SOAAX vs. FREEX
SOAAX (Spirit of America Real Estate Income & Growth Fund) and FREEX (Franklin Real Estate Securities Fund) are both REIT funds. Over the past 10 years, SOAAX returned 5.31%/yr vs 6.77%/yr for FREEX. With a 0.96 correlation, they move nearly in lockstep. SOAAX charges 1.52%/yr vs 1.11%/yr for FREEX.
Performance
SOAAX vs. FREEX - Performance Comparison
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Returns By Period
In the year-to-date period, SOAAX achieves a 14.89% return, which is significantly higher than FREEX's 12.48% return. Over the past 10 years, SOAAX has underperformed FREEX with an annualized return of 5.31%, while FREEX has yielded a comparatively higher 6.77% annualized return.
SOAAX
- 1D
- 1.21%
- 1M
- -0.11%
- YTD
- 14.89%
- 6M
- 15.33%
- 1Y
- 13.22%
- 3Y*
- 10.72%
- 5Y*
- 3.04%
- 10Y*
- 5.31%
FREEX
- 1D
- 1.34%
- 1M
- -0.08%
- YTD
- 12.48%
- 6M
- 12.84%
- 1Y
- 10.02%
- 3Y*
- 10.07%
- 5Y*
- 3.15%
- 10Y*
- 6.77%
SOAAX vs. FREEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOAAX Spirit of America Real Estate Income & Growth Fund | 14.89% | -0.90% | 7.57% | 9.60% | -28.40% | 42.01% | -5.06% | 28.09% | -6.82% | 6.80% |
FREEX Franklin Real Estate Securities Fund | 12.48% | 2.24% | 3.84% | 9.99% | -25.71% | 44.04% | -3.34% | 52.71% | -6.58% | 2.62% |
Correlation
The correlation between SOAAX and FREEX 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 | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999 | 0.96 |
The correlation between SOAAX and FREEX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
SOAAX vs. FREEX — Risk / Return Rank
SOAAX
FREEX
SOAAX vs. FREEX - 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 Franklin Real Estate Securities Fund (FREEX). 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.
| SOAAX | FREEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.16 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 1.50 | +0.38 |
| Martin ratioReturn relative to average drawdown | 5.58 | 4.29 | +1.29 |
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Drawdowns
SOAAX vs. FREEX - Drawdown Comparison
The maximum SOAAX drawdown since its inception was -78.19%, roughly equal to the maximum FREEX drawdown of -76.99%. Use the drawdown chart below to compare losses from any high point for SOAAX and FREEX.
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Drawdown Indicators
| SOAAX | FREEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.19% | -76.99% | -1.20% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -7.76% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -19.29% | -16.72% | -2.57% |
Max Drawdown (5Y)Largest decline over 5 years | -36.03% | -33.79% | -2.24% |
Max Drawdown (10Y)Largest decline over 10 years | -41.24% | -40.57% | -0.67% |
Current DrawdownCurrent decline from peak | -3.90% | -2.42% | -1.48% |
Average DrawdownAverage peak-to-trough decline | -14.60% | -14.22% | -0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.71% | -0.11% |
Volatility
SOAAX vs. FREEX - Volatility Comparison
The current volatility for Spirit of America Real Estate Income & Growth Fund (SOAAX) is 4.65%, while Franklin Real Estate Securities Fund (FREEX) has a volatility of 5.03%. This indicates that SOAAX experiences smaller price fluctuations and is considered to be less risky than FREEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOAAX | FREEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.65% | 5.03% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 9.74% | 10.07% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.29% | 13.53% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.24% | 19.41% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.75% | 21.89% | -2.14% |
SOAAX vs. FREEX - Expense Ratio Comparison
SOAAX has a 1.52% expense ratio, which is higher than FREEX's 1.11% expense ratio.
Dividends
SOAAX vs. FREEX - Dividend Comparison
SOAAX's dividend yield for the trailing twelve months is around 9.26%, more than FREEX's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREEX Franklin Real Estate Securities Fund | 5.91% | 6.65% | 12.00% | 5.13% | 3.70% | 7.51% | 8.38% | 33.46% | 5.49% | 9.77% | 2.66% | 1.50% |
SOAAX Spirit of America Real Estate Income & Growth Fund | 9.26% | 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
With a correlation of 0.97, SOAAX and FREEX 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.
FREEX has higher volatility (5.03%) compared to SOAAX (4.65%). In terms of maximum drawdown, SOAAX dropped -78.19% vs FREEX's -76.99%.
SOAAX currently has the higher Sharpe Ratio (1.10 vs 0.86), 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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