TEQLX vs. TIREX

Last updated Aug 4, 2026

TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) and TIREX (TIAA-CREF Real Estate Securities Fund Institutional Class) are both mutual funds - TEQLX is a Emerging Markets Equities fund managed by TIAA, while TIREX is a REIT fund managed by TIAA. Over the past 10 years, TEQLX returned 8.80%/yr vs 6.24%/yr for TIREX. Their 0.43 correlation means their historical movements had little consistent relationship. TEQLX charges 0.19%/yr vs 0.47%/yr for TIREX.

Performance

TEQLX vs. TIREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) and TIAA-CREF Real Estate Securities Fund Institutional Class (TIREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEQLX achieves a 18.66% return, which is significantly higher than TIREX's 15.22% return. Over the past 10 years, TEQLX has outperformed TIREX with an annualized return of 8.80%, while TIREX has yielded a comparatively lower 6.24% annualized return.

TEQLX

• 1D: 2.08%
• 1M: -1.42%
• 6M: 9.89%
• YTD: 18.66%
• 1Y: 37.21%
• 3Y*: 18.77%
• 5Y*: 7.42%
• 10Y*: 8.80%
• ALL TIME*: 5.53%

TIREX

• 1D: -0.59%
• 1M: 0.95%
• 6M: 14.51%
• YTD: 15.22%
• 1Y: 18.41%
• 3Y*: 9.55%
• 5Y*: 1.98%
• 10Y*: 6.24%
• ALL TIME*: 9.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	$0.00	$0.00	$0.00
TIREX TIAA-CREF Real Estate Securities Fund Institutional Class	$0.00	$0.00	$0.00

TEQLX vs. TIREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	18.66%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%
TIREX TIAA-CREF Real Estate Securities Fund Institutional Class	15.22%	2.10%	5.30%	12.16%	-28.74%	39.39%	1.29%	31.09%	-4.06%	11.73%

Correlation

The correlation between TEQLX and TIREX is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.02
Correlation (3Y) Balances recent behavior with more history.	0.23
Correlation (5Y) Shows whether the relationship held over a longer period.	0.33
Correlation (10Y) Provides a long-term view across more market conditions.	0.35
Correlation (All Time) Calculated using the full available price history since Aug 31, 2010	0.43

Over the past year, the correlation between TEQLX and TIREX has dropped to 0.02 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

Return for Risk

TEQLX vs. TIREX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TEQLX

TEQLX Risk / Return Rank: 58
TEQLX Sharpe Ratio Rank: 56
TEQLX Sortino Ratio Rank: 47
TEQLX Omega Ratio Rank: 60
TEQLX Calmar Ratio Rank: 74
TEQLX Martin Ratio Rank: 55

TIREX

TIREX Risk / Return Rank: 46
TIREX Sharpe Ratio Rank: 42
TIREX Sortino Ratio Rank: 41
TIREX Omega Ratio Rank: 39
TIREX Calmar Ratio Rank: 56
TIREX Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TEQLX vs. TIREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) and TIAA-CREF Real Estate Securities Fund Institutional Class (TIREX). 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.

	TEQLX	TIREX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.34	+0.21
Sortino ratio: Return per unit of downside risk	2.03	1.90	+0.13
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	2.49	2.12	+0.37
Martin ratio: Return relative to average drawdown	7.94	7.66	+0.28

TEQLX vs. TIREX - Sharpe Ratio Comparison

The current TEQLX Sharpe Ratio is 1.54, which is comparable to the TIREX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of TEQLX and TIREX, 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

TEQLX vs. TIREX - Drawdown Comparison

The maximum TEQLX drawdown since its inception was -39.33%, smaller than the maximum TIREX drawdown of -74.18%. Use the drawdown chart below to compare losses from any high point for TEQLX and TIREX.

Drawdown Indicators

	TEQLX	TIREX	Difference
Max Drawdown Largest peak-to-trough decline	-39.33%	-74.18%	+34.85%
Max Drawdown (1Y) Largest decline over 1 year	-14.29%	-8.55%	-5.74%
Max Drawdown (3Y) Largest decline over 3 years	-15.97%	-17.95%	+1.98%
Max Drawdown (5Y) Largest decline over 5 years	-34.45%	-35.67%	+1.22%
Max Drawdown (10Y) Largest decline over 10 years	-39.33%	-39.26%	-0.07%
Current Drawdown Current decline from peak	-9.11%	-2.69%	-6.42%
Average Drawdown Average peak-to-trough decline	-14.52%	-13.41%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	2.37%	+2.10%

Volatility

TEQLX vs. TIREX - Volatility Comparison

TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) has a higher volatility of 9.80% compared to TIAA-CREF Real Estate Securities Fund Institutional Class (TIREX) at 4.42%. This indicates that TEQLX's price experiences larger fluctuations and is considered to be riskier than TIREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEQLX	TIREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.80%	4.42%	+5.38%
Volatility (6M) Calculated over the trailing 6-month period	21.21%	10.80%	+10.41%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	13.64%	+9.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	18.89%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	20.19%	-2.04%

TEQLX vs. TIREX - Expense Ratio Comparison

TEQLX has a 0.19% expense ratio, which is lower than TIREX's 0.47% expense ratio.

Dividends

TEQLX vs. TIREX - Dividend Comparison

TEQLX's dividend yield for the trailing twelve months is around 2.38%, which matches TIREX's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.38%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%
TIREX TIAA-CREF Real Estate Securities Fund Institutional Class	2.38%	3.56%	3.08%	2.71%	5.13%	3.07%	1.80%	6.18%	3.54%	7.20%	4.16%	5.65%

Frequently Asked Questions

Can I hold both TEQLX and TIREX in my portfolio?

TEQLX and TIREX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEQLX or TIREX?

TEQLX has higher volatility (9.80%) compared to TIREX (4.42%). In terms of maximum drawdown, TEQLX dropped -39.33% vs TIREX's -74.18%.

Which has better risk-adjusted returns?

TEQLX currently has the higher Sharpe Ratio (1.54 vs 1.33), 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.