FR vs. FPRO

Last updated Jun 23, 2026

FR (First Industrial Realty Trust, Inc.) is a stock, while FPRO (Fidelity Real Estate Investment ETF) is REIT fund actively managed by Fidelity. Over the past 5 years, FR returned 6.51%/yr vs 3.47%/yr for FPRO. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

FR vs. FPRO - Performance Comparison

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

Returns By Period

In the year-to-date period, FR achieves a 11.19% return, which is significantly lower than FPRO's 12.54% return.

FR

• 1D: 2.14%
• 1M: -0.25%
• YTD: 11.19%
• 6M: 11.00%
• 1Y: 32.93%
• 3Y*: 11.33%
• 5Y*: 6.51%
• 10Y*: 11.95%

FPRO

• 1D: 0.99%
• 1M: -0.01%
• YTD: 12.54%
• 6M: 13.23%
• 1Y: 12.34%
• 3Y*: 11.04%
• 5Y*: 3.47%
• 10Y*: —

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

FR vs. FPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FR First Industrial Realty Trust, Inc.	11.19%	18.17%	-2.01%	11.91%	-25.37%	59.76%
FPRO Fidelity Real Estate Investment ETF	12.54%	2.60%	5.63%	10.93%	-25.02%	40.20%

Correlation

The correlation between FR and FPRO is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.79

The correlation between FR and FPRO shifts across timeframes, from 0.68 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FR vs. FPRO — Risk / Return Rank

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

FR

FR Risk / Return Rank: 83
FR Sharpe Ratio Rank: 84
FR Sortino Ratio Rank: 81
FR Omega Ratio Rank: 77
FR Calmar Ratio Rank: 85
FR Martin Ratio Rank: 88

FPRO

FPRO Risk / Return Rank: 28
FPRO Sharpe Ratio Rank: 26
FPRO Sortino Ratio Rank: 24
FPRO Omega Ratio Rank: 24
FPRO Calmar Ratio Rank: 33
FPRO Martin Ratio Rank: 33

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. FPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Industrial Realty Trust, Inc. (FR) and Fidelity Real Estate Investment ETF (FPRO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FR	FPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.62	0.91	+0.71
Sortino ratio: Return per unit of downside risk	2.31	1.31	+1.01
Omega ratio: Gain probability vs. loss probability	1.27	1.16	+0.11
Calmar ratio: Return relative to maximum drawdown	3.23	1.62	+1.62
Martin ratio: Return relative to average drawdown	10.00	4.62	+5.39

FR vs. FPRO - Sharpe Ratio Comparison

The current FR Sharpe Ratio is 1.62, which is higher than the FPRO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of FR and FPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FR vs. FPRO - Drawdown Comparison

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

Drawdown Indicators

	FR	FPRO	Difference
Max Drawdown Largest peak-to-trough decline	-95.42%	-32.81%	-62.61%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-7.67%	-2.57%
Max Drawdown (3Y) Largest decline over 3 years	-25.42%	-16.83%	-8.59%
Max Drawdown (5Y) Largest decline over 5 years	-35.95%	-32.81%	-3.14%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	—	—
Current Drawdown Current decline from peak	-1.99%	-1.73%	-0.26%
Average Drawdown Average peak-to-trough decline	-25.32%	-12.54%	-12.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	2.68%	+0.62%

Volatility

FR vs. FPRO - Volatility Comparison

First Industrial Realty Trust, Inc. (FR) has a higher volatility of 7.95% compared to Fidelity Real Estate Investment ETF (FPRO) at 4.80%. This indicates that FR's price experiences larger fluctuations and is considered to be riskier than FPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FR	FPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	4.80%	+3.15%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	9.92%	+4.53%
Volatility (1Y) Calculated over the trailing 1-year period	20.47%	13.70%	+6.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.89%	18.67%	+4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.41%	18.37%	+6.04%

Dividends

FR vs. FPRO - Dividend Comparison

FR's dividend yield for the trailing twelve months is around 2.91%, more than FPRO's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPRO Fidelity Real Estate Investment ETF	2.52%	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.	2.91%	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 FR and FPRO in my portfolio?

FR and FPRO have a correlation of 0.68, 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 FPRO?

FR has higher volatility (7.95%) compared to FPRO (4.80%). In terms of maximum drawdown, FR dropped -95.42% vs FPRO's -32.81%.

Which has better risk-adjusted returns?

FR currently has the higher Sharpe Ratio (1.62 vs 0.91), 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.