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

Last updated Apr 1, 2026

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

Performance

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

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Fundamentals

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

Returns By Period

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

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%

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%

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

Return for Risk

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

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

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

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

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.

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

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

	FCR-UN.TO	AP-UN.TO	Difference
Sharpe ratio Return per unit of total volatility	1.88	-0.89	+2.77
Sortino ratio Return per unit of downside risk	2.62	-0.97	+3.59
Omega ratio Gain probability vs. loss probability	1.32	0.81	+0.51
Calmar ratio Return relative to maximum drawdown	3.99	-0.67	+4.66
Martin ratio Return relative to average drawdown	12.71	-1.34	+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.

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

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

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

Correlation

The correlation between FCR-UN.TO and AP-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

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

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

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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%

Drawdowns

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

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

Drawdown Indicators

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

Volatility

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

The current volatility for First Capital Real Estate Investment Trust (FCR-UN.TO) is 5.02%, while Allied Properties Real Estate Investment Trust (AP-UN.TO) has a volatility of 5.97%. This indicates that FCR-UN.TO experiences smaller price fluctuations and is considered to be less risky than AP-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Financials