SFREX vs. PHRAX

Last updated Jun 26, 2026

SFREX (Schwab Fundamental Global Real Estate Index Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both REIT funds. Over the past 10 years, SFREX returned 3.58%/yr vs 6.51%/yr for PHRAX. Their correlation of 0.80 suggests significant overlap in exposure. SFREX charges 0.39%/yr vs 1.36%/yr for PHRAX.

Performance

SFREX vs. PHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Global Real Estate Index Fund (SFREX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SFREX achieves a 4.28% return, which is significantly lower than PHRAX's 17.26% return. Over the past 10 years, SFREX has underperformed PHRAX with an annualized return of 3.58%, while PHRAX has yielded a comparatively higher 6.51% annualized return.

SFREX

• 1D: 0.20%
• 1M: -2.14%
• YTD: 4.28%
• 6M: 3.69%
• 1Y: 9.34%
• 3Y*: 10.26%
• 5Y*: -0.40%
• 10Y*: 3.58%

PHRAX

• 1D: 0.15%
• 1M: 1.35%
• YTD: 17.26%
• 6M: 16.86%
• 1Y: 18.61%
• 3Y*: 13.05%
• 5Y*: 4.60%
• 10Y*: 6.51%

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

SFREX vs. PHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SFREX Schwab Fundamental Global Real Estate Index Fund	4.28%	11.26%	3.05%	4.10%	-21.06%	18.56%	-11.16%	22.61%	-8.26%	20.07%
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	17.26%	0.23%	10.15%	10.98%	-26.33%	46.79%	-1.98%	27.09%	-7.41%	5.65%

Correlation

The correlation between SFREX and PHRAX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.80

The correlation between SFREX and PHRAX has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

Return for Risk

SFREX vs. PHRAX — Risk / Return Rank

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

SFREX

SFREX Risk / Return Rank: 10
SFREX Sharpe Ratio Rank: 11
SFREX Sortino Ratio Rank: 11
SFREX Omega Ratio Rank: 11
SFREX Calmar Ratio Rank: 9
SFREX Martin Ratio Rank: 10

PHRAX

PHRAX Risk / Return Rank: 26
PHRAX Sharpe Ratio Rank: 23
PHRAX Sortino Ratio Rank: 21
PHRAX Omega Ratio Rank: 22
PHRAX Calmar Ratio Rank: 37
PHRAX Martin Ratio Rank: 30

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.

SFREX vs. PHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Global Real Estate Index Fund (SFREX) 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.

	SFREX	PHRAX	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.13	-0.43
Sortino ratio: Return per unit of downside risk	1.08	1.57	-0.48
Omega ratio: Gain probability vs. loss probability	1.13	1.20	-0.07
Calmar ratio: Return relative to maximum drawdown	0.71	1.98	-1.27
Martin ratio: Return relative to average drawdown	2.21	5.93	-3.72

SFREX vs. PHRAX - Sharpe Ratio Comparison

The current SFREX Sharpe Ratio is 0.70, which is lower than the PHRAX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of SFREX and PHRAX, 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

SFREX vs. PHRAX - Drawdown Comparison

The maximum SFREX drawdown since its inception was -41.98%, smaller than the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for SFREX and PHRAX.

Drawdown Indicators

	SFREX	PHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-41.98%	-72.56%	+30.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-7.83%	-4.13%
Max Drawdown (3Y) Largest decline over 3 years	-20.54%	-19.09%	-1.45%
Max Drawdown (5Y) Largest decline over 5 years	-32.90%	-33.51%	+0.61%
Max Drawdown (10Y) Largest decline over 10 years	-41.98%	-42.00%	+0.02%
Current Drawdown Current decline from peak	-5.61%	0.00%	-5.61%
Average Drawdown Average peak-to-trough decline	-10.42%	-11.35%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	2.69%	+1.13%

Volatility

SFREX vs. PHRAX - Volatility Comparison

The current volatility for Schwab Fundamental Global Real Estate Index Fund (SFREX) is 3.65%, while Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) has a volatility of 5.29%. This indicates that SFREX experiences smaller price fluctuations and is considered to be less risky than PHRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFREX	PHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	5.29%	-1.64%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	10.20%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	13.73%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.38%	19.12%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.94%	21.01%	-3.07%

SFREX vs. PHRAX - Expense Ratio Comparison

SFREX has a 0.39% expense ratio, which is lower than PHRAX's 1.36% expense ratio.

Dividends

SFREX vs. PHRAX - Dividend Comparison

SFREX's dividend yield for the trailing twelve months is around 3.43%, less than PHRAX's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHRAX Virtus Duff & Phelps Real Estate Securities Fund	4.99%	5.93%	8.39%	12.35%	11.12%	4.45%	5.58%	21.34%	19.03%	18.54%	21.22%	20.04%
SFREX Schwab Fundamental Global Real Estate Index Fund	3.43%	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 SFREX and PHRAX in my portfolio?

SFREX and PHRAX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFREX or PHRAX?

PHRAX has higher volatility (5.29%) compared to SFREX (3.65%). In terms of maximum drawdown, SFREX dropped -41.98% vs PHRAX's -72.56%.

Which has better risk-adjusted returns?

PHRAX currently has the higher Sharpe Ratio (1.13 vs 0.70), 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.