FPRO vs. FR

Last updated Jun 3, 2026

FPRO (Fidelity Real Estate Investment ETF) is REIT fund actively managed by Fidelity, while FR (First Industrial Realty Trust, Inc.) is a stock. Over the past 5 years, FPRO returned 3.18%/yr vs 5.69%/yr for FR. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

FPRO vs. FR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Investment ETF (FPRO) and First Industrial Realty Trust, Inc. (FR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPRO achieves a 9.84% return, which is significantly higher than FR's 5.78% return.

FPRO

• 1D: 0.39%
• 1M: -1.91%
• YTD: 9.84%
• 6M: 9.46%
• 1Y: 9.81%
• 3Y*: 9.10%
• 5Y*: 3.18%
• 10Y*: —

FR

• 1D: 0.60%
• 1M: -3.36%
• YTD: 5.78%
• 6M: 8.22%
• 1Y: 25.57%
• 3Y*: 7.13%
• 5Y*: 5.69%
• 10Y*: 12.16%

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

FPRO vs. FR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPRO Fidelity Real Estate Investment ETF	9.84%	2.60%	5.63%	10.93%	-25.02%	40.13%
FR First Industrial Realty Trust, Inc.	5.78%	18.17%	-2.01%	11.91%	-25.37%	58.60%

Correlation

The correlation between FPRO and FR is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.79

The correlation between FPRO and FR shifts across timeframes, from 0.66 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FPRO vs. FR — Risk / Return Rank

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

FPRO

FPRO Risk / Return Rank: 23
FPRO Sharpe Ratio Rank: 22
FPRO Sortino Ratio Rank: 21
FPRO Omega Ratio Rank: 21
FPRO Calmar Ratio Rank: 26
FPRO Martin Ratio Rank: 26

FR

FR Risk / Return Rank: 76
FR Sharpe Ratio Rank: 78
FR Sortino Ratio Rank: 73
FR Omega Ratio Rank: 69
FR Calmar Ratio Rank: 79
FR Martin Ratio Rank: 83

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. FR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment ETF (FPRO) and First Industrial Realty Trust, Inc. (FR). 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	FR	Difference
Sharpe ratio Return per unit of total volatility	0.75	1.31	-0.56
Sortino ratio Return per unit of downside risk	1.10	1.93	-0.83
Omega ratio Gain probability vs. loss probability	1.14	1.22	-0.09
Calmar ratio Return relative to maximum drawdown	1.28	2.51	-1.23
Martin ratio Return relative to average drawdown	3.69	8.05	-4.36
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. FR - Sharpe Ratio Comparison

The current FPRO Sharpe Ratio is 0.75, which is lower than the FR Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of FPRO and FR, 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	FR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	1.31	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.25	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.20	+0.15

Drawdowns

FPRO vs. FR - Drawdown Comparison

The maximum FPRO drawdown since its inception was -32.81%, smaller than the maximum FR drawdown of -95.42%. Use the drawdown chart below to compare losses from any high point for FPRO and FR.

Drawdown Indicators

	FPRO	FR	Difference
Max Drawdown Largest peak-to-trough decline	-32.81%	-95.42%	+62.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-10.24%	+2.57%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-25.42%	+8.59%
Max Drawdown (5Y) Largest decline over 5 years	-32.81%	-35.95%	+3.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.12%	—
Current Drawdown Current decline from peak	-2.84%	-6.75%	+3.91%
Average Drawdown Average peak-to-trough decline	-12.66%	-25.36%	+12.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	3.19%	-0.53%

Volatility

FPRO vs. FR - Volatility Comparison

The current volatility for Fidelity Real Estate Investment ETF (FPRO) is 3.60%, while First Industrial Realty Trust, Inc. (FR) has a volatility of 5.73%. This indicates that FPRO experiences smaller price fluctuations and is considered to be less risky than FR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPRO	FR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	5.73%	-2.13%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	13.68%	-4.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	19.60%	-6.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	22.81%	-4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	24.36%	-5.98%

Dividends

FPRO vs. FR - Dividend Comparison

FPRO's dividend yield for the trailing twelve months is around 2.57%, less than FR's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPRO Fidelity Real Estate Investment ETF	2.57%	2.69%	2.50%	2.83%	2.67%	1.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FR First Industrial Realty Trust, Inc.	3.06%	3.11%	2.95%	2.43%	2.45%	1.63%	2.37%	2.22%	3.01%	2.67%	2.71%	2.30%

Frequently Asked Questions

Can I hold both FPRO and FR in my portfolio?

FPRO and FR have a correlation of 0.66, 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 FR?

FR has higher volatility (5.73%) compared to FPRO (3.60%). In terms of maximum drawdown, FPRO dropped -32.81% vs FR's -95.42%.

Which has better risk-adjusted returns?

FR currently has the higher Sharpe Ratio (1.31 vs 0.75), 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.