FRI vs. KBWY
FRI (First Trust S&P REIT Index Fund) and KBWY (Invesco KBW Premium Yield Equity REIT ETF) are both REIT funds - FRI tracks the S&P United States REIT while KBWY tracks the KBW Nasdaq Premium Yield Equity REIT Index. Both are passively managed. Over the past 10 years, FRI returned 5.79%/yr vs 1.34%/yr for KBWY. Their correlation of 0.85 suggests significant overlap in exposure. FRI charges 0.50%/yr vs 0.35%/yr for KBWY.
Performance
FRI vs. KBWY - Performance Comparison
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Returns By Period
In the year-to-date period, FRI achieves a 15.15% return, which is significantly lower than KBWY's 21.05% return. Over the past 10 years, FRI has outperformed KBWY with an annualized return of 5.79%, while KBWY has yielded a comparatively lower 1.34% annualized return.
FRI
- 1D
- 1.21%
- 1M
- 0.21%
- YTD
- 15.15%
- 6M
- 15.28%
- 1Y
- 17.73%
- 3Y*
- 13.10%
- 5Y*
- 4.83%
- 10Y*
- 5.79%
KBWY
- 1D
- 0.06%
- 1M
- 3.43%
- YTD
- 21.05%
- 6M
- 22.09%
- 1Y
- 24.91%
- 3Y*
- 11.51%
- 5Y*
- 2.89%
- 10Y*
- 1.34%
FRI vs. KBWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 15.15% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 21.05% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
Correlation
The correlation between FRI and KBWY is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | 0.85 |
The correlation between FRI and KBWY has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.
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Return for Risk
FRI vs. KBWY — Risk / Return Rank
FRI
KBWY
FRI vs. KBWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). 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 | KBWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 2.71 | -0.36 |
| Martin ratioReturn relative to average drawdown | 7.42 | 6.43 | +0.99 |
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Drawdowns
FRI vs. KBWY - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, which is greater than KBWY's maximum drawdown of -57.68%. Use the drawdown chart below to compare losses from any high point for FRI and KBWY.
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Drawdown Indicators
| FRI | KBWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -57.68% | -14.27% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -9.24% | +1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -29.93% | +11.03% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -32.29% | +1.08% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -57.68% | +13.52% |
Current DrawdownCurrent decline from peak | -1.59% | -7.79% | +6.20% |
Average DrawdownAverage peak-to-trough decline | -13.67% | -14.15% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 3.88% | -1.48% |
Volatility
FRI vs. KBWY - Volatility Comparison
First Trust S&P REIT Index Fund (FRI) has a higher volatility of 5.13% compared to Invesco KBW Premium Yield Equity REIT ETF (KBWY) at 4.76%. This indicates that FRI's price experiences larger fluctuations and is considered to be riskier than KBWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRI | KBWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.13% | 4.76% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 9.93% | 12.12% | -2.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.67% | 16.78% | -3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.69% | 21.61% | -2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.10% | 27.08% | -5.98% |
FRI vs. KBWY - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is higher than KBWY's 0.35% expense ratio.
Dividends
FRI vs. KBWY - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.52%, less than KBWY's 9.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.52% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 9.09% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
Frequently Asked Questions
FRI and KBWY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRI has higher volatility (5.13%) compared to KBWY (4.76%). In terms of maximum drawdown, FRI dropped -71.95% vs KBWY's -57.68%.
On 10-year performance, FRI leads with 5.79% vs 1.34% for KBWY. On fees, KBWY is cheaper at 0.35% per year. On volatility, KBWY has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FRI has performed better with a 5.79% return vs 1.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWY is cheaper with a 0.35% expense ratio, compared with 0.50% for FRI.
KBWY has the higher dividend yield at 9.09%, compared with 2.52% for FRI.
FRI tracks S&P United States REIT, while KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.50% for FRI and 0.35% for KBWY.
KBWY currently has the higher Sharpe Ratio (1.49 vs 1.31), 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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