TIREX vs. TSMWX

Last updated Apr 2, 2026

Compare and contrast key facts about TIAA-CREF Real Estate Securities Fund Institutional Class (TIREX) and TIAA-CREF Quant Small/Mid-Cap Equity Fund (TSMWX).

TIREX is managed by TIAA Investments. It was launched on Oct 1, 2002. TSMWX is managed by TIAA Investments. It was launched on Aug 5, 2016.

Performance

TIREX vs. TSMWX - 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 Quant Small/Mid-Cap Equity Fund (TSMWX). The values are adjusted to include any dividend payments, if applicable.

TIREX vs. TSMWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TIREX TIAA-CREF Real Estate Securities Fund Institutional Class	2.59%	2.10%	5.30%	12.16%	-28.74%	39.39%	1.29%	31.09%	-4.06%	11.43%
TSMWX TIAA-CREF Quant Small/Mid-Cap Equity Fund	2.23%	16.07%	18.33%	20.97%	-16.46%	32.06%	15.98%	30.01%	-7.82%	17.44%

Returns By Period

In the year-to-date period, TIREX achieves a 2.59% return, which is significantly higher than TSMWX's 2.23% return.

TIREX

• 1D: 1.56%
• 1M: -6.86%
• YTD: 2.59%
• 6M: 1.13%
• 1Y: 3.40%
• 3Y*: 6.60%
• 5Y*: 2.28%
• 10Y*: 5.75%

TSMWX

• 1D: 3.55%
• 1M: -5.09%
• YTD: 2.23%
• 6M: 4.19%
• 1Y: 26.32%
• 3Y*: 17.80%
• 5Y*: 9.67%
• 10Y*: —

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

TIREX vs. TSMWX - Expense Ratio Comparison

Both TIREX and TSMWX have an expense ratio of 0.47%.

TIREX

TIAA-CREF Real Estate Securities Fund Institutional Class

TSMWX

TIAA-CREF Quant Small/Mid-Cap Equity Fund

Return for Risk

TIREX vs. TSMWX — Risk / Return Rank

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

TIREX

TIREX Risk / Return Rank: 10
TIREX Sharpe Ratio Rank: 9
TIREX Sortino Ratio Rank: 8
TIREX Omega Ratio Rank: 8
TIREX Calmar Ratio Rank: 12
TIREX Martin Ratio Rank: 14

TSMWX

TSMWX Risk / Return Rank: 67
TSMWX Sharpe Ratio Rank: 64
TSMWX Sortino Ratio Rank: 66
TSMWX Omega Ratio Rank: 59
TSMWX Calmar Ratio Rank: 69
TSMWX Martin Ratio Rank: 75

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. TSMWX - 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 Quant Small/Mid-Cap Equity Fund (TSMWX). 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.

	TIREX	TSMWX	Difference
Sharpe ratio Return per unit of total volatility	0.22	1.21	-0.99
Sortino ratio Return per unit of downside risk	0.41	1.77	-1.36
Omega ratio Gain probability vs. loss probability	1.06	1.24	-0.19
Calmar ratio Return relative to maximum drawdown	0.37	1.75	-1.38
Martin ratio Return relative to average drawdown	1.52	7.75	-6.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIREX vs. TSMWX - Sharpe Ratio Comparison

The current TIREX Sharpe Ratio is 0.22, which is lower than the TSMWX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of TIREX and TSMWX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TIREX	TSMWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	1.21	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.47	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.58	-0.26

Correlation

The correlation between TIREX and TSMWX is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TIREX vs. TSMWX - Dividend Comparison

TIREX's dividend yield for the trailing twelve months is around 2.68%, less than TSMWX's 8.72% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TIREX TIAA-CREF Real Estate Securities Fund Institutional Class	2.68%	3.56%	3.08%	2.71%	5.13%	3.07%	1.80%	6.18%	3.54%	7.20%	4.16%	5.65%
TSMWX TIAA-CREF Quant Small/Mid-Cap Equity Fund	8.72%	8.92%	12.84%	2.50%	7.84%	20.81%	1.81%	5.84%	13.26%	4.51%	0.00%	0.00%

Drawdowns

TIREX vs. TSMWX - Drawdown Comparison

The maximum TIREX drawdown since its inception was -74.18%, which is greater than TSMWX's maximum drawdown of -44.34%. Use the drawdown chart below to compare losses from any high point for TIREX and TSMWX.

Drawdown Indicators

	TIREX	TSMWX	Difference
Max Drawdown Largest peak-to-trough decline	-74.18%	-44.34%	-29.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-13.92%	+1.54%
Max Drawdown (5Y) Largest decline over 5 years	-35.67%	-25.87%	-9.80%
Max Drawdown (10Y) Largest decline over 10 years	-39.26%	—	—
Current Drawdown Current decline from peak	-11.84%	-5.54%	-6.30%
Average Drawdown Average peak-to-trough decline	-13.54%	-6.86%	-6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	3.14%	-0.17%

Volatility

TIREX vs. TSMWX - Volatility Comparison

The current volatility for TIAA-CREF Real Estate Securities Fund Institutional Class (TIREX) is 4.60%, while TIAA-CREF Quant Small/Mid-Cap Equity Fund (TSMWX) has a volatility of 7.69%. This indicates that TIREX experiences smaller price fluctuations and is considered to be less risky than TSMWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIREX	TSMWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	7.69%	-3.09%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	13.79%	-4.68%
Volatility (1Y) Calculated over the trailing 1-year period	16.12%	22.39%	-6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.84%	20.69%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	22.36%	-2.23%