SWASX vs. FRESX

Last updated Jun 4, 2026

SWASX (Schwab Global Real Estate Fund™) and FRESX (Fidelity Real Estate Investment Portfolio) are both REIT funds. Over the past 10 years, SWASX returned 3.62%/yr vs 5.19%/yr for FRESX. Their correlation of 0.87 suggests significant overlap in exposure. SWASX charges 1.05%/yr vs 0.71%/yr for FRESX.

Performance

SWASX vs. FRESX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Global Real Estate Fund™ (SWASX) and Fidelity Real Estate Investment Portfolio (FRESX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWASX achieves a 6.48% return, which is significantly lower than FRESX's 9.92% return. Over the past 10 years, SWASX has underperformed FRESX with an annualized return of 3.62%, while FRESX has yielded a comparatively higher 5.19% annualized return.

SWASX

• 1D: 0.14%
• 1M: -1.52%
• YTD: 6.48%
• 6M: 6.65%
• 1Y: 12.40%
• 3Y*: 8.97%
• 5Y*: 1.03%
• 10Y*: 3.62%

FRESX

• 1D: 0.48%
• 1M: -1.17%
• YTD: 9.92%
• 6M: 8.98%
• 1Y: 10.25%
• 3Y*: 9.16%
• 5Y*: 3.21%
• 10Y*: 5.19%

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

SWASX vs. FRESX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWASX Schwab Global Real Estate Fund™	6.48%	11.33%	1.42%	8.49%	-25.10%	25.32%	-12.10%	27.81%	-7.66%	14.38%
FRESX Fidelity Real Estate Investment Portfolio	9.92%	2.54%	5.87%	10.82%	-24.36%	42.34%	-7.93%	25.22%	-4.48%	4.28%

Correlation

The correlation between SWASX and FRESX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 1, 2007	0.87

The correlation between SWASX and FRESX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

SWASX vs. FRESX — Risk / Return Rank

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

SWASX

SWASX Risk / Return Rank: 14
SWASX Sharpe Ratio Rank: 15
SWASX Sortino Ratio Rank: 14
SWASX Omega Ratio Rank: 15
SWASX Calmar Ratio Rank: 11
SWASX Martin Ratio Rank: 15

FRESX

FRESX Risk / Return Rank: 10
FRESX Sharpe Ratio Rank: 9
FRESX Sortino Ratio Rank: 9
FRESX Omega Ratio Rank: 9
FRESX Calmar Ratio Rank: 13
FRESX Martin Ratio Rank: 12

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.

SWASX vs. FRESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Global Real Estate Fund™ (SWASX) and Fidelity Real Estate Investment Portfolio (FRESX). 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.

	SWASX	FRESX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.74	+0.34
Sortino ratio: Return per unit of downside risk	1.56	1.10	+0.46
Omega ratio: Gain probability vs. loss probability	1.20	1.13	+0.07
Calmar ratio: Return relative to maximum drawdown	1.11	1.27	-0.16
Martin ratio: Return relative to average drawdown	4.32	3.66	+0.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWASX vs. FRESX - Sharpe Ratio Comparison

The current SWASX Sharpe Ratio is 1.09, which is higher than the FRESX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of SWASX and FRESX, 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

	SWASX	FRESX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	0.74	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.17	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.25	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.39	-0.27

Drawdowns

SWASX vs. FRESX - Drawdown Comparison

The maximum SWASX drawdown since its inception was -69.47%, smaller than the maximum FRESX drawdown of -76.34%. Use the drawdown chart below to compare losses from any high point for SWASX and FRESX.

Drawdown Indicators

	SWASX	FRESX	Difference
Max Drawdown Largest peak-to-trough decline	-69.47%	-76.34%	+6.87%
Max Drawdown (1Y) Largest decline over 1 year	-10.89%	-7.78%	-3.11%
Max Drawdown (3Y) Largest decline over 3 years	-17.23%	-16.44%	-0.79%
Max Drawdown (5Y) Largest decline over 5 years	-32.31%	-32.13%	-0.18%
Max Drawdown (10Y) Largest decline over 10 years	-44.19%	-40.93%	-3.26%
Current Drawdown Current decline from peak	-4.40%	-2.87%	-1.53%
Average Drawdown Average peak-to-trough decline	-15.51%	-11.12%	-4.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.69%	+0.11%

Volatility

SWASX vs. FRESX - Volatility Comparison

The current volatility for Schwab Global Real Estate Fund™ (SWASX) is 3.34%, while Fidelity Real Estate Investment Portfolio (FRESX) has a volatility of 3.78%. This indicates that SWASX experiences smaller price fluctuations and is considered to be less risky than FRESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWASX	FRESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	3.78%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	8.44%	9.27%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	11.15%	13.27%	-2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	18.72%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	20.56%	-3.48%

SWASX vs. FRESX - Expense Ratio Comparison

SWASX has a 1.05% expense ratio, which is higher than FRESX's 0.71% expense ratio.

Dividends

SWASX vs. FRESX - Dividend Comparison

SWASX's dividend yield for the trailing twelve months is around 3.26%, less than FRESX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRESX Fidelity Real Estate Investment Portfolio	4.22%	4.64%	5.58%	6.95%	10.16%	3.70%	4.77%	6.91%	4.23%	4.00%	4.90%	6.09%
SWASX Schwab Global Real Estate Fund™	3.26%	3.11%	3.32%	3.29%	3.00%	3.71%	2.94%	7.38%	4.24%	3.32%	4.67%	3.00%

Frequently Asked Questions

Can I hold both SWASX and FRESX in my portfolio?

SWASX and FRESX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWASX or FRESX?

FRESX has higher volatility (3.78%) compared to SWASX (3.34%). In terms of maximum drawdown, SWASX dropped -69.47% vs FRESX's -76.34%.

Which has better risk-adjusted returns?

SWASX currently has the higher Sharpe Ratio (1.09 vs 0.74), 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.