FRI vs. ^TNX

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust S&P REIT Index Fund (FRI) and Treasury Yield 10 Years (^TNX).

FRI is a passively managed fund by First Trust that tracks the performance of the S&P United States REIT. It was launched on May 8, 2007.

Performance

FRI vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P REIT Index Fund (FRI) and Treasury Yield 10 Years (^TNX). The values are adjusted to include any dividend payments, if applicable.

FRI vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRI First Trust S&P REIT Index Fund	5.13%	2.80%	7.84%	13.33%	-24.66%	42.55%	-7.90%	23.67%	-4.28%	3.86%
^TNX Treasury Yield 10 Years	3.75%	-8.97%	18.29%	-0.34%	156.55%	64.89%	-52.21%	-28.56%	11.68%	-1.68%

Returns By Period

In the year-to-date period, FRI achieves a 5.13% return, which is significantly higher than ^TNX's 3.75% return. Over the past 10 years, FRI has underperformed ^TNX with an annualized return of 5.03%, while ^TNX has yielded a comparatively higher 9.20% annualized return.

FRI

• 1D: 0.55%
• 1M: -5.36%
• YTD: 5.13%
• 6M: 3.13%
• 1Y: 7.10%
• 3Y*: 8.79%
• 5Y*: 5.12%
• 10Y*: 5.03%

^TNX

• 1D: 0.19%
• 1M: 6.69%
• YTD: 3.75%
• 6M: 5.19%
• 1Y: 3.92%
• 3Y*: 7.32%
• 5Y*: 20.80%
• 10Y*: 9.20%

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

Return for Risk

FRI vs. ^TNX — Risk / Return Rank

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

FRI

FRI Risk / Return Rank: 24
FRI Sharpe Ratio Rank: 23
FRI Sortino Ratio Rank: 23
FRI Omega Ratio Rank: 23
FRI Calmar Ratio Rank: 23
FRI Martin Ratio Rank: 27

^TNX

^TNX Risk / Return Rank: 22
^TNX Sharpe Ratio Rank: 26
^TNX Sortino Ratio Rank: 23
^TNX Omega Ratio Rank: 22
^TNX Calmar Ratio Rank: 19
^TNX Martin Ratio Rank: 18

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.

FRI vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and Treasury Yield 10 Years (^TNX). 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.

	FRI	^TNX	Difference
Sharpe ratio Return per unit of total volatility	0.43	0.22	+0.20
Sortino ratio Return per unit of downside risk	0.69	0.45	+0.24
Omega ratio Gain probability vs. loss probability	1.09	1.05	+0.04
Calmar ratio Return relative to maximum drawdown	0.54	0.12	+0.42
Martin ratio Return relative to average drawdown	2.35	0.21	+2.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRI vs. ^TNX - Sharpe Ratio Comparison

The current FRI Sharpe Ratio is 0.43, which is higher than the ^TNX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of FRI and ^TNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FRI	^TNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	0.22	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.63	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.19	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	-0.02	+0.19

Correlation

The correlation between FRI and ^TNX is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

FRI vs. ^TNX - Drawdown Comparison

The maximum FRI drawdown since its inception was -71.95%, smaller than the maximum ^TNX drawdown of -93.78%. Use the drawdown chart below to compare losses from any high point for FRI and ^TNX.

Drawdown Indicators

	FRI	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-71.95%	-93.78%	+21.83%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-13.99%	+0.87%
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	-31.74%	+0.53%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-84.57%	+40.41%
Current Drawdown Current decline from peak	-5.36%	-46.17%	+40.81%
Average Drawdown Average peak-to-trough decline	-13.81%	-51.38%	+37.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	8.39%	-5.38%

Volatility

FRI vs. ^TNX - Volatility Comparison

The current volatility for First Trust S&P REIT Index Fund (FRI) is 4.39%, while Treasury Yield 10 Years (^TNX) has a volatility of 5.89%. This indicates that FRI experiences smaller price fluctuations and is considered to be less risky than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRI	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	5.89%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	10.58%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	17.89%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	32.96%	-14.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	48.18%	-27.12%