FR vs. ADC

Last updated Jun 3, 2026

FR (First Industrial Realty Trust, Inc.) and ADC (Agree Realty Corporation) are both stocks. Both are in the Real Estate sector — FR in REIT - Industrial, ADC in REIT - Retail. Over the past 10 years, FR returned 12.16%/yr vs 9.73%/yr for ADC. At a 0.41 correlation, their price movements are largely independent.

Performance

FR vs. ADC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Industrial Realty Trust, Inc. (FR) and Agree Realty Corporation (ADC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FR achieves a 5.78% return, which is significantly higher than ADC's 2.69% return. Over the past 10 years, FR has outperformed ADC with an annualized return of 12.16%, while ADC has yielded a comparatively lower 9.73% annualized return.

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%

ADC

• 1D: 0.29%
• 1M: -4.48%
• YTD: 2.69%
• 6M: 0.11%
• 1Y: 0.47%
• 3Y*: 8.54%
• 5Y*: 4.67%
• 10Y*: 9.73%

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

FR vs. ADC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FR First Industrial Realty Trust, Inc.	5.78%	18.17%	-2.01%	11.91%	-25.37%	60.33%	4.24%	47.37%	-5.61%	15.50%
ADC Agree Realty Corporation	2.69%	6.62%	17.20%	-7.07%	3.50%	11.28%	-1.40%	22.71%	19.75%	16.42%

Correlation

The correlation between FR and ADC is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jun 27, 1994	0.41

The correlation between FR and ADC shifts across timeframes, from 0.41 (all time) to 0.58 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS FR : $3.57 ADC : $1.91
PE Ratio FR : 16.80 ADC : 37.96
PS Ratio FR : 8.02 ADC : 11.01
Total Revenue (TTM) FR : $744.49M ADC : $750.05M
Gross Profit (TTM) FR : $450.27M ADC : $667.57M
EBITDA (TTM) FR : $506.99M ADC : $639.27M

Return for Risk

FR vs. ADC — Risk / Return Rank

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

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

ADC

ADC Risk / Return Rank: 38
ADC Sharpe Ratio Rank: 41
ADC Sortino Ratio Rank: 33
ADC Omega Ratio Rank: 33
ADC Calmar Ratio Rank: 41
ADC Martin Ratio Rank: 41

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.

FR vs. ADC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Industrial Realty Trust, Inc. (FR) and Agree Realty Corporation (ADC). 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.

	FR	ADC	Difference
Sharpe ratio Return per unit of total volatility	1.31	0.03	+1.28
Sortino ratio Return per unit of downside risk	1.93	0.16	+1.77
Omega ratio Gain probability vs. loss probability	1.22	1.02	+0.21
Calmar ratio Return relative to maximum drawdown	2.51	0.07	+2.45
Martin ratio Return relative to average drawdown	8.05	0.16	+7.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FR vs. ADC - Sharpe Ratio Comparison

The current FR Sharpe Ratio is 1.31, which is higher than the ADC Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of FR and ADC, 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

	FR	ADC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	0.03	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.25	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.41	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.38	-0.18

Drawdowns

FR vs. ADC - Drawdown Comparison

The maximum FR drawdown since its inception was -95.42%, which is greater than ADC's maximum drawdown of -70.25%. Use the drawdown chart below to compare losses from any high point for FR and ADC.

Drawdown Indicators

	FR	ADC	Difference
Max Drawdown Largest peak-to-trough decline	-95.42%	-70.25%	-25.17%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-10.59%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-25.42%	-21.08%	-4.34%
Max Drawdown (5Y) Largest decline over 5 years	-35.95%	-29.52%	-6.43%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	-39.00%	-2.12%
Current Drawdown Current decline from peak	-6.75%	-10.33%	+3.58%
Average Drawdown Average peak-to-trough decline	-25.36%	-9.64%	-15.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	4.33%	-1.14%

Volatility

FR vs. ADC - Volatility Comparison

First Industrial Realty Trust, Inc. (FR) has a higher volatility of 5.73% compared to Agree Realty Corporation (ADC) at 3.82%. This indicates that FR's price experiences larger fluctuations and is considered to be riskier than ADC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FR	ADC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	3.82%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	12.03%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	19.60%	15.89%	+3.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.81%	18.79%	+4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.36%	23.65%	+0.71%

Dividends

FR vs. ADC - Dividend Comparison

FR's dividend yield for the trailing twelve months is around 3.06%, less than ADC's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADC Agree Realty Corporation	4.31%	4.28%	4.26%	4.64%	3.95%	3.65%	3.61%	3.25%	3.65%	3.94%	4.17%	5.43%
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%

Financials

FR vs. ADC - Profitability Comparison

The chart below illustrates the profitability comparison between First Industrial Realty Trust, Inc. and Agree Realty Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

FR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, First Industrial Realty Trust, Inc. reported a gross profit of 141.21M and revenue of 194.83M. Therefore, the gross margin over that period was 72.5%.

ADC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Agree Realty Corporation reported a gross profit of 186.09M and revenue of 200.81M. Therefore, the gross margin over that period was 92.7%.

FR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, First Industrial Realty Trust, Inc. reported an operating income of 118.24M and revenue of 194.83M, resulting in an operating margin of 60.7%.

ADC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Agree Realty Corporation reported an operating income of 98.55M and revenue of 200.81M, resulting in an operating margin of 49.1%.

FR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, First Industrial Realty Trust, Inc. reported a net income of 155.84M and revenue of 194.83M, resulting in a net margin of 80.0%.

ADC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Agree Realty Corporation reported a net income of 60.19M and revenue of 200.81M, resulting in a net margin of 30.0%.

Frequently Asked Questions

Can I hold both FR and ADC in my portfolio?

FR and ADC have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FR or ADC?

FR has higher volatility (5.73%) compared to ADC (3.82%). In terms of maximum drawdown, FR dropped -95.42% vs ADC's -70.25%.

Which has better risk-adjusted returns?

FR currently has the higher Sharpe Ratio (1.31 vs 0.03), 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.