TAREX vs. SOAAX

Last updated Jul 14, 2026

TAREX (Third Avenue Real Estate Value Fund) and SOAAX (Spirit of America Real Estate Income & Growth Fund) are both REIT funds. Over the past 10 years, TAREX returned 4.15%/yr vs 4.81%/yr for SOAAX. A 0.72 correlation means they provide meaningful diversification when combined. TAREX charges 1.15%/yr vs 1.52%/yr for SOAAX.

Performance

TAREX vs. SOAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Third Avenue Real Estate Value Fund (TAREX) and Spirit of America Real Estate Income & Growth Fund (SOAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAREX achieves a -5.76% return, which is significantly lower than SOAAX's 16.40% return. Over the past 10 years, TAREX has underperformed SOAAX with an annualized return of 4.15%, while SOAAX has yielded a comparatively higher 4.81% 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%

SOAAX

• 1D: 0.23%
• 1M: 0.32%
• 6M: 14.67%
• YTD: 16.40%
• 1Y: 16.29%
• 3Y*: 8.90%
• 5Y*: 2.67%
• 10Y*: 4.81%

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

TAREX vs. SOAAX - 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%
SOAAX Spirit of America Real Estate Income & Growth Fund	16.40%	-0.90%	7.57%	9.60%	-28.40%	42.01%	-5.06%	28.09%	-6.82%	6.80%

Correlation

The correlation between TAREX and SOAAX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	0.72

The correlation between TAREX and SOAAX has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

Return for Risk

TAREX vs. SOAAX — Risk / Return Rank

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

TAREX

TAREX Risk / Return Rank: 2
TAREX Sharpe Ratio Rank: 2
TAREX Sortino Ratio Rank: 2
TAREX Omega Ratio Rank: 2
TAREX Calmar Ratio Rank: 2
TAREX Martin Ratio Rank: 2

SOAAX

SOAAX Risk / Return Rank: 35
SOAAX Sharpe Ratio Rank: 32
SOAAX Sortino Ratio Rank: 29
SOAAX Omega Ratio Rank: 29
SOAAX Calmar Ratio Rank: 47
SOAAX Martin Ratio Rank: 36

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.

TAREX vs. SOAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Third Avenue Real Estate Value Fund (TAREX) and Spirit of America Real Estate Income & Growth Fund (SOAAX). 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	SOAAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	1.23	-1.39
Sortino ratio: Return per unit of downside risk	-0.13	1.70	-1.83
Omega ratio: Gain probability vs. loss probability	0.99	1.22	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.16	2.11	-2.27
Martin ratio: Return relative to average drawdown	-0.39	6.33	-6.72

TAREX vs. SOAAX - Sharpe Ratio Comparison

The current TAREX Sharpe Ratio is -0.16, which is lower than the SOAAX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of TAREX and SOAAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TAREX vs. SOAAX - Drawdown Comparison

The maximum TAREX drawdown since its inception was -67.68%, smaller than the maximum SOAAX drawdown of -78.19%. Use the drawdown chart below to compare losses from any high point for TAREX and SOAAX.

Drawdown Indicators

	TAREX	SOAAX	Difference
Max Drawdown Largest peak-to-trough decline	-67.68%	-78.19%	+10.51%
Max Drawdown (1Y) Largest decline over 1 year	-15.81%	-7.74%	-8.07%
Max Drawdown (3Y) Largest decline over 3 years	-19.88%	-19.29%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-31.89%	-36.03%	+4.14%
Max Drawdown (10Y) Largest decline over 10 years	-44.73%	-41.24%	-3.49%
Current Drawdown Current decline from peak	-9.71%	-2.64%	-7.07%
Average Drawdown Average peak-to-trough decline	-11.17%	-14.58%	+3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.46%	2.58%	+3.88%

Volatility

TAREX vs. SOAAX - Volatility Comparison

Third Avenue Real Estate Value Fund (TAREX) has a higher volatility of 4.62% compared to Spirit of America Real Estate Income & Growth Fund (SOAAX) at 4.27%. This indicates that TAREX's price experiences larger fluctuations and is considered to be riskier than SOAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAREX	SOAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	4.27%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	10.05%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	15.57%	13.30%	+2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.40%	18.26%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.66%	19.74%	-1.08%

TAREX vs. SOAAX - Expense Ratio Comparison

TAREX has a 1.15% expense ratio, which is lower than SOAAX's 1.52% expense ratio.

Dividends

TAREX vs. SOAAX - Dividend Comparison

TAREX's dividend yield for the trailing twelve months is around 6.03%, less than SOAAX's 9.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOAAX Spirit of America Real Estate Income & Growth Fund	9.57%	10.64%	9.53%	9.32%	9.32%	6.12%	8.13%	7.11%	8.47%	6.87%	7.18%	8.97%
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

Can I hold both TAREX and SOAAX in my portfolio?

TAREX and SOAAX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAREX or SOAAX?

TAREX has higher volatility (4.62%) compared to SOAAX (4.27%). In terms of maximum drawdown, TAREX dropped -67.68% vs SOAAX's -78.19%.

Which has better risk-adjusted returns?

SOAAX currently has the higher Sharpe Ratio (1.23 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.