SOAAX vs. FSREX

Last updated Jun 3, 2026

SOAAX (Spirit of America Real Estate Income & Growth Fund) and FSREX (Fidelity Series Real Estate Income Fund) are both REIT funds. Over the past 10 years, SOAAX returned 5.10%/yr vs 5.36%/yr for FSREX. A 0.73 correlation means they provide meaningful diversification when combined. SOAAX charges 1.52%/yr vs 0.00%/yr for FSREX.

Performance

SOAAX vs. FSREX - 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 Fidelity Series Real Estate Income Fund (FSREX). 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 FSREX's 1.59% return. Over the past 10 years, SOAAX has underperformed FSREX with an annualized return of 5.10%, while FSREX has yielded a comparatively higher 5.36% 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%

FSREX

• 1D: 0.10%
• 1M: 0.29%
• YTD: 1.59%
• 6M: 2.16%
• 1Y: 7.79%
• 3Y*: 8.75%
• 5Y*: 4.23%
• 10Y*: 5.36%

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

SOAAX vs. FSREX - 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%
FSREX Fidelity Series Real Estate Income Fund	1.59%	8.93%	9.87%	8.29%	-11.78%	15.78%	0.58%	16.02%	-0.73%	5.91%

Correlation

The correlation between SOAAX and FSREX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 25, 2011	0.73

Over the past year, the correlation between SOAAX and FSREX has dropped to 0.39 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

SOAAX vs. FSREX — 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

FSREX

FSREX Risk / Return Rank: 88
FSREX Sharpe Ratio Rank: 92
FSREX Sortino Ratio Rank: 93
FSREX Omega Ratio Rank: 89
FSREX Calmar Ratio Rank: 80
FSREX Martin Ratio Rank: 85

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. FSREX - 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 Fidelity Series Real Estate Income Fund (FSREX). 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	FSREX	Difference
Sharpe ratio Return per unit of total volatility	0.86	3.08	-2.22
Sortino ratio Return per unit of downside risk	1.22	4.78	-3.55
Omega ratio Gain probability vs. loss probability	1.16	1.63	-0.47
Calmar ratio Return relative to maximum drawdown	1.44	3.68	-2.24
Martin ratio Return relative to average drawdown	4.33	16.22	-11.89
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. FSREX - Sharpe Ratio Comparison

The current SOAAX Sharpe Ratio is 0.86, which is lower than the FSREX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of SOAAX and FSREX, 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	FSREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	3.08	-2.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.89	-0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.68	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.95	-0.69

Drawdowns

SOAAX vs. FSREX - Drawdown Comparison

The maximum SOAAX drawdown since its inception was -78.19%, which is greater than FSREX's maximum drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for SOAAX and FSREX.

Drawdown Indicators

	SOAAX	FSREX	Difference
Max Drawdown Largest peak-to-trough decline	-78.19%	-32.02%	-46.17%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-2.06%	-5.68%
Max Drawdown (3Y) Largest decline over 3 years	-19.29%	-5.12%	-14.17%
Max Drawdown (5Y) Largest decline over 5 years	-36.03%	-15.22%	-20.81%
Max Drawdown (10Y) Largest decline over 10 years	-41.24%	-32.02%	-9.22%
Current Drawdown Current decline from peak	-6.83%	0.00%	-6.83%
Average Drawdown Average peak-to-trough decline	-14.63%	-2.55%	-12.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	0.47%	+2.10%

Volatility

SOAAX vs. FSREX - Volatility Comparison

Spirit of America Real Estate Income & Growth Fund (SOAAX) has a higher volatility of 3.65% compared to Fidelity Series Real Estate Income Fund (FSREX) at 0.86%. This indicates that SOAAX's price experiences larger fluctuations and is considered to be riskier than FSREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOAAX	FSREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	0.86%	+2.79%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	1.85%	+7.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	2.47%	+10.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.25%	4.77%	+13.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.72%	7.89%	+11.83%

SOAAX vs. FSREX - Expense Ratio Comparison

SOAAX has a 1.52% expense ratio, which is higher than FSREX's 0.00% expense ratio.

Dividends

SOAAX vs. FSREX - Dividend Comparison

SOAAX's dividend yield for the trailing twelve months is around 9.55%, more than FSREX's 5.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSREX Fidelity Series Real Estate Income Fund	5.58%	5.64%	6.05%	7.43%	9.99%	3.58%	6.24%	6.62%	5.87%	5.49%	5.22%	4.33%
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 FSREX in my portfolio?

SOAAX and FSREX have a correlation of 0.39, 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 FSREX?

SOAAX has higher volatility (3.65%) compared to FSREX (0.86%). In terms of maximum drawdown, SOAAX dropped -78.19% vs FSREX's -32.02%.

Which has better risk-adjusted returns?

FSREX currently has the higher Sharpe Ratio (3.08 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.