managed by Charles Schwab. Over the past 10 years, SFENX returned 11.08%/yr vs 3.73%/yr for SFREX. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.39% expense ratio.

Performance

SFENX vs. SFREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Emerging Markets Large Company Index Fund (SFENX) and Schwab Fundamental Global Real Estate Index Fund (SFREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SFENX achieves a 12.70% return, which is significantly higher than SFREX's 6.46% return. Over the past 10 years, SFENX has outperformed SFREX with an annualized return of 11.08%, while SFREX has yielded a comparatively lower 3.73% annualized return.

SFENX

• 1D: 2.08%
• 1M: -1.54%
• YTD: 12.70%
• 6M: 14.20%
• 1Y: 29.05%
• 3Y*: 19.67%
• 5Y*: 9.04%
• 10Y*: 11.08%

SFREX

• 1D: 0.58%
• 1M: -1.60%
• YTD: 6.46%
• 6M: 6.46%
• 1Y: 11.31%
• 3Y*: 9.36%
• 5Y*: -0.41%
• 10Y*: 3.73%

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

SFENX vs. SFREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SFENX Schwab Fundamental Emerging Markets Large Company Index Fund	12.70%	29.19%	12.31%	14.90%	-15.50%	13.91%	-3.01%	19.46%	-9.96%	26.44%
SFREX Schwab Fundamental Global Real Estate Index Fund	6.46%	11.26%	3.05%	4.10%	-21.06%	18.56%	-11.16%	22.61%	-8.26%	20.07%

Correlation

The correlation between SFENX and SFREX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.64

The correlation between SFENX and SFREX shifts across timeframes, from 0.53 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SFENX vs. SFREX — Risk / Return Rank

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

SFENX

SFENX Risk / Return Rank: 77
SFENX Sharpe Ratio Rank: 78
SFENX Sortino Ratio Rank: 74
SFENX Omega Ratio Rank: 75
SFENX Calmar Ratio Rank: 81
SFENX Martin Ratio Rank: 74

SFREX

SFREX Risk / Return Rank: 18
SFREX Sharpe Ratio Rank: 19
SFREX Sortino Ratio Rank: 20
SFREX Omega Ratio Rank: 19
SFREX Calmar Ratio Rank: 15
SFREX Martin Ratio Rank: 15

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.

SFENX vs. SFREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Large Company Index Fund (SFENX) and Schwab Fundamental Global Real Estate Index Fund (SFREX). 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.

	SFENX	SFREX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	0.99	+1.13
Sortino ratio: Return per unit of downside risk	2.89	1.51	+1.38
Omega ratio: Gain probability vs. loss probability	1.39	1.18	+0.21
Calmar ratio: Return relative to maximum drawdown	3.10	1.00	+2.10
Martin ratio: Return relative to average drawdown	10.95	3.21	+7.74

SFENX vs. SFREX - Sharpe Ratio Comparison

The current SFENX Sharpe Ratio is 2.12, which is higher than the SFREX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of SFENX and SFREX, 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

SFENX vs. SFREX - Drawdown Comparison

The maximum SFENX drawdown since its inception was -47.19%, which is greater than SFREX's maximum drawdown of -41.98%. Use the drawdown chart below to compare losses from any high point for SFENX and SFREX.

Drawdown Indicators

	SFENX	SFREX	Difference
Max Drawdown Largest peak-to-trough decline	-47.19%	-41.98%	-5.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.45%	-11.96%	+2.51%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-20.54%	+4.03%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-33.97%	+4.71%
Max Drawdown (10Y) Largest decline over 10 years	-39.59%	-41.98%	+2.39%
Current Drawdown Current decline from peak	-3.91%	-3.64%	-0.27%
Average Drawdown Average peak-to-trough decline	-12.87%	-10.43%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.71%	-1.04%

Volatility

SFENX vs. SFREX - Volatility Comparison

Schwab Fundamental Emerging Markets Large Company Index Fund (SFENX) has a higher volatility of 5.58% compared to Schwab Fundamental Global Real Estate Index Fund (SFREX) at 3.46%. This indicates that SFENX's price experiences larger fluctuations and is considered to be riskier than SFREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFENX	SFREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	3.46%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	9.34%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	12.06%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	16.39%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	17.96%	-1.05%

SFENX vs. SFREX - Expense Ratio Comparison

Both SFENX and SFREX have an expense ratio of 0.39%.

Dividends

SFENX vs. SFREX - Dividend Comparison

SFENX's dividend yield for the trailing twelve months is around 3.49%, more than SFREX's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SFENX Schwab Fundamental Emerging Markets Large Company Index Fund	3.49%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%
SFREX Schwab Fundamental Global Real Estate Index Fund	3.29%	3.51%	3.75%	3.53%	2.89%	2.92%	3.46%	4.10%	5.45%	2.78%	5.00%	1.29%

Frequently Asked Questions

Can I hold both SFENX and SFREX in my portfolio?

SFENX and SFREX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFENX or SFREX?

SFENX has higher volatility (5.58%) compared to SFREX (3.46%). In terms of maximum drawdown, SFENX dropped -47.19% vs SFREX's -41.98%.

Which has better risk-adjusted returns?

SFENX currently has the higher Sharpe Ratio (2.12 vs 0.99), 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.