DVRE vs. FRI

Last updated Jul 17, 2026

DVRE (WEBs Real Estate XLRE Defined Volatility ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - DVRE tracks the Syntax Defined Volatility XLRE Index while FRI tracks the S&P United States REIT. Both are passively managed. Their correlation of 0.93 suggests significant overlap in exposure. DVRE charges 0.89%/yr vs 0.50%/yr for FRI.

Performance

DVRE vs. FRI - Performance Comparison

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

Returns By Period

In the year-to-date period, DVRE achieves a 15.22% return, which is significantly lower than FRI's 21.19% return.

DVRE

• 1D: 2.75%
• 1M: 1.58%
• 6M: 8.75%
• YTD: 15.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FRI

• 1D: 2.48%
• 1M: 4.21%
• 6M: 17.34%
• YTD: 21.19%
• 1Y: 23.85%
• 3Y*: 11.98%
• 5Y*: 5.30%
• 10Y*: 5.67%

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

DVRE vs. FRI - Yearly Performance Comparison

	2026 (YTD)	2025
DVRE WEBs Real Estate XLRE Defined Volatility ETF	15.22%	-11.17%
FRI First Trust S&P REIT Index Fund	21.19%	0.39%

Correlation

The correlation between DVRE and FRI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025	0.93

Return for Risk

DVRE vs. FRI — Risk / Return Rank

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

DVRE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FRI

FRI Risk / Return Rank: 68
FRI Sharpe Ratio Rank: 67
FRI Sortino Ratio Rank: 64
FRI Omega Ratio Rank: 62
FRI Calmar Ratio Rank: 77
FRI Martin Ratio Rank: 70

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.

DVRE vs. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs Real Estate XLRE Defined Volatility ETF (DVRE) 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.

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.

	DVRE	FRI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.73	—
Sortino ratio: Return per unit of downside risk	—	2.39	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	3.16	—
Martin ratio: Return relative to average drawdown	—	10.12	—

Drawdowns

DVRE vs. FRI - Drawdown Comparison

The maximum DVRE drawdown since its inception was -15.88%, smaller than the maximum FRI drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for DVRE and FRI.

Drawdown Indicators

	DVRE	FRI	Difference
Max Drawdown Largest peak-to-trough decline	-15.88%	-71.95%	+56.07%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.57%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.90%	—
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.94%	-13.62%	+7.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.36%	—

Volatility

Volatility by Period

	DVRE	FRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	25.18%	13.84%	+11.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.18%	18.73%	+6.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.18%	21.10%	+4.08%

DVRE vs. FRI - Expense Ratio Comparison

DVRE has a 0.89% expense ratio, which is higher than FRI's 0.50% expense ratio.

Dividends

DVRE vs. FRI - Dividend Comparison

DVRE's dividend yield for the trailing twelve months is around 0.86%, less than FRI's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVRE WEBs Real Estate XLRE Defined Volatility ETF	0.86%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FRI First Trust S&P REIT Index Fund	2.37%	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 DVRE and FRI in my portfolio?

With a correlation of 0.93, DVRE 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 ETF is better, DVRE or FRI?

On fees, FRI is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DVRE or FRI?

FRI is cheaper with a 0.50% expense ratio, compared with 0.89% for DVRE.

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

FRI has the higher dividend yield at 2.37%, compared with 0.86% for DVRE.

What is the main difference between DVRE and FRI?

DVRE tracks Syntax Defined Volatility XLRE Index, while FRI tracks S&P United States REIT. They also come from different issuers: WEBs and First Trust. Their fees differ too: 0.89% for DVRE and 0.50% for FRI.