VGSNX vs. FRIRX

Last updated Jun 4, 2026

VGSNX (Vanguard Real Estate Index Fund Institutional Shares) and FRIRX (Fidelity Advisor Real Estate Income Fund Class I) are both REIT funds. Over the past 10 years, VGSNX returned 5.22%/yr vs 5.32%/yr for FRIRX. Their correlation of 0.91 suggests significant overlap in exposure. VGSNX charges 0.10%/yr vs 0.71%/yr for FRIRX.

Performance

VGSNX vs. FRIRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and Fidelity Advisor Real Estate Income Fund Class I (FRIRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGSNX achieves a 7.95% return, which is significantly higher than FRIRX's 3.56% return. Both investments have delivered pretty close results over the past 10 years, with VGSNX having a 5.22% annualized return and FRIRX not far ahead at 5.32%.

VGSNX

• 1D: 0.44%
• 1M: -0.96%
• YTD: 7.95%
• 6M: 6.90%
• 1Y: 10.16%
• 3Y*: 9.20%
• 5Y*: 2.22%
• 10Y*: 5.22%

FRIRX

• 1D: 0.00%
• 1M: 0.24%
• YTD: 3.56%
• 6M: 3.93%
• 1Y: 8.17%
• 3Y*: 8.42%
• 5Y*: 3.63%
• 10Y*: 5.32%

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

VGSNX vs. FRIRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGSNX Vanguard Real Estate Index Fund Institutional Shares	7.95%	3.21%	3.72%	13.12%	-26.19%	40.46%	-4.76%	28.98%	-5.97%	4.90%
FRIRX Fidelity Advisor Real Estate Income Fund Class I	3.56%	7.10%	7.89%	9.36%	-14.59%	18.98%	-1.08%	17.89%	-1.81%	6.23%

Correlation

The correlation between VGSNX and FRIRX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 21, 2010	0.91

The correlation between VGSNX and FRIRX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

VGSNX vs. FRIRX — Risk / Return Rank

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

VGSNX

VGSNX Risk / Return Rank: 10
VGSNX Sharpe Ratio Rank: 9
VGSNX Sortino Ratio Rank: 9
VGSNX Omega Ratio Rank: 9
VGSNX Calmar Ratio Rank: 12
VGSNX Martin Ratio Rank: 13

FRIRX

FRIRX Risk / Return Rank: 47
FRIRX Sharpe Ratio Rank: 47
FRIRX Sortino Ratio Rank: 48
FRIRX Omega Ratio Rank: 51
FRIRX Calmar Ratio Rank: 40
FRIRX Martin Ratio Rank: 51

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.

VGSNX vs. FRIRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and Fidelity Advisor Real Estate Income Fund Class I (FRIRX). 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.

	VGSNX	FRIRX	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.03	-1.27
Sortino ratio: Return per unit of downside risk	1.11	2.91	-1.81
Omega ratio: Gain probability vs. loss probability	1.14	1.39	-0.25
Calmar ratio: Return relative to maximum drawdown	1.19	2.39	-1.20
Martin ratio: Return relative to average drawdown	3.75	10.42	-6.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGSNX vs. FRIRX - Sharpe Ratio Comparison

The current VGSNX Sharpe Ratio is 0.75, which is lower than the FRIRX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of VGSNX and FRIRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VGSNX	FRIRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	2.03	-1.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.56	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.56	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.81	-0.53

Drawdowns

VGSNX vs. FRIRX - Drawdown Comparison

The maximum VGSNX drawdown since its inception was -73.06%, which is greater than FRIRX's maximum drawdown of -34.50%. Use the drawdown chart below to compare losses from any high point for VGSNX and FRIRX.

Drawdown Indicators

	VGSNX	FRIRX	Difference
Max Drawdown Largest peak-to-trough decline	-73.06%	-34.50%	-38.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-3.43%	-4.91%
Max Drawdown (3Y) Largest decline over 3 years	-17.41%	-7.28%	-10.13%
Max Drawdown (5Y) Largest decline over 5 years	-34.39%	-18.18%	-16.21%
Max Drawdown (10Y) Largest decline over 10 years	-42.30%	-34.50%	-7.80%
Current Drawdown Current decline from peak	-3.52%	-0.48%	-3.04%
Average Drawdown Average peak-to-trough decline	-13.29%	-3.27%	-10.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	0.79%	+1.85%

Volatility

VGSNX vs. FRIRX - Volatility Comparison

Vanguard Real Estate Index Fund Institutional Shares (VGSNX) has a higher volatility of 3.75% compared to Fidelity Advisor Real Estate Income Fund Class I (FRIRX) at 1.28%. This indicates that VGSNX's price experiences larger fluctuations and is considered to be riskier than FRIRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGSNX	FRIRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	1.28%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	9.32%	3.14%	+6.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	4.05%	+9.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.87%	6.50%	+12.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.91%	9.50%	+11.41%

VGSNX vs. FRIRX - Expense Ratio Comparison

VGSNX has a 0.10% expense ratio, which is lower than FRIRX's 0.71% expense ratio.

Dividends

VGSNX vs. FRIRX - Dividend Comparison

VGSNX's dividend yield for the trailing twelve months is around 3.71%, less than FRIRX's 4.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIRX Fidelity Advisor Real Estate Income Fund Class I	4.49%	4.62%	4.68%	5.01%	6.08%	1.48%	4.80%	5.70%	5.10%	4.43%	5.05%	3.69%
VGSNX Vanguard Real Estate Index Fund Institutional Shares	3.71%	3.94%	3.87%	3.93%	3.94%	2.57%	3.95%	3.40%	4.75%	4.26%	4.84%	3.94%

Frequently Asked Questions

Can I hold both VGSNX and FRIRX in my portfolio?

VGSNX and FRIRX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGSNX or FRIRX?

VGSNX has higher volatility (3.75%) compared to FRIRX (1.28%). In terms of maximum drawdown, VGSNX dropped -73.06% vs FRIRX's -34.50%.

Which has better risk-adjusted returns?

FRIRX currently has the higher Sharpe Ratio (2.03 vs 0.75), 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.