FRI vs. BBRE

Last updated Jun 3, 2026

FRI (First Trust S&P REIT Index Fund) and BBRE (JPMorgan BetaBuilders MSCI US REIT ETF) are both REIT funds - FRI tracks the S&P United States REIT while BBRE tracks the MSCI US REIT Index. Both are passively managed. Over the past 5 years, FRI returned 4.35%/yr vs 4.37%/yr for BBRE. With a 0.98 correlation, they move nearly in lockstep. FRI charges 0.50%/yr vs 0.11%/yr for BBRE.

Performance

FRI vs. BBRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P REIT Index Fund (FRI) and JPMorgan BetaBuilders MSCI US REIT ETF (BBRE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FRI having a 11.66% return and BBRE slightly lower at 11.60%.

FRI

• 1D: 0.38%
• 1M: -1.40%
• YTD: 11.66%
• 6M: 10.48%
• 1Y: 14.05%
• 3Y*: 11.01%
• 5Y*: 4.35%
• 10Y*: 5.60%

BBRE

• 1D: 0.49%
• 1M: -1.13%
• YTD: 11.60%
• 6M: 10.43%
• 1Y: 13.55%
• 3Y*: 10.93%
• 5Y*: 4.37%
• 10Y*: —

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

FRI vs. BBRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FRI First Trust S&P REIT Index Fund	11.66%	2.80%	7.84%	13.33%	-24.66%	42.55%	-7.90%	23.67%	-2.38%
BBRE JPMorgan BetaBuilders MSCI US REIT ETF	11.60%	2.09%	8.24%	13.85%	-24.68%	42.99%	-7.55%	26.06%	-2.60%

Correlation

The correlation between FRI and BBRE is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018	0.98

The correlation between FRI and BBRE has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

FRI vs. BBRE - Sectors Allocation Comparison

Sectors	FRI	BBRE
Real Estate	96.2%	98.9%
Financial Services	2.3%	0.1%
Utilities	0.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

FRI vs. BBRE — Risk / Return Rank

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

FRI

FRI Risk / Return Rank: 32
FRI Sharpe Ratio Rank: 30
FRI Sortino Ratio Rank: 28
FRI Omega Ratio Rank: 28
FRI Calmar Ratio Rank: 38
FRI Martin Ratio Rank: 38

BBRE

BBRE Risk / Return Rank: 30
BBRE Sharpe Ratio Rank: 28
BBRE Sortino Ratio Rank: 26
BBRE Omega Ratio Rank: 27
BBRE Calmar Ratio Rank: 34
BBRE Martin Ratio Rank: 35

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. BBRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and JPMorgan BetaBuilders MSCI US REIT ETF (BBRE). 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	BBRE	Difference
Sharpe ratio Return per unit of total volatility	1.08	1.02	+0.07
Sortino ratio Return per unit of downside risk	1.52	1.45	+0.08
Omega ratio Gain probability vs. loss probability	1.19	1.18	+0.01
Calmar ratio Return relative to maximum drawdown	1.88	1.70	+0.18
Martin ratio Return relative to average drawdown	6.00	5.39	+0.62
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. BBRE - Sharpe Ratio Comparison

The current FRI Sharpe Ratio is 1.08, which is comparable to the BBRE Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of FRI and BBRE, 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

	FRI	BBRE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	1.02	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.23	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.31	-0.13

Drawdowns

FRI vs. BBRE - Drawdown Comparison

The maximum FRI drawdown since its inception was -71.95%, which is greater than BBRE's maximum drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for FRI and BBRE.

Drawdown Indicators

	FRI	BBRE	Difference
Max Drawdown Largest peak-to-trough decline	-71.95%	-43.61%	-28.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.57%	-8.07%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-18.92%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	-31.15%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	—	—
Current Drawdown Current decline from peak	-3.44%	-3.27%	-0.17%
Average Drawdown Average peak-to-trough decline	-13.70%	-10.53%	-3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	2.54%	-0.17%

Volatility

FRI vs. BBRE - Volatility Comparison

First Trust S&P REIT Index Fund (FRI) and JPMorgan BetaBuilders MSCI US REIT ETF (BBRE) have volatilities of 3.99% and 4.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRI	BBRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	4.06%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	9.52%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	13.39%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	18.77%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	22.57%	-1.51%

FRI vs. BBRE - Expense Ratio Comparison

FRI has a 0.50% expense ratio, which is higher than BBRE's 0.11% expense ratio.

Dividends

FRI vs. BBRE - Dividend Comparison

FRI's dividend yield for the trailing twelve months is around 2.60%, less than BBRE's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBRE JPMorgan BetaBuilders MSCI US REIT ETF	2.82%	3.24%	3.19%	3.68%	2.62%	1.70%	3.17%	2.19%	1.96%	0.00%	0.00%	0.00%
FRI First Trust S&P REIT Index Fund	2.60%	2.99%	3.33%	3.24%	2.52%	1.44%	3.08%	2.28%	3.21%	2.82%	3.27%	2.66%

Frequently Asked Questions

Can I hold both FRI and BBRE in my portfolio?

With a correlation of 0.99, FRI and BBRE 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.

Which is riskier, FRI or BBRE?

BBRE has higher volatility (4.06%) compared to FRI (3.99%). In terms of maximum drawdown, FRI dropped -71.95% vs BBRE's -43.61%.

Which ETF is better, FRI or BBRE?

On 5-year performance, BBRE leads with 4.37% vs 4.35% for FRI. On fees, BBRE is cheaper at 0.11% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRI or BBRE?

Over the 5-year period, BBRE has performed better with a 4.37% return vs 4.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRI or BBRE?

BBRE is cheaper with a 0.11% expense ratio, compared with 0.50% for FRI.

Which ETF pays a higher dividend yield, FRI or BBRE?

BBRE has the higher dividend yield at 2.82%, compared with 2.60% for FRI.

What is the main difference between FRI and BBRE?

FRI tracks S&P United States REIT, while BBRE tracks MSCI US REIT Index. They also come from different issuers: First Trust and JPMorgan. Their fees differ too: 0.50% for FRI and 0.11% for BBRE.

Which has better risk-adjusted returns?

FRI currently has the higher Sharpe Ratio (1.08 vs 1.02), 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.