FPRO vs. BLDG

Last updated Jun 4, 2026

FPRO (Fidelity Real Estate Investment ETF) and BLDG (Cambria Global Real Estate ETF) are both REIT funds. Both are actively managed. Over the past 5 years, FPRO returned 3.13%/yr vs 2.24%/yr for BLDG. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.59% expense ratio.

Performance

FPRO vs. BLDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Investment ETF (FPRO) and Cambria Global Real Estate ETF (BLDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPRO achieves a 9.97% return, which is significantly higher than BLDG's 5.95% return.

FPRO

• 1D: 0.12%
• 1M: -1.08%
• YTD: 9.97%
• 6M: 9.24%
• 1Y: 10.32%
• 3Y*: 9.14%
• 5Y*: 3.13%
• 10Y*: —

BLDG

• 1D: -0.93%
• 1M: 0.12%
• YTD: 5.95%
• 6M: 5.25%
• 1Y: 10.27%
• 3Y*: 8.73%
• 5Y*: 2.24%
• 10Y*: —

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

FPRO vs. BLDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPRO Fidelity Real Estate Investment ETF	9.97%	2.60%	5.63%	10.93%	-25.02%	40.13%
BLDG Cambria Global Real Estate ETF	5.95%	4.26%	8.18%	1.76%	-14.66%	18.87%

Correlation

The correlation between FPRO and BLDG is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.81

The correlation between FPRO and BLDG has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

FPRO vs. BLDG - Sectors Allocation Comparison

Sectors	FPRO	BLDG
Real Estate	99.4%	98.6%
Communication Services	0.6%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	1.4%
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FPRO vs. BLDG — Risk / Return Rank

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

FPRO

FPRO Risk / Return Rank: 24
FPRO Sharpe Ratio Rank: 22
FPRO Sortino Ratio Rank: 21
FPRO Omega Ratio Rank: 21
FPRO Calmar Ratio Rank: 28
FPRO Martin Ratio Rank: 27

BLDG

BLDG Risk / Return Rank: 25
BLDG Sharpe Ratio Rank: 26
BLDG Sortino Ratio Rank: 25
BLDG Omega Ratio Rank: 24
BLDG Calmar Ratio Rank: 23
BLDG Martin Ratio Rank: 26

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.

FPRO vs. BLDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment ETF (FPRO) and Cambria Global Real Estate ETF (BLDG). 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.

	FPRO	BLDG	Difference
Sharpe ratio: Return per unit of total volatility	0.79	0.93	-0.14
Sortino ratio: Return per unit of downside risk	1.15	1.35	-0.20
Omega ratio: Gain probability vs. loss probability	1.14	1.16	-0.02
Calmar ratio: Return relative to maximum drawdown	1.35	1.02	+0.33
Martin ratio: Return relative to average drawdown	3.88	3.60	+0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPRO vs. BLDG - Sharpe Ratio Comparison

The current FPRO Sharpe Ratio is 0.79, which is comparable to the BLDG Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of FPRO and BLDG, 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

	FPRO	BLDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	0.93	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.15	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.45	-0.10

Drawdowns

FPRO vs. BLDG - Drawdown Comparison

The maximum FPRO drawdown since its inception was -32.81%, which is greater than BLDG's maximum drawdown of -27.25%. Use the drawdown chart below to compare losses from any high point for FPRO and BLDG.

Drawdown Indicators

	FPRO	BLDG	Difference
Max Drawdown Largest peak-to-trough decline	-32.81%	-27.25%	-5.56%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-10.08%	+2.41%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-18.57%	+1.74%
Max Drawdown (5Y) Largest decline over 5 years	-32.81%	-27.25%	-5.56%
Current Drawdown Current decline from peak	-2.73%	-2.76%	+0.03%
Average Drawdown Average peak-to-trough decline	-12.66%	-9.23%	-3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.86%	-0.19%

Volatility

FPRO vs. BLDG - Volatility Comparison

Fidelity Real Estate Investment ETF (FPRO) and Cambria Global Real Estate ETF (BLDG) have volatilities of 3.54% and 3.60%, 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

	FPRO	BLDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.60%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	8.23%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	11.07%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	15.26%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	15.54%	+2.83%

FPRO vs. BLDG - Expense Ratio Comparison

Both FPRO and BLDG have an expense ratio of 0.59%.

Dividends

FPRO vs. BLDG - Dividend Comparison

FPRO's dividend yield for the trailing twelve months is around 2.57%, less than BLDG's 5.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BLDG Cambria Global Real Estate ETF	5.72%	7.46%	7.97%	4.99%	3.99%	10.40%	0.59%
FPRO Fidelity Real Estate Investment ETF	2.57%	2.69%	2.50%	2.83%	2.67%	1.69%	0.00%

Frequently Asked Questions

Can I hold both FPRO and BLDG in my portfolio?

FPRO and BLDG have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPRO or BLDG?

BLDG has higher volatility (3.60%) compared to FPRO (3.54%). In terms of maximum drawdown, FPRO dropped -32.81% vs BLDG's -27.25%.

Which ETF is better, FPRO or BLDG?

On 5-year performance, FPRO leads with 3.13% vs 2.24% for BLDG. Both ETFs have the same 0.59% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPRO or BLDG?

Over the 5-year period, FPRO has performed better with a 3.13% return vs 2.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPRO or BLDG?

FPRO and BLDG have the same expense ratio: 0.59% per year.

Which ETF pays a higher dividend yield, FPRO or BLDG?

BLDG has the higher dividend yield at 5.72%, compared with 2.57% for FPRO.

What is the main difference between FPRO and BLDG?

They also come from different issuers: Fidelity and Cambria.

Which has better risk-adjusted returns?

BLDG currently has the higher Sharpe Ratio (0.93 vs 0.79), 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.