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FPRO vs. USRT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FPRO vs. USRT

Last updated Jun 4, 2026

FPRO (Fidelity Real Estate Investment ETF) and USRT (iShares Core U.S. REIT ETF) are both REIT funds. FPRO is actively managed, while USRT is passively managed. Over the past 5 years, FPRO returned 3.13%/yr vs 4.73%/yr for USRT. With a 0.97 correlation, they move nearly in lockstep. FPRO charges 0.59%/yr vs 0.08%/yr for USRT.

Performance

FPRO vs. USRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Investment ETF (FPRO) and iShares Core U.S. REIT ETF (USRT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FPRO achieves a 9.97% return, which is significantly lower than USRT's 12.59% return.

FPRO

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

USRT

1D
0.08%
1M
-0.19%
YTD
12.59%
6M
11.36%
1Y
15.26%
3Y*
11.53%
5Y*
4.73%
10Y*
6.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FPRO vs. USRT - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FPRO
Fidelity Real Estate Investment ETF		9.97%2.60%5.63%10.93%-25.02%40.13%
USRT
iShares Core U.S. REIT ETF		12.59%2.44%8.58%13.64%-24.43%39.07%

Correlation

The correlation between FPRO and USRT is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2021

0.97

The correlation between FPRO and USRT has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

FPRO vs. USRT - Sectors Allocation Comparison

Sectors
FPRO
USRT

Real Estate

99.4%
99.4%

Communication Services

0.6%

-

Basic Materials

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

0.1%

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

-

Real Estate

FPRO
99.4%
USRT
99.4%

Communication Services

FPRO
0.6%
USRT

-

Basic Materials

FPRO

-

USRT

-

Consumer Cyclical

FPRO

-

USRT

-

Consumer Defensive

FPRO

-

USRT

-

Energy

FPRO

-

USRT

-

Financial Services

FPRO

-

USRT
0.1%

Healthcare

FPRO

-

USRT

-

Industrials

FPRO

-

USRT

-

Technology

FPRO

-

USRT

-

Utilities

FPRO

-

USRT

-

Compare stocks, funds, or ETFs

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Fidelity Real Estate Investment ETF

iShares Core U.S. REIT ETF

Often compared with FPRO:
FPRO vs. FRELFPRO vs. FSRNXFPRO vs. FRFPRO vs. AOMRFPRO vs. VGSNXFPRO vs. VRTPXFPRO vs. QQQ
Often compared with USRT:
USRT vs. VNQUSRT vs. XLREUSRT vs. REETUSRT vs. ICFUSRT vs. BBREUSRT vs. SCHDUSRT vs. VOO

Return for Risk

FPRO vs. USRT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FPRO
FPRO Risk / Return Rank: 2424
Overall Rank
FPRO Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
FPRO Sortino Ratio Rank: 2121
Sortino Ratio Rank
FPRO Omega Ratio Rank: 2121
Omega Ratio Rank
FPRO Calmar Ratio Rank: 2828
Calmar Ratio Rank
FPRO Martin Ratio Rank: 2727
Martin Ratio Rank
USRT
USRT Risk / Return Rank: 3333
Overall Rank
USRT Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
USRT Sortino Ratio Rank: 2929
Sortino Ratio Rank
USRT Omega Ratio Rank: 2929
Omega Ratio Rank
USRT Calmar Ratio Rank: 3838
Calmar Ratio Rank
USRT Martin Ratio Rank: 3838
Martin Ratio Rank
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. USRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment ETF (FPRO) and iShares Core U.S. REIT ETF (USRT). 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.

FPROUSRTDifference
Sharpe ratioReturn per unit of total volatility
0.79
1.15

-0.36

Sortino ratioReturn per unit of downside risk
1.15
1.63

-0.48

Omega ratioGain probability vs. loss probability

1.14

1.20

-0.06

Calmar ratioReturn relative to maximum drawdown

1.35

1.91

-0.56

Martin ratioReturn relative to average drawdown

3.88

6.15

-2.27

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. USRT - Sharpe Ratio Comparison

The current FPRO Sharpe Ratio is 0.79, which is lower than the USRT Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of FPRO and USRT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FPROUSRTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.79

1.15

-0.36

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

—

0.29

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.18

+0.17

Drawdowns

FPRO vs. USRT - Drawdown Comparison

The maximum FPRO drawdown since its inception was -32.81%, smaller than the maximum USRT drawdown of -69.91%. Use the drawdown chart below to compare losses from any high point for FPRO and USRT.

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Drawdown Indicators

FPROUSRTDifference

Max Drawdown

Largest peak-to-trough decline

-32.81%

-69.91%

+37.10%

Max Drawdown (1Y)

Largest decline over 1 year

-7.67%

-8.04%

+0.37%

Max Drawdown (3Y)

Largest decline over 3 years

-16.83%

-18.70%

+1.87%

Max Drawdown (5Y)

Largest decline over 5 years

-32.81%

-31.03%

-1.78%

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.38%

—

Current Drawdown

Current decline from peak

-2.73%

-3.01%

+0.28%

Average Drawdown

Average peak-to-trough decline

-12.66%

-12.97%

+0.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.67%

2.49%

+0.18%

Volatility

FPRO vs. USRT - Volatility Comparison

The current volatility for Fidelity Real Estate Investment ETF (FPRO) is 3.54%, while iShares Core U.S. REIT ETF (USRT) has a volatility of 3.92%. This indicates that FPRO experiences smaller price fluctuations and is considered to be less risky than USRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FPROUSRTDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.54%

3.92%

-0.38%

Volatility (6M)

Calculated over the trailing 6-month period

9.13%

9.25%

-0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

13.10%

13.28%

-0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.62%

18.89%

-0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.37%

21.28%

-2.91%

FPRO vs. USRT - Expense Ratio Comparison

FPRO has a 0.59% expense ratio, which is higher than USRT's 0.08% expense ratio.

Dividends

FPRO vs. USRT - Dividend Comparison

FPRO's dividend yield for the trailing twelve months is around 2.57%, less than USRT's 2.67% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
USRT
iShares Core U.S. REIT ETF		2.67%3.07%2.85%3.18%3.46%2.27%3.12%3.34%5.66%3.44%3.98%3.59%

Frequently Asked Questions

With a correlation of 0.94, FPRO and USRT 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.

USRT has higher volatility (3.92%) compared to FPRO (3.54%). In terms of maximum drawdown, FPRO dropped -32.81% vs USRT's -69.91%.

On 5-year performance, USRT leads with 4.73% vs 3.13% for FPRO. On fees, USRT is cheaper at 0.08% 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, USRT has performed better with a 4.73% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USRT is cheaper with a 0.08% expense ratio, compared with 0.59% for FPRO.

USRT has the higher dividend yield at 2.67%, compared with 2.57% for FPRO.

They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.59% for FPRO and 0.08% for USRT.

USRT currently has the higher Sharpe Ratio (1.15 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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