TAREX vs. PHRAX
Compare and contrast key facts about Third Avenue Real Estate Value Fund (TAREX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX).
TAREX is managed by Third Avenue. It was launched on Sep 16, 1998. PHRAX is managed by Virtus. It was launched on Mar 1, 1995.
Performance
TAREX vs. PHRAX - Performance Comparison
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TAREX vs. PHRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAREX Third Avenue Real Estate Value Fund | -10.02% | 12.52% | 13.54% | 23.48% | -26.53% | 30.69% | -8.23% | 21.09% | -19.98% | 16.10% |
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 4.52% | 0.23% | 10.15% | 10.98% | -26.33% | 46.79% | -1.98% | 27.09% | -7.41% | 5.65% |
Returns By Period
In the year-to-date period, TAREX achieves a -10.02% return, which is significantly lower than PHRAX's 4.52% return. Over the past 10 years, TAREX has underperformed PHRAX with an annualized return of 4.16%, while PHRAX has yielded a comparatively higher 5.51% annualized return.
TAREX
- 1D
- 2.21%
- 1M
- -10.74%
- YTD
- -10.02%
- 6M
- -12.07%
- 1Y
- 0.38%
- 3Y*
- 11.65%
- 5Y*
- 3.91%
- 10Y*
- 4.16%
PHRAX
- 1D
- 1.59%
- 1M
- -6.10%
- YTD
- 4.52%
- 6M
- 2.40%
- 1Y
- 4.42%
- 3Y*
- 7.54%
- 5Y*
- 4.70%
- 10Y*
- 5.51%
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TAREX vs. PHRAX - Expense Ratio Comparison
TAREX has a 1.15% expense ratio, which is lower than PHRAX's 1.36% expense ratio.
Return for Risk
TAREX vs. PHRAX — Risk / Return Rank
TAREX
PHRAX
TAREX vs. PHRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Third Avenue Real Estate Value Fund (TAREX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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.
| TAREX | PHRAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.06 | 0.28 | -0.22 |
Sortino ratioReturn per unit of downside risk | 0.20 | 0.49 | -0.29 |
Omega ratioGain probability vs. loss probability | 1.03 | 1.07 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.06 | 0.45 | -0.39 |
Martin ratioReturn relative to average drawdown | 0.22 | 1.79 | -1.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TAREX | PHRAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.06 | 0.28 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.25 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | 0.26 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.39 | +0.07 |
Correlation
The correlation between TAREX and PHRAX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TAREX vs. PHRAX - Dividend Comparison
TAREX's dividend yield for the trailing twelve months is around 6.31%, more than PHRAX's 5.66% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TAREX Third Avenue Real Estate Value Fund | 6.31% | 5.68% | 6.59% | 5.28% | 8.76% | 9.03% | 0.99% | 18.22% | 11.07% | 1.06% | 1.80% | 5.60% |
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 5.66% | 5.93% | 8.39% | 12.35% | 11.12% | 4.45% | 5.58% | 21.34% | 19.03% | 18.54% | 21.22% | 20.04% |
Drawdowns
TAREX vs. PHRAX - Drawdown Comparison
The maximum TAREX drawdown since its inception was -67.68%, smaller than the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for TAREX and PHRAX.
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Drawdown Indicators
| TAREX | PHRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.68% | -72.56% | +4.88% |
Max Drawdown (1Y)Largest decline over 1 year | -15.81% | -12.50% | -3.31% |
Max Drawdown (5Y)Largest decline over 5 years | -31.89% | -33.51% | +1.62% |
Max Drawdown (10Y)Largest decline over 10 years | -44.73% | -42.00% | -2.73% |
Current DrawdownCurrent decline from peak | -13.79% | -6.10% | -7.69% |
Average DrawdownAverage peak-to-trough decline | -11.19% | -11.42% | +0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.39% | 3.13% | +1.26% |
Volatility
TAREX vs. PHRAX - Volatility Comparison
Third Avenue Real Estate Value Fund (TAREX) has a higher volatility of 6.04% compared to Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) at 4.54%. This indicates that TAREX's price experiences larger fluctuations and is considered to be riskier than PHRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAREX | PHRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.04% | 4.54% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 10.82% | 9.20% | +1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.48% | 16.54% | +0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.24% | 19.11% | -0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.68% | 20.98% | -2.30% |