FRI vs. DFAR
FRI (First Trust S&P REIT Index Fund) and DFAR (Dimensional US Real Estate ETF) are both REIT funds. FRI is passively managed, while DFAR is actively managed. Over the past 3 years, FRI returned 11.71%/yr vs 10.10%/yr for DFAR. Their 0.98 correlation means they have historically moved very closely together. FRI charges 0.50%/yr vs 0.19%/yr for DFAR.
Performance
FRI vs. DFAR - Performance Comparison
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Returns By Period
In the year-to-date period, FRI achieves a 19.62% return, which is significantly higher than DFAR's 17.82% 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%
DFAR
- 1D
- -0.52%
- 1M
- 0.83%
- 6M
- 14.72%
- YTD
- 17.82%
- 1Y
- 19.60%
- 3Y*
- 10.10%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $63.41M | $62.10M | $64.32M | |
| $1.71M | $1.21M | $886.33K |
FRI vs. DFAR - 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% | -14.29% |
DFAR Dimensional US Real Estate ETF | 17.82% | 1.31% | 5.25% | 11.04% | -12.16% |
Correlation
The correlation between FRI and DFAR is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022 | 0.98 |
The correlation between FRI and DFAR has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
FRI vs. DFAR — Risk / Return Rank
FRI
DFAR
FRI vs. DFAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and Dimensional US Real Estate ETF (DFAR). 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 | DFAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.25 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 2.31 | +0.89 |
| Martin ratioReturn relative to average drawdown | 10.66 | 7.79 | +2.87 |
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Drawdowns
FRI vs. DFAR - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, which is greater than DFAR's maximum drawdown of -32.27%. Use the drawdown chart below to compare losses from any high point for FRI and DFAR.
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Drawdown Indicators
| FRI | DFAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -32.27% | -39.68% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -8.43% | +0.86% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -17.64% | -1.26% |
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% | -2.23% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -13.59% | -13.73% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 2.49% | -0.23% |
Volatility
FRI vs. DFAR - Volatility Comparison
First Trust S&P REIT Index Fund (FRI) and Dimensional US Real Estate ETF (DFAR) have volatilities of 4.67% and 4.49%, 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.
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Volatility by Period
| FRI | DFAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 4.49% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 10.57% | 10.74% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.69% | 13.79% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 19.08% | -0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.11% | 19.08% | +2.03% |
FRI vs. DFAR - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is higher than DFAR's 0.19% expense ratio.
Dividends
FRI vs. DFAR - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.40%, less than DFAR's 2.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFAR Dimensional US Real Estate ETF | 2.63% | 2.97% | 2.89% | 3.06% | 1.69% | 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 0.97, FRI and DFAR 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 DFAR (4.49%). In terms of maximum drawdown, FRI dropped -71.95% vs DFAR's -32.27%.
On 3-year performance, FRI leads with 11.71% vs 10.10% for DFAR. On fees, DFAR is cheaper at 0.19% per year. On volatility, DFAR has been the lower-risk option at 4.49%. 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 10.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFAR is cheaper with a 0.19% expense ratio, compared with 0.50% for FRI.
DFAR has the higher dividend yield at 2.63%, compared with 2.40% for FRI.
They also come from different issuers: First Trust and Dimensional. Their fees differ too: 0.50% for FRI and 0.19% for DFAR.
FRI currently has the higher Sharpe Ratio (1.78 vs 1.42), 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.
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