TAVFX vs. REIFX
TAVFX (Third Avenue Value Fund) and REIFX (Third Avenue International Real Estate Value Fund) are both mutual funds - TAVFX is a Global Equities fund managed by Third Avenue, while REIFX is a REIT fund managed by Third Avenue. Over the past 10 years, TAVFX returned 11.06%/yr vs 7.29%/yr for REIFX. A 0.56 correlation means they provide meaningful diversification when combined. TAVFX charges 1.15%/yr vs 1.00%/yr for REIFX.
Performance
TAVFX vs. REIFX - Performance Comparison
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Returns By Period
In the year-to-date period, TAVFX achieves a 10.91% return, which is significantly higher than REIFX's -2.73% return. Over the past 10 years, TAVFX has outperformed REIFX with an annualized return of 11.06%, while REIFX has yielded a comparatively lower 7.29% annualized return.
TAVFX
- 1D
- -0.31%
- 1M
- -2.08%
- YTD
- 10.91%
- 6M
- 10.76%
- 1Y
- 38.11%
- 3Y*
- 18.25%
- 5Y*
- 15.02%
- 10Y*
- 11.06%
REIFX
- 1D
- 0.22%
- 1M
- -0.66%
- YTD
- -2.73%
- 6M
- -2.73%
- 1Y
- 1.95%
- 3Y*
- 8.08%
- 5Y*
- 2.78%
- 10Y*
- 7.29%
TAVFX vs. REIFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAVFX Third Avenue Value Fund | 10.91% | 35.93% | -2.43% | 20.26% | 17.46% | 22.39% | 7.76% | 12.95% | -25.95% | 8.81% |
REIFX Third Avenue International Real Estate Value Fund | -2.73% | 25.35% | -5.51% | 13.91% | -18.22% | 18.78% | 5.04% | 21.50% | -5.89% | 27.14% |
Correlation
The correlation between TAVFX and REIFX is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.56 |
The correlation between TAVFX and REIFX has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.
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Return for Risk
TAVFX vs. REIFX — Risk / Return Rank
TAVFX
REIFX
TAVFX vs. REIFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Third Avenue Value Fund (TAVFX) and Third Avenue International Real Estate Value Fund (REIFX). 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.
| TAVFX | REIFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.22 | ||
| Sortino ratioReturn per unit of downside risk | +2.90 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.05 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 0.18 | +3.16 |
| Martin ratioReturn relative to average drawdown | 13.26 | 0.45 | +12.81 |
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Drawdowns
TAVFX vs. REIFX - Drawdown Comparison
The maximum TAVFX drawdown since its inception was -66.11%, which is greater than REIFX's maximum drawdown of -37.61%. Use the drawdown chart below to compare losses from any high point for TAVFX and REIFX.
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Drawdown Indicators
| TAVFX | REIFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.11% | -37.61% | -28.50% |
Max Drawdown (1Y)Largest decline over 1 year | -11.48% | -14.58% | +3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -66.11% | -15.83% | -50.28% |
Max Drawdown (5Y)Largest decline over 5 years | -66.11% | -26.20% | -39.91% |
Max Drawdown (10Y)Largest decline over 10 years | -66.11% | -37.61% | -28.50% |
Current DrawdownCurrent decline from peak | -4.62% | -12.12% | +7.50% |
Average DrawdownAverage peak-to-trough decline | -9.56% | -6.90% | -2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 5.90% | -3.01% |
Volatility
TAVFX vs. REIFX - Volatility Comparison
Third Avenue Value Fund (TAVFX) has a higher volatility of 5.15% compared to Third Avenue International Real Estate Value Fund (REIFX) at 3.59%. This indicates that TAVFX's price experiences larger fluctuations and is considered to be riskier than REIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAVFX | REIFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 3.59% | +1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 11.52% | 10.81% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.84% | 13.00% | +2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.03% | 14.17% | +67.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.33% | 14.33% | +46.00% |
TAVFX vs. REIFX - Expense Ratio Comparison
TAVFX has a 1.15% expense ratio, which is higher than REIFX's 1.00% expense ratio.
Dividends
TAVFX vs. REIFX - Dividend Comparison
TAVFX's dividend yield for the trailing twelve months is around 6.25%, more than REIFX's 2.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REIFX Third Avenue International Real Estate Value Fund | 2.34% | 2.28% | 2.37% | 2.63% | 1.98% | 2.22% | 3.74% | 1.40% | 11.92% | 2.80% | 0.90% | 3.00% |
TAVFX Third Avenue Value Fund | 6.25% | 6.93% | 9.86% | 4.48% | 5.67% | 3.74% | 0.70% | 5.95% | 4.45% | 3.03% | 8.24% | 8.43% |
Frequently Asked Questions
TAVFX and REIFX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TAVFX has higher volatility (5.15%) compared to REIFX (3.59%). In terms of maximum drawdown, TAVFX dropped -66.11% vs REIFX's -37.61%.
TAVFX currently has the higher Sharpe Ratio (2.43 vs 0.20), 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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