FRI vs. CIBR

Last updated Jun 3, 2026

FRI (First Trust S&P REIT Index Fund) and CIBR (First Trust NASDAQ Cybersecurity ETF) are both exchange-traded funds - FRI is a REIT fund tracking the S&P United States REIT, while CIBR is a Technology Equities fund tracking the Nasdaq CTA Cybersecurity Index. Both are passively managed. Over the past 10 years, FRI returned 5.60%/yr vs 18.83%/yr for CIBR. At a 0.38 correlation, their price movements are largely independent. FRI charges 0.50%/yr vs 0.60%/yr for CIBR.

Performance

FRI vs. CIBR - Performance Comparison

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

Returns By Period

In the year-to-date period, FRI achieves a 11.66% return, which is significantly lower than CIBR's 32.24% return. Over the past 10 years, FRI has underperformed CIBR with an annualized return of 5.60%, while CIBR has yielded a comparatively higher 18.83% annualized return.

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%

CIBR

• 1D: 0.18%
• 1M: 37.17%
• YTD: 32.24%
• 6M: 29.33%
• 1Y: 30.75%
• 3Y*: 29.54%
• 5Y*: 17.20%
• 10Y*: 18.83%

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

FRI vs. CIBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRI First Trust S&P REIT Index Fund	11.66%	2.80%	7.84%	13.33%	-24.66%	42.55%	-7.90%	23.67%	-4.28%	3.86%
CIBR First Trust NASDAQ Cybersecurity ETF	32.24%	13.06%	18.21%	39.71%	-26.46%	19.67%	50.53%	28.52%	1.47%	18.61%

Correlation

The correlation between FRI and CIBR is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015	0.38

Over the past year, the correlation between FRI and CIBR has dropped to 0.05 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

FRI vs. CIBR - Sectors Allocation Comparison

Sectors	FRI	CIBR
Real Estate	96.2%	-
Financial Services	2.3%	-
Utilities	0.8%	-
Basic Materials	-	-
Communication Services	-	2.6%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	3.5%
Technology	-	94.0%

Return for Risk

FRI vs. CIBR — 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

CIBR

CIBR Risk / Return Rank: 32
CIBR Sharpe Ratio Rank: 35
CIBR Sortino Ratio Rank: 34
CIBR Omega Ratio Rank: 35
CIBR Calmar Ratio Rank: 30
CIBR Martin Ratio Rank: 25

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. CIBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and First Trust NASDAQ Cybersecurity ETF (CIBR). 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	CIBR	Difference
Sharpe ratio Return per unit of total volatility	1.08	1.27	-0.19
Sortino ratio Return per unit of downside risk	1.52	1.82	-0.30
Omega ratio Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio Return relative to maximum drawdown	1.88	1.46	+0.42
Martin ratio Return relative to average drawdown	6.00	3.47	+2.54
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. CIBR - Sharpe Ratio Comparison

The current FRI Sharpe Ratio is 1.08, which is comparable to the CIBR Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FRI and CIBR, 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	CIBR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	1.27	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.69	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.80	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.68	-0.50

Drawdowns

FRI vs. CIBR - Drawdown Comparison

The maximum FRI drawdown since its inception was -71.95%, which is greater than CIBR's maximum drawdown of -33.89%. Use the drawdown chart below to compare losses from any high point for FRI and CIBR.

Drawdown Indicators

	FRI	CIBR	Difference
Max Drawdown Largest peak-to-trough decline	-71.95%	-33.89%	-38.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.57%	-21.99%	+14.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-21.99%	+3.09%
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	-33.89%	+2.68%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-33.89%	-10.27%
Current Drawdown Current decline from peak	-3.44%	0.00%	-3.44%
Average Drawdown Average peak-to-trough decline	-13.70%	-8.66%	-5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	9.25%	-6.88%

Volatility

FRI vs. CIBR - Volatility Comparison

The current volatility for First Trust S&P REIT Index Fund (FRI) is 3.99%, while First Trust NASDAQ Cybersecurity ETF (CIBR) has a volatility of 9.99%. This indicates that FRI experiences smaller price fluctuations and is considered to be less risky than CIBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRI	CIBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	9.99%	-6.00%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	20.72%	-11.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	24.34%	-11.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	24.93%	-6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	23.58%	-2.52%

FRI vs. CIBR - Expense Ratio Comparison

FRI has a 0.50% expense ratio, which is lower than CIBR's 0.60% expense ratio.

Dividends

FRI vs. CIBR - Dividend Comparison

FRI's dividend yield for the trailing twelve months is around 2.60%, more than CIBR's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIBR First Trust NASDAQ Cybersecurity ETF	0.43%	0.42%	0.29%	0.42%	0.31%	0.59%	1.10%	0.23%	0.23%	0.10%	0.77%	0.58%
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 CIBR in my portfolio?

FRI and CIBR have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRI or CIBR?

CIBR has higher volatility (9.99%) compared to FRI (3.99%). In terms of maximum drawdown, FRI dropped -71.95% vs CIBR's -33.89%.

Which ETF is better, FRI or CIBR?

On 10-year performance, CIBR leads with 18.83% vs 5.60% for FRI. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRI or CIBR?

Over the 10-year period, CIBR has performed better with a 18.83% return vs 5.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRI or CIBR?

FRI is cheaper with a 0.50% expense ratio, compared with 0.60% for CIBR.

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

FRI has the higher dividend yield at 2.60%, compared with 0.43% for CIBR.

What is the main difference between FRI and CIBR?

FRI is categorized as REIT, while CIBR is Technology Equities. FRI tracks S&P United States REIT, while CIBR tracks Nasdaq CTA Cybersecurity Index. Their fees differ too: 0.50% for FRI and 0.60% for CIBR.

Which has better risk-adjusted returns?

CIBR currently has the higher Sharpe Ratio (1.27 vs 1.08), 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.