VGSLX vs. FRESX
VGSLX (Vanguard Real Estate Index Fund Admiral Shares) and FRESX (Fidelity Real Estate Investment Portfolio) are both REIT funds. Over the past 10 years, VGSLX returned 5.16%/yr vs 5.16%/yr for FRESX. With a 0.99 correlation, they move nearly in lockstep. VGSLX charges 0.13%/yr vs 0.71%/yr for FRESX.
Performance
VGSLX vs. FRESX - Performance Comparison
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Returns By Period
In the year-to-date period, VGSLX achieves a 9.18% return, which is significantly lower than FRESX's 11.41% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: VGSLX at 5.16% and FRESX at 5.16%.
VGSLX
- 1D
- -0.03%
- 1M
- -1.24%
- YTD
- 9.18%
- 6M
- 9.43%
- 1Y
- 10.58%
- 3Y*
- 8.72%
- 5Y*
- 2.56%
- 10Y*
- 5.16%
FRESX
- 1D
- -0.07%
- 1M
- -0.99%
- YTD
- 11.41%
- 6M
- 11.89%
- 1Y
- 11.31%
- 3Y*
- 9.05%
- 5Y*
- 3.52%
- 10Y*
- 5.16%
VGSLX vs. FRESX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSLX Vanguard Real Estate Index Fund Admiral Shares | 9.18% | 3.18% | 3.67% | 13.13% | -26.20% | 40.39% | -4.75% | 28.90% | -5.99% | 4.91% |
FRESX Fidelity Real Estate Investment Portfolio | 11.41% | 2.54% | 5.87% | 10.82% | -24.36% | 42.34% | -7.93% | 25.22% | -4.48% | 4.28% |
Correlation
The correlation between VGSLX and FRESX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.99 |
The correlation between VGSLX and FRESX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
VGSLX vs. FRESX — Risk / Return Rank
VGSLX
FRESX
VGSLX vs. FRESX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Admiral Shares (VGSLX) and Fidelity Real Estate Investment Portfolio (FRESX). 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.
| VGSLX | FRESX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.15 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 1.45 | -0.18 |
| Martin ratioReturn relative to average drawdown | 3.98 | 4.15 | -0.17 |
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Drawdowns
VGSLX vs. FRESX - Drawdown Comparison
The maximum VGSLX drawdown since its inception was -73.05%, roughly equal to the maximum FRESX drawdown of -76.34%. Use the drawdown chart below to compare losses from any high point for VGSLX and FRESX.
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Drawdown Indicators
| VGSLX | FRESX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.05% | -76.34% | +3.29% |
Max Drawdown (1Y)Largest decline over 1 year | -8.33% | -7.78% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -17.41% | -16.44% | -0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -34.41% | -32.13% | -2.28% |
Max Drawdown (10Y)Largest decline over 10 years | -42.34% | -40.93% | -1.41% |
Current DrawdownCurrent decline from peak | -3.02% | -2.89% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -12.56% | -11.11% | -1.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 2.71% | -0.06% |
Volatility
VGSLX vs. FRESX - Volatility Comparison
Vanguard Real Estate Index Fund Admiral Shares (VGSLX) and Fidelity Real Estate Investment Portfolio (FRESX) have volatilities of 5.10% and 5.12%, 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.
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Volatility by Period
| VGSLX | FRESX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.10% | 5.12% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 10.12% | 10.03% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.76% | 13.87% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.93% | 18.78% | +0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.88% | 20.59% | +0.29% |
VGSLX vs. FRESX - Expense Ratio Comparison
VGSLX has a 0.13% expense ratio, which is lower than FRESX's 0.71% expense ratio.
Dividends
VGSLX vs. FRESX - Dividend Comparison
VGSLX's dividend yield for the trailing twelve months is around 3.65%, less than FRESX's 4.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRESX Fidelity Real Estate Investment Portfolio | 4.21% | 4.64% | 5.58% | 6.95% | 10.16% | 3.70% | 4.77% | 6.91% | 4.23% | 4.00% | 4.90% | 6.09% |
VGSLX Vanguard Real Estate Index Fund Admiral Shares | 3.65% | 3.92% | 3.85% | 3.91% | 3.91% | 2.56% | 3.92% | 3.39% | 4.73% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
With a correlation of 0.99, VGSLX and FRESX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FRESX has higher volatility (5.12%) compared to VGSLX (5.10%). In terms of maximum drawdown, VGSLX dropped -73.05% vs FRESX's -76.34%.
FRESX currently has the higher Sharpe Ratio (0.81 vs 0.77), 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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