TAREX vs. FSRNX
TAREX (Third Avenue Real Estate Value Fund) and FSRNX (Fidelity Real Estate Index Fund) are both REIT funds. Over the past 10 years, TAREX returned 4.15%/yr vs 3.57%/yr for FSRNX. A 0.70 correlation means they provide meaningful diversification when combined. TAREX charges 1.15%/yr vs 0.07%/yr for FSRNX.
Performance
TAREX vs. FSRNX - Performance Comparison
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Returns By Period
In the year-to-date period, TAREX achieves a -5.76% return, which is significantly lower than FSRNX's 11.91% return. Over the past 10 years, TAREX has outperformed FSRNX with an annualized return of 4.15%, while FSRNX has yielded a comparatively lower 3.57% annualized return.
TAREX
- 1D
- 0.13%
- 1M
- -0.81%
- 6M
- -8.58%
- YTD
- -5.76%
- 1Y
- -2.04%
- 3Y*
- 11.01%
- 5Y*
- 3.48%
- 10Y*
- 4.15%
FSRNX
- 1D
- 0.28%
- 1M
- -0.39%
- 6M
- 10.54%
- YTD
- 11.91%
- 1Y
- 12.20%
- 3Y*
- 8.60%
- 5Y*
- 2.32%
- 10Y*
- 3.57%
TAREX vs. FSRNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAREX Third Avenue Real Estate Value Fund | -5.76% | 12.52% | 13.54% | 23.48% | -26.53% | 30.69% | -8.23% | 21.09% | -19.98% | 16.10% |
FSRNX Fidelity Real Estate Index Fund | 11.91% | 3.03% | 4.99% | 11.93% | -26.14% | 40.66% | -11.31% | 23.78% | -4.91% | 3.15% |
Correlation
The correlation between TAREX and FSRNX 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 | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.70 |
The correlation between TAREX and FSRNX has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.
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Return for Risk
TAREX vs. FSRNX — Risk / Return Rank
TAREX
FSRNX
TAREX vs. FSRNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Third Avenue Real Estate Value Fund (TAREX) and Fidelity Real Estate Index Fund (FSRNX). 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.
| TAREX | FSRNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.16 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.16 | 1.44 | -1.60 |
| Martin ratioReturn relative to average drawdown | -0.39 | 4.53 | -4.91 |
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Drawdowns
TAREX vs. FSRNX - Drawdown Comparison
The maximum TAREX drawdown since its inception was -67.68%, which is greater than FSRNX's maximum drawdown of -44.26%. Use the drawdown chart below to compare losses from any high point for TAREX and FSRNX.
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Drawdown Indicators
| TAREX | FSRNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.68% | -44.26% | -23.42% |
Max Drawdown (1Y)Largest decline over 1 year | -15.81% | -8.47% | -7.34% |
Max Drawdown (3Y)Largest decline over 3 years | -19.88% | -17.49% | -2.39% |
Max Drawdown (5Y)Largest decline over 5 years | -31.89% | -34.27% | +2.38% |
Max Drawdown (10Y)Largest decline over 10 years | -44.73% | -44.26% | -0.47% |
Current DrawdownCurrent decline from peak | -9.71% | -1.37% | -8.34% |
Average DrawdownAverage peak-to-trough decline | -11.17% | -9.63% | -1.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.46% | 2.69% | +3.77% |
Volatility
TAREX vs. FSRNX - Volatility Comparison
The current volatility for Third Avenue Real Estate Value Fund (TAREX) is 4.62%, while Fidelity Real Estate Index Fund (FSRNX) has a volatility of 4.93%. This indicates that TAREX experiences smaller price fluctuations and is considered to be less risky than FSRNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAREX | FSRNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 4.93% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 12.25% | 10.73% | +1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 14.01% | +1.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.40% | 18.98% | -0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.66% | 21.44% | -2.78% |
TAREX vs. FSRNX - Expense Ratio Comparison
TAREX has a 1.15% expense ratio, which is higher than FSRNX's 0.07% expense ratio.
Dividends
TAREX vs. FSRNX - Dividend Comparison
TAREX's dividend yield for the trailing twelve months is around 6.03%, more than FSRNX's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSRNX Fidelity Real Estate Index Fund | 2.64% | 2.77% | 2.86% | 2.84% | 2.66% | 1.25% | 3.33% | 4.52% | 3.62% | 2.27% | 3.40% | 2.57% |
TAREX Third Avenue Real Estate Value Fund | 6.03% | 5.68% | 6.59% | 5.28% | 8.76% | 9.03% | 0.99% | 18.22% | 11.07% | 1.06% | 1.80% | 5.60% |
Frequently Asked Questions
TAREX and FSRNX 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.
FSRNX has higher volatility (4.93%) compared to TAREX (4.62%). In terms of maximum drawdown, TAREX dropped -67.68% vs FSRNX's -44.26%.
FSRNX currently has the higher Sharpe Ratio (0.87 vs -0.16), 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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