CRED vs. FRI

Last updated Jun 4, 2026

CRED (Columbia Research Enhanced Real Estate ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - CRED tracks the Beta Advantage Lionstone Research Enhanced REIT Index - Benchmark TR Gross while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 3 years, CRED returned 8.84%/yr vs 11.09%/yr for FRI. Their correlation of 0.93 suggests significant overlap in exposure. CRED charges 0.33%/yr vs 0.50%/yr for FRI.

Performance

CRED vs. FRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Research Enhanced Real Estate ETF (CRED) and First Trust S&P REIT Index Fund (FRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CRED having a 12.18% return and FRI slightly lower at 11.90%.

CRED

• 1D: -0.33%
• 1M: 0.65%
• YTD: 12.18%
• 6M: 12.65%
• 1Y: 8.89%
• 3Y*: 8.84%
• 5Y*: —
• 10Y*: —

FRI

• 1D: 0.21%
• 1M: -0.46%
• YTD: 11.90%
• 6M: 10.60%
• 1Y: 14.73%
• 3Y*: 11.09%
• 5Y*: 4.41%
• 10Y*: 5.62%

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

CRED vs. FRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CRED Columbia Research Enhanced Real Estate ETF	12.18%	-2.30%	5.21%	13.18%
FRI First Trust S&P REIT Index Fund	11.90%	2.80%	7.84%	13.64%

Correlation

The correlation between CRED and FRI is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 27, 2023	0.93

The correlation between CRED and FRI has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

CRED vs. FRI - Sectors Allocation Comparison

Sectors	CRED	FRI
Real Estate	99.3%	96.2%
Financial Services	0.5%	2.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	0.8%

Return for Risk

CRED vs. FRI — Risk / Return Rank

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

CRED

CRED Risk / Return Rank: 21
CRED Sharpe Ratio Rank: 21
CRED Sortino Ratio Rank: 20
CRED Omega Ratio Rank: 20
CRED Calmar Ratio Rank: 24
CRED Martin Ratio Rank: 21

FRI

FRI Risk / Return Rank: 34
FRI Sharpe Ratio Rank: 31
FRI Sortino Ratio Rank: 29
FRI Omega Ratio Rank: 29
FRI Calmar Ratio Rank: 40
FRI Martin Ratio Rank: 39

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.

CRED vs. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced Real Estate ETF (CRED) and First Trust S&P REIT Index Fund (FRI). 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.

	CRED	FRI	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.13	-0.43
Sortino ratio: Return per unit of downside risk	1.02	1.59	-0.57
Omega ratio: Gain probability vs. loss probability	1.13	1.20	-0.07
Calmar ratio: Return relative to maximum drawdown	1.07	1.95	-0.88
Martin ratio: Return relative to average drawdown	2.42	6.21	-3.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CRED vs. FRI - Sharpe Ratio Comparison

The current CRED Sharpe Ratio is 0.70, which is lower than the FRI Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of CRED and FRI, 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

	CRED	FRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	1.13	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.24	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.18	+0.37

Drawdowns

CRED vs. FRI - Drawdown Comparison

The maximum CRED drawdown since its inception was -17.59%, smaller than the maximum FRI drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for CRED and FRI.

Drawdown Indicators

	CRED	FRI	Difference
Max Drawdown Largest peak-to-trough decline	-17.59%	-71.95%	+54.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.32%	-7.57%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-17.59%	-18.90%	+1.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-31.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.16%	—
Current Drawdown Current decline from peak	-2.51%	-3.24%	+0.73%
Average Drawdown Average peak-to-trough decline	-5.65%	-13.70%	+8.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	2.38%	+1.30%

Volatility

CRED vs. FRI - Volatility Comparison

Columbia Research Enhanced Real Estate ETF (CRED) and First Trust S&P REIT Index Fund (FRI) have volatilities of 3.76% and 3.93%, 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

	CRED	FRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	3.93%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	9.32%	9.14%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	13.05%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.24%	18.65%	-2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	21.06%	-4.82%

CRED vs. FRI - Expense Ratio Comparison

CRED has a 0.33% expense ratio, which is lower than FRI's 0.50% expense ratio.

Dividends

CRED vs. FRI - Dividend Comparison

CRED's dividend yield for the trailing twelve months is around 4.54%, more than FRI's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRED Columbia Research Enhanced Real Estate ETF	4.54%	5.50%	4.82%	2.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FRI First Trust S&P REIT Index Fund	2.60%	2.99%	3.33%	3.24%	2.52%	1.44%	3.08%	2.28%	3.21%	2.82%	3.27%	2.66%

Frequently Asked Questions

Can I hold both CRED and FRI in my portfolio?

With a correlation of 0.91, CRED and FRI 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.

Which is riskier, CRED or FRI?

FRI has higher volatility (3.93%) compared to CRED (3.76%). In terms of maximum drawdown, CRED dropped -17.59% vs FRI's -71.95%.

Which ETF is better, CRED or FRI?

On 3-year performance, FRI leads with 11.09% vs 8.84% for CRED. On fees, CRED is cheaper at 0.33% per year. On volatility, CRED has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CRED or FRI?

Over the 3-year period, FRI has performed better with a 11.09% return vs 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CRED or FRI?

CRED is cheaper with a 0.33% expense ratio, compared with 0.50% for FRI.

Which ETF pays a higher dividend yield, CRED or FRI?

CRED has the higher dividend yield at 4.54%, compared with 2.60% for FRI.

What is the main difference between CRED and FRI?

CRED tracks Beta Advantage Lionstone Research Enhanced REIT Index - Benchmark TR Gross, while FRI tracks S&P United States REIT. They also come from different issuers: Columbia and First Trust. Their fees differ too: 0.33% for CRED and 0.50% for FRI.

Which has better risk-adjusted returns?

FRI currently has the higher Sharpe Ratio (1.13 vs 0.70), 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.