FPRO vs. KBWY
FPRO (Fidelity Real Estate Investment ETF) and KBWY (Invesco KBW Premium Yield Equity REIT ETF) are both REIT funds. FPRO is actively managed, while KBWY is passively managed. Over the past 5 years, FPRO returned 3.13%/yr vs 2.15%/yr for KBWY. A 0.80 correlation means they provide meaningful diversification when combined. FPRO charges 0.59%/yr vs 0.35%/yr for KBWY.
Performance
FPRO vs. KBWY - Performance Comparison
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Returns By Period
In the year-to-date period, FPRO achieves a 9.97% return, which is significantly lower than KBWY's 17.06% return.
FPRO
- 1D
- 0.12%
- 1M
- -1.08%
- YTD
- 9.97%
- 6M
- 9.24%
- 1Y
- 10.32%
- 3Y*
- 9.14%
- 5Y*
- 3.13%
- 10Y*
- —
KBWY
- 1D
- -0.81%
- 1M
- 5.63%
- YTD
- 17.06%
- 6M
- 17.05%
- 1Y
- 22.51%
- 3Y*
- 9.10%
- 5Y*
- 2.15%
- 10Y*
- 1.18%
FPRO vs. KBWY - 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% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 17.06% | -5.30% | -3.49% | 12.88% | -19.00% | 27.78% |
Correlation
The correlation between FPRO and KBWY 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 | 0.80 |
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 | 0.80 |
The correlation between FPRO and KBWY has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.
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Return for Risk
FPRO vs. KBWY — Risk / Return Rank
FPRO
KBWY
FPRO vs. KBWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment ETF (FPRO) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). 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 | KBWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.23 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 2.45 | -1.10 |
| Martin ratioReturn relative to average drawdown | 3.88 | 5.82 | -1.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FPRO | KBWY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 1.38 | -0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.10 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.04 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.20 | +0.15 |
Drawdowns
FPRO vs. KBWY - Drawdown Comparison
The maximum FPRO drawdown since its inception was -32.81%, smaller than the maximum KBWY drawdown of -57.68%. Use the drawdown chart below to compare losses from any high point for FPRO and KBWY.
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Drawdown Indicators
| FPRO | KBWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.81% | -57.68% | +24.87% |
Max Drawdown (1Y)Largest decline over 1 year | -7.67% | -9.24% | +1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -16.83% | -29.93% | +13.10% |
Max Drawdown (5Y)Largest decline over 5 years | -32.81% | -32.29% | -0.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.68% | — |
Current DrawdownCurrent decline from peak | -2.73% | -10.82% | +8.09% |
Average DrawdownAverage peak-to-trough decline | -12.66% | -14.18% | +1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.67% | 3.88% | -1.21% |
Volatility
FPRO vs. KBWY - Volatility Comparison
The current volatility for Fidelity Real Estate Investment ETF (FPRO) is 3.54%, while Invesco KBW Premium Yield Equity REIT ETF (KBWY) has a volatility of 4.73%. This indicates that FPRO experiences smaller price fluctuations and is considered to be less risky than KBWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPRO | KBWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.54% | 4.73% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 9.13% | 11.61% | -2.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.10% | 16.44% | -3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.62% | 21.61% | -2.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 27.05% | -8.68% |
FPRO vs. KBWY - Expense Ratio Comparison
FPRO has a 0.59% expense ratio, which is higher than KBWY's 0.35% expense ratio.
Dividends
FPRO vs. KBWY - Dividend Comparison
FPRO's dividend yield for the trailing twelve months is around 2.57%, less than KBWY's 8.64% 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% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.64% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
Frequently Asked Questions
FPRO and KBWY 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.
KBWY has higher volatility (4.73%) compared to FPRO (3.54%). In terms of maximum drawdown, FPRO dropped -32.81% vs KBWY's -57.68%.
On 5-year performance, FPRO leads with 3.13% vs 2.15% for KBWY. On fees, KBWY is cheaper at 0.35% per year. On volatility, FPRO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FPRO has performed better with a 3.13% return vs 2.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWY is cheaper with a 0.35% expense ratio, compared with 0.59% for FPRO.
KBWY has the higher dividend yield at 8.64%, compared with 2.57% for FPRO.
They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.59% for FPRO and 0.35% for KBWY.
KBWY currently has the higher Sharpe Ratio (1.38 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.
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