FRI vs. IYR
Compare and contrast key facts about First Trust S&P REIT Index Fund (FRI) and iShares U.S. Real Estate ETF (IYR).
FRI and IYR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. IYR is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Real Estate Index. It was launched on Jun 12, 2000. Both FRI and IYR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FRI vs. IYR - Performance Comparison
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FRI vs. IYR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 4.55% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
IYR iShares U.S. Real Estate ETF | 1.00% | 3.38% | 4.41% | 11.89% | -25.51% | 38.74% | -5.23% | 28.21% | -4.33% | 9.31% |
Returns By Period
In the year-to-date period, FRI achieves a 4.55% return, which is significantly higher than IYR's 1.00% return. Both investments have delivered pretty close results over the past 10 years, with FRI having a 4.97% annualized return and IYR not far ahead at 5.02%.
FRI
- 1D
- 1.58%
- 1M
- -5.55%
- YTD
- 4.55%
- 6M
- 2.82%
- 1Y
- 6.47%
- 3Y*
- 8.59%
- 5Y*
- 5.00%
- 10Y*
- 4.97%
IYR
- 1D
- 1.61%
- 1M
- -6.37%
- YTD
- 1.00%
- 6M
- -1.43%
- 1Y
- 1.10%
- 3Y*
- 6.35%
- 5Y*
- 2.80%
- 10Y*
- 5.02%
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FRI vs. IYR - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is higher than IYR's 0.42% expense ratio.
Return for Risk
FRI vs. IYR — Risk / Return Rank
FRI
IYR
FRI vs. IYR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and iShares U.S. Real Estate ETF (IYR). 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 | IYR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.39 | 0.07 | +0.32 |
Sortino ratioReturn per unit of downside risk | 0.64 | 0.20 | +0.44 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.03 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.59 | 0.18 | +0.41 |
Martin ratioReturn relative to average drawdown | 2.57 | 0.68 | +1.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FRI | IYR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.39 | 0.07 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.15 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 0.25 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.32 | -0.15 |
Correlation
The correlation between FRI and IYR is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FRI vs. IYR - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.78%, more than IYR's 2.38% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.78% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
IYR iShares U.S. Real Estate ETF | 2.38% | 2.48% | 2.57% | 2.75% | 2.92% | 2.06% | 2.58% | 3.05% | 3.53% | 3.73% | 4.41% | 3.92% |
Drawdowns
FRI vs. IYR - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, roughly equal to the maximum IYR drawdown of -74.13%. Use the drawdown chart below to compare losses from any high point for FRI and IYR.
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Drawdown Indicators
| FRI | IYR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -74.13% | +2.18% |
Max Drawdown (1Y)Largest decline over 1 year | -13.12% | -12.20% | -0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -33.75% | +2.54% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -42.32% | -1.84% |
Current DrawdownCurrent decline from peak | -5.88% | -9.14% | +3.26% |
Average DrawdownAverage peak-to-trough decline | -13.82% | -12.98% | -0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 3.19% | -0.20% |
Volatility
FRI vs. IYR - Volatility Comparison
The current volatility for First Trust S&P REIT Index Fund (FRI) is 4.33%, while iShares U.S. Real Estate ETF (IYR) has a volatility of 4.57%. This indicates that FRI experiences smaller price fluctuations and is considered to be less risky than IYR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRI | IYR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.33% | 4.57% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 9.01% | 9.34% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.75% | 16.24% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.67% | 18.71% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.06% | 20.30% | +0.76% |