SOAAX vs. BREFX

Last updated Jun 3, 2026

SOAAX (Spirit of America Real Estate Income & Growth Fund) and BREFX (Baron Real Estate Fund Retail Shares) are both REIT funds. Over the past 10 years, SOAAX returned 5.10%/yr vs 10.77%/yr for BREFX. A 0.76 correlation means they provide meaningful diversification when combined. SOAAX charges 1.52%/yr vs 1.31%/yr for BREFX.

Performance

SOAAX vs. BREFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spirit of America Real Estate Income & Growth Fund (SOAAX) and Baron Real Estate Fund Retail Shares (BREFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOAAX achieves a 11.39% return, which is significantly higher than BREFX's 0.66% return. Over the past 10 years, SOAAX has underperformed BREFX with an annualized return of 5.10%, while BREFX has yielded a comparatively higher 10.77% annualized return.

SOAAX

• 1D: -1.87%
• 1M: -2.41%
• YTD: 11.39%
• 6M: 10.24%
• 1Y: 10.76%
• 3Y*: 8.51%
• 5Y*: 2.76%
• 10Y*: 5.10%

BREFX

• 1D: 0.30%
• 1M: -0.60%
• YTD: 0.66%
• 6M: 0.01%
• 1Y: 13.82%
• 3Y*: 10.71%
• 5Y*: 2.08%
• 10Y*: 10.77%

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

SOAAX vs. BREFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOAAX Spirit of America Real Estate Income & Growth Fund	11.39%	-0.90%	7.57%	9.60%	-28.40%	42.01%	-5.06%	28.09%	-6.82%	6.80%
BREFX Baron Real Estate Fund Retail Shares	0.66%	4.91%	12.19%	24.70%	-28.62%	24.09%	43.92%	44.27%	-22.23%	31.06%

Correlation

The correlation between SOAAX and BREFX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.76

The correlation between SOAAX and BREFX has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

Return for Risk

SOAAX vs. BREFX — Risk / Return Rank

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

SOAAX

SOAAX Risk / Return Rank: 12
SOAAX Sharpe Ratio Rank: 11
SOAAX Sortino Ratio Rank: 10
SOAAX Omega Ratio Rank: 10
SOAAX Calmar Ratio Rank: 16
SOAAX Martin Ratio Rank: 15

BREFX

BREFX Risk / Return Rank: 10
BREFX Sharpe Ratio Rank: 10
BREFX Sortino Ratio Rank: 10
BREFX Omega Ratio Rank: 10
BREFX Calmar Ratio Rank: 10
BREFX Martin Ratio Rank: 10

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.

SOAAX vs. BREFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spirit of America Real Estate Income & Growth Fund (SOAAX) and Baron Real Estate Fund Retail Shares (BREFX). 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.

	SOAAX	BREFX	Difference
Sharpe ratio Return per unit of total volatility	0.86	0.81	+0.05
Sortino ratio Return per unit of downside risk	1.22	1.26	-0.04
Omega ratio Gain probability vs. loss probability	1.16	1.15	+0.01
Calmar ratio Return relative to maximum drawdown	1.44	1.04	+0.39
Martin ratio Return relative to average drawdown	4.33	2.99	+1.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOAAX vs. BREFX - Sharpe Ratio Comparison

The current SOAAX Sharpe Ratio is 0.86, which is comparable to the BREFX Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of SOAAX and BREFX, 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

	SOAAX	BREFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	0.81	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.10	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.51	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.62	-0.36

Drawdowns

SOAAX vs. BREFX - Drawdown Comparison

The maximum SOAAX drawdown since its inception was -78.19%, which is greater than BREFX's maximum drawdown of -38.52%. Use the drawdown chart below to compare losses from any high point for SOAAX and BREFX.

Drawdown Indicators

	SOAAX	BREFX	Difference
Max Drawdown Largest peak-to-trough decline	-78.19%	-38.52%	-39.67%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-12.60%	+4.86%
Max Drawdown (3Y) Largest decline over 3 years	-19.29%	-23.98%	+4.69%
Max Drawdown (5Y) Largest decline over 5 years	-36.03%	-34.05%	-1.98%
Max Drawdown (10Y) Largest decline over 10 years	-41.24%	-38.52%	-2.72%
Current Drawdown Current decline from peak	-6.83%	-4.50%	-2.33%
Average Drawdown Average peak-to-trough decline	-14.63%	-7.69%	-6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	4.39%	-1.82%

Volatility

SOAAX vs. BREFX - Volatility Comparison

The current volatility for Spirit of America Real Estate Income & Growth Fund (SOAAX) is 3.65%, while Baron Real Estate Fund Retail Shares (BREFX) has a volatility of 4.36%. This indicates that SOAAX experiences smaller price fluctuations and is considered to be less risky than BREFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOAAX	BREFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	4.36%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	11.87%	-2.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	16.66%	-3.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.25%	20.71%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.72%	21.21%	-1.49%

SOAAX vs. BREFX - Expense Ratio Comparison

SOAAX has a 1.52% expense ratio, which is higher than BREFX's 1.31% expense ratio.

Dividends

SOAAX vs. BREFX - Dividend Comparison

SOAAX's dividend yield for the trailing twelve months is around 9.55%, more than BREFX's 3.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BREFX Baron Real Estate Fund Retail Shares	3.62%	3.64%	0.16%	0.06%	2.94%	8.17%	6.27%	13.89%	12.04%	4.77%	0.35%	1.98%
SOAAX Spirit of America Real Estate Income & Growth Fund	9.55%	10.64%	9.53%	9.32%	9.32%	6.12%	8.13%	7.11%	8.47%	6.87%	7.18%	8.97%

Frequently Asked Questions

Can I hold both SOAAX and BREFX in my portfolio?

SOAAX and BREFX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOAAX or BREFX?

BREFX has higher volatility (4.36%) compared to SOAAX (3.65%). In terms of maximum drawdown, SOAAX dropped -78.19% vs BREFX's -38.52%.

Which has better risk-adjusted returns?

SOAAX currently has the higher Sharpe Ratio (0.86 vs 0.81), 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.