FRI vs. BYRE
FRI (First Trust S&P REIT Index Fund) and BYRE (Principal Real Estate Active Opportunities ETF) are both REIT funds. FRI is passively managed, while BYRE is actively managed. Over the past 3 years, FRI returned 11.71%/yr vs 9.43%/yr for BYRE. Their correlation of 0.95 means they have usually moved in the same direction. FRI charges 0.50%/yr vs 0.65%/yr for BYRE.
Performance
FRI vs. BYRE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FRI achieves a 19.62% return, which is significantly higher than BYRE's 15.21% return.
FRI
- 1D
- -0.53%
- 1M
- 0.72%
- 6M
- 16.22%
- YTD
- 19.62%
- 1Y
- 24.63%
- 3Y*
- 11.71%
- 5Y*
- 4.87%
- 10Y*
- 5.42%
- ALL TIME*
- 5.31%
BYRE
- 1D
- -0.57%
- 1M
- 1.50%
- 6M
- 12.75%
- YTD
- 15.21%
- 1Y
- 14.35%
- 3Y*
- 9.43%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $106.97K | $88.05K | $86.21K | |
| $1.71M | $1.21M | $886.33K |
FRI vs. BYRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 19.62% | 2.80% | 7.84% | 13.33% | -9.01% |
BYRE Principal Real Estate Active Opportunities ETF | 15.21% | 2.35% | 4.18% | 10.82% | -9.22% |
Correlation
The correlation between FRI and BYRE is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (All Time) Calculated using the full available price history since May 19, 2022 | 0.95 |
The correlation between FRI and BYRE has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FRI vs. BYRE — Risk / Return Rank
FRI
BYRE
FRI vs. BYRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and Principal Real Estate Active Opportunities ETF (BYRE). 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.
| FRI | BYRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.20 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 1.88 | +1.31 |
| Martin ratioReturn relative to average drawdown | 10.66 | 5.96 | +4.70 |
Loading charts...
Drawdowns
FRI vs. BYRE - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, which is greater than BYRE's maximum drawdown of -25.70%. Use the drawdown chart below to compare losses from any high point for FRI and BYRE.
Loading charts...
Drawdown Indicators
| FRI | BYRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -25.70% | -46.25% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -7.76% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -15.13% | -3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | — | — |
Current DrawdownCurrent decline from peak | -2.89% | -2.57% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -13.59% | -9.25% | -4.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 2.44% | -0.18% |
Volatility
FRI vs. BYRE - Volatility Comparison
First Trust S&P REIT Index Fund (FRI) has a higher volatility of 4.67% compared to Principal Real Estate Active Opportunities ETF (BYRE) at 4.04%. This indicates that FRI's price experiences larger fluctuations and is considered to be riskier than BYRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FRI | BYRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 4.04% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 10.57% | 10.20% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.69% | 12.77% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 17.99% | +0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.11% | 17.99% | +3.12% |
FRI vs. BYRE - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is lower than BYRE's 0.65% expense ratio.
Dividends
FRI vs. BYRE - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.40%, less than BYRE's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYRE Principal Real Estate Active Opportunities ETF | 2.67% | 2.71% | 2.31% | 2.63% | 1.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FRI First Trust S&P REIT Index Fund | 2.40% | 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
With a correlation of 0.91, FRI and BYRE 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.
FRI has higher volatility (4.67%) compared to BYRE (4.04%). In terms of maximum drawdown, FRI dropped -71.95% vs BYRE's -25.70%.
On 3-year performance, FRI leads with 11.71% vs 9.43% for BYRE. On fees, FRI is cheaper at 0.50% per year. On volatility, BYRE has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FRI has performed better with a 11.71% return vs 9.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FRI is cheaper with a 0.50% expense ratio, compared with 0.65% for BYRE.
BYRE has the higher dividend yield at 2.67%, compared with 2.40% for FRI.
They also come from different issuers: First Trust and Principal. Their fees differ too: 0.50% for FRI and 0.65% for BYRE.
FRI currently has the higher Sharpe Ratio (1.78 vs 1.15), 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.
Find the right allocation for FRI and BYRE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer