TIREX vs. TCIEX

Last updated Jun 26, 2026

TIREX (TIAA-CREF Real Estate Securities Fund Institutional Class) and TCIEX (TIAA-CREF International Equity Index Fund Institutional Class) are both mutual funds - TIREX is a REIT fund managed by TIAA Investments, while TCIEX is a Large Cap Blend Equities fund tracking the MSCI EAFE Index. Over the past 10 years, TIREX returned 6.80%/yr vs 9.97%/yr for TCIEX. A 0.53 correlation means they provide meaningful diversification when combined. TIREX charges 0.47%/yr vs 0.05%/yr for TCIEX.

Performance

TIREX vs. TCIEX - Performance Comparison

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

Returns By Period

In the year-to-date period, TIREX achieves a 13.31% return, which is significantly higher than TCIEX's 8.26% return. Over the past 10 years, TIREX has underperformed TCIEX with an annualized return of 6.80%, while TCIEX has yielded a comparatively higher 9.97% annualized return.

TIREX

• 1D: 0.05%
• 1M: 0.35%
• YTD: 13.31%
• 6M: 12.80%
• 1Y: 16.00%
• 3Y*: 11.51%
• 5Y*: 2.08%
• 10Y*: 6.80%

TCIEX

• 1D: -0.20%
• 1M: -1.18%
• YTD: 8.26%
• 6M: 7.79%
• 1Y: 20.69%
• 3Y*: 16.70%
• 5Y*: 8.54%
• 10Y*: 9.97%

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

TIREX vs. TCIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TIREX TIAA-CREF Real Estate Securities Fund Institutional Class	13.31%	2.10%	5.30%	12.16%	-28.74%	39.39%	1.29%	31.09%	-4.06%	11.73%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	8.26%	31.55%	3.69%	18.21%	-14.19%	11.30%	8.13%	21.82%	-13.27%	25.34%

Correlation

The correlation between TIREX and TCIEX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	0.53

The correlation between TIREX and TCIEX shifts across timeframes, from 0.40 (1 year) to 0.55 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TIREX vs. TCIEX — Risk / Return Rank

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

TIREX

TIREX Risk / Return Rank: 20
TIREX Sharpe Ratio Rank: 17
TIREX Sortino Ratio Rank: 16
TIREX Omega Ratio Rank: 16
TIREX Calmar Ratio Rank: 25
TIREX Martin Ratio Rank: 26

TCIEX

TCIEX Risk / Return Rank: 31
TCIEX Sharpe Ratio Rank: 29
TCIEX Sortino Ratio Rank: 29
TCIEX Omega Ratio Rank: 29
TCIEX Calmar Ratio Rank: 31
TCIEX Martin Ratio Rank: 34

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.

TIREX vs. TCIEX - Risk-Adjusted Trends Comparison

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

	TIREX	TCIEX	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.30	-0.33
Sortino ratio: Return per unit of downside risk	1.37	1.88	-0.51
Omega ratio: Gain probability vs. loss probability	1.17	1.24	-0.06
Calmar ratio: Return relative to maximum drawdown	1.54	1.79	-0.25
Martin ratio: Return relative to average drawdown	5.27	6.66	-1.39

TIREX vs. TCIEX - Sharpe Ratio Comparison

The current TIREX Sharpe Ratio is 0.97, which is comparable to the TCIEX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of TIREX and TCIEX, 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

TIREX vs. TCIEX - Drawdown Comparison

The maximum TIREX drawdown since its inception was -74.18%, which is greater than TCIEX's maximum drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for TIREX and TCIEX.

Drawdown Indicators

	TIREX	TCIEX	Difference
Max Drawdown Largest peak-to-trough decline	-74.18%	-59.27%	-14.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-11.35%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-17.95%	-13.58%	-4.37%
Max Drawdown (5Y) Largest decline over 5 years	-35.67%	-29.25%	-6.42%
Max Drawdown (10Y) Largest decline over 10 years	-39.26%	-33.58%	-5.68%
Current Drawdown Current decline from peak	-2.63%	-2.27%	-0.36%
Average Drawdown Average peak-to-trough decline	-13.46%	-10.56%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	3.04%	-0.52%

Volatility

TIREX vs. TCIEX - Volatility Comparison

TIAA-CREF Real Estate Securities Fund Institutional Class (TIREX) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) have volatilities of 5.24% and 5.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIREX	TCIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	5.26%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	10.35%	13.04%	-2.69%
Volatility (1Y) Calculated over the trailing 1-year period	13.58%	15.66%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	16.21%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.18%	16.43%	+3.75%

TIREX vs. TCIEX - Expense Ratio Comparison

TIREX has a 0.47% expense ratio, which is higher than TCIEX's 0.05% expense ratio.

Dividends

TIREX vs. TCIEX - Dividend Comparison

TIREX's dividend yield for the trailing twelve months is around 2.43%, less than TCIEX's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	3.59%	3.89%	3.17%	3.14%	2.82%	3.02%	1.96%	3.08%	3.42%	2.78%	2.95%	3.06%
TIREX TIAA-CREF Real Estate Securities Fund Institutional Class	2.43%	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 TIREX and TCIEX in my portfolio?

TIREX and TCIEX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIREX or TCIEX?

TCIEX has higher volatility (5.26%) compared to TIREX (5.24%). In terms of maximum drawdown, TIREX dropped -74.18% vs TCIEX's -59.27%.

Which has better risk-adjusted returns?

TCIEX currently has the higher Sharpe Ratio (1.30 vs 0.97), 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.