AP-UN.TO vs. FCR-UN.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Allied Properties Real Estate Investment Trust (AP-UN.TO) and First Capital Real Estate Investment Trust (FCR-UN.TO).

Performance

AP-UN.TO vs. FCR-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Allied Properties Real Estate Investment Trust (AP-UN.TO) and First Capital Real Estate Investment Trust (FCR-UN.TO). The values are adjusted to include any dividend payments, if applicable.

AP-UN.TO vs. FCR-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AP-UN.TO Allied Properties Real Estate Investment Trust	-30.62%	-13.47%	-5.92%	-12.14%	-38.62%	20.95%	-24.39%	21.30%	9.29%	21.85%
FCR-UN.TO First Capital Real Estate Investment Trust	9.92%	17.08%	16.59%	-3.27%	-7.64%	42.71%	-30.44%	13.36%	-4.95%	4.62%

Fundamentals

Market Cap AP-UN.TO : CA$1.28B FCR-UN.TO : CA$4.38B
EPS AP-UN.TO : -CA$9.50 FCR-UN.TO : CA$4.99
PS Ratio AP-UN.TO : 2.17 FCR-UN.TO : 5.91
PB Ratio AP-UN.TO : 0.32 FCR-UN.TO : 0.91
Total Revenue (TTM) AP-UN.TO : CA$592.38M FCR-UN.TO : CA$743.81M
Gross Profit (TTM) AP-UN.TO : CA$313.21M FCR-UN.TO : CA$470.51M
EBITDA (TTM) AP-UN.TO : -CA$1.19B FCR-UN.TO : CA$447.26M

Returns By Period

In the year-to-date period, AP-UN.TO achieves a -30.62% return, which is significantly lower than FCR-UN.TO's 9.92% return. Over the past 10 years, AP-UN.TO has underperformed FCR-UN.TO with an annualized return of -7.12%, while FCR-UN.TO has yielded a comparatively higher 4.37% annualized return.

AP-UN.TO

• 1D: 0.99%
• 1M: -3.47%
• YTD: -30.62%
• 6M: -54.09%
• 1Y: -38.83%
• 3Y*: -19.95%
• 5Y*: -19.48%
• 10Y*: -7.12%

FCR-UN.TO

• 1D: 1.28%
• 1M: -3.60%
• YTD: 9.92%
• 6M: 6.31%
• 1Y: 30.60%
• 3Y*: 15.26%
• 5Y*: 9.30%
• 10Y*: 4.37%

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

Return for Risk

AP-UN.TO vs. FCR-UN.TO — Risk / Return Rank

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

AP-UN.TO

AP-UN.TO Risk / Return Rank: 12
AP-UN.TO Sharpe Ratio Rank: 7
AP-UN.TO Sortino Ratio Rank: 12
AP-UN.TO Omega Ratio Rank: 7
AP-UN.TO Calmar Ratio Rank: 19
AP-UN.TO Martin Ratio Rank: 15

FCR-UN.TO

FCR-UN.TO Risk / Return Rank: 89
FCR-UN.TO Sharpe Ratio Rank: 90
FCR-UN.TO Sortino Ratio Rank: 88
FCR-UN.TO Omega Ratio Rank: 84
FCR-UN.TO Calmar Ratio Rank: 91
FCR-UN.TO Martin Ratio Rank: 92

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.

AP-UN.TO vs. FCR-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allied Properties Real Estate Investment Trust (AP-UN.TO) and First Capital Real Estate Investment Trust (FCR-UN.TO). 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.

	AP-UN.TO	FCR-UN.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.89	1.88	-2.77
Sortino ratio Return per unit of downside risk	-0.97	2.62	-3.59
Omega ratio Gain probability vs. loss probability	0.81	1.32	-0.51
Calmar ratio Return relative to maximum drawdown	-0.67	3.99	-4.66
Martin ratio Return relative to average drawdown	-1.34	12.71	-14.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AP-UN.TO vs. FCR-UN.TO - Sharpe Ratio Comparison

The current AP-UN.TO Sharpe Ratio is -0.89, which is lower than the FCR-UN.TO Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of AP-UN.TO and FCR-UN.TO, 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

	AP-UN.TO	FCR-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	1.88	-2.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	0.47	-1.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.26	0.20	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.35	-0.10

Correlation

The correlation between AP-UN.TO and FCR-UN.TO is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AP-UN.TO vs. FCR-UN.TO - Dividend Comparison

AP-UN.TO's dividend yield for the trailing twelve months is around 15.03%, more than FCR-UN.TO's 3.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AP-UN.TO Allied Properties Real Estate Investment Trust	15.03%	12.79%	10.50%	11.30%	6.84%	3.88%	4.38%	3.07%	3.53%	3.65%	4.18%	4.65%
FCR-UN.TO First Capital Real Estate Investment Trust	3.97%	4.70%	5.09%	5.63%	3.43%	2.29%	6.38%	3.47%	4.56%	4.15%	4.16%	4.69%

Drawdowns

AP-UN.TO vs. FCR-UN.TO - Drawdown Comparison

The maximum AP-UN.TO drawdown since its inception was -76.72%, which is greater than FCR-UN.TO's maximum drawdown of -63.96%. Use the drawdown chart below to compare losses from any high point for AP-UN.TO and FCR-UN.TO.

Drawdown Indicators

	AP-UN.TO	FCR-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-76.72%	-63.96%	-12.76%
Max Drawdown (1Y) Largest decline over 1 year	-58.74%	-7.71%	-51.03%
Max Drawdown (5Y) Largest decline over 5 years	-73.59%	-29.38%	-44.21%
Max Drawdown (10Y) Largest decline over 10 years	-76.72%	-49.80%	-26.92%
Current Drawdown Current decline from peak	-75.88%	-3.60%	-72.28%
Average Drawdown Average peak-to-trough decline	-16.94%	-15.37%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.23%	2.42%	+26.81%

Volatility

AP-UN.TO vs. FCR-UN.TO - Volatility Comparison

Allied Properties Real Estate Investment Trust (AP-UN.TO) has a higher volatility of 5.97% compared to First Capital Real Estate Investment Trust (FCR-UN.TO) at 5.02%. This indicates that AP-UN.TO's price experiences larger fluctuations and is considered to be riskier than FCR-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AP-UN.TO	FCR-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.97%	5.02%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	43.47%	11.33%	+32.14%
Volatility (1Y) Calculated over the trailing 1-year period	43.81%	16.36%	+27.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.15%	19.80%	+10.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.33%	22.36%	+4.97%

Financials