FRI vs. LPRE

Last updated Aug 2, 2026

FRI (First Trust S&P REIT Index Fund) and LPRE (Long Pond Real Estate Select ETF) are both REIT funds. FRI is passively managed, while LPRE is actively managed. Over the past year, FRI returned 24.63% vs 18.79% for LPRE. Their correlation of 0.85 means they have usually moved in the same direction. FRI charges 0.50%/yr vs 1.00%/yr for LPRE.

Performance

FRI vs. LPRE - Performance Comparison

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

Returns By Period

In the year-to-date period, FRI achieves a 19.62% return, which is significantly higher than LPRE's 12.34% 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%

LPRE

• 1D: -1.06%
• 1M: -3.20%
• 6M: 11.04%
• YTD: 12.34%
• 1Y: 18.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FRI First Trust S&P REIT Index Fund	$1.71M	$1.21M	$886.33K
LPRE Long Pond Real Estate Select ETF	$356.75K	$373.80K	$506.79K

FRI vs. LPRE - Yearly Performance Comparison

	2026 (YTD)	2025
FRI First Trust S&P REIT Index Fund	19.62%	5.72%
LPRE Long Pond Real Estate Select ETF	12.34%	16.34%

Correlation

The correlation between FRI and LPRE is 0.85, 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.	0.85
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.85

The correlation between FRI and LPRE has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

Return for Risk

FRI vs. LPRE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FRI

FRI Risk / Return Rank: 79
FRI Sharpe Ratio Rank: 78
FRI Sortino Ratio Rank: 77
FRI Omega Ratio Rank: 74
FRI Calmar Ratio Rank: 84
FRI Martin Ratio Rank: 81

LPRE

LPRE Risk / Return Rank: 50
LPRE Sharpe Ratio Rank: 49
LPRE Sortino Ratio Rank: 52
LPRE Omega Ratio Rank: 46
LPRE Calmar Ratio Rank: 50
LPRE Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FRI vs. LPRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and Long Pond Real Estate Select ETF (LPRE). 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	LPRE	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.23	+0.55
Sortino ratio: Return per unit of downside risk	2.48	1.85	+0.63
Omega ratio: Gain probability vs. loss probability	1.31	1.22	+0.09
Calmar ratio: Return relative to maximum drawdown	3.19	1.81	+1.39
Martin ratio: Return relative to average drawdown	10.66	6.33	+4.33

FRI vs. LPRE - Sharpe Ratio Comparison

The current FRI Sharpe Ratio is 1.78, which is higher than the LPRE Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of FRI and LPRE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FRI vs. LPRE - Drawdown Comparison

The maximum FRI drawdown since its inception was -71.95%, which is greater than LPRE's maximum drawdown of -10.33%. Use the drawdown chart below to compare losses from any high point for FRI and LPRE.

Drawdown Indicators

	FRI	LPRE	Difference
Max Drawdown Largest peak-to-trough decline	-71.95%	-10.33%	-61.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.57%	-10.33%	+2.76%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	—	—
Current Drawdown Current decline from peak	-2.89%	-3.44%	+0.55%
Average Drawdown Average peak-to-trough decline	-13.59%	-2.02%	-11.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	2.94%	-0.68%

Volatility

FRI vs. LPRE - Volatility Comparison

First Trust S&P REIT Index Fund (FRI) and Long Pond Real Estate Select ETF (LPRE) have volatilities of 4.67% and 4.85%, 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.

Volatility by Period

	FRI	LPRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	4.85%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	11.35%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	13.69%	15.33%	-1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	17.87%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	17.87%	+3.24%

FRI vs. LPRE - Expense Ratio Comparison

FRI has a 0.50% expense ratio, which is lower than LPRE's 1.00% expense ratio.

Dividends

FRI vs. LPRE - Dividend Comparison

FRI's dividend yield for the trailing twelve months is around 2.40%, more than LPRE's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
LPRE Long Pond Real Estate Select ETF	1.70%	0.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRI and LPRE in my portfolio?

FRI and LPRE have a correlation of 0.85, 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 LPRE?

LPRE has higher volatility (4.85%) compared to FRI (4.67%). In terms of maximum drawdown, FRI dropped -71.95% vs LPRE's -10.33%.

Which ETF is better, FRI or LPRE?

On 1-year performance, FRI leads with 24.63% vs 18.79% for LPRE. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRI or LPRE?

Over the 1-year period, FRI has performed better with a 24.63% return vs 18.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRI or LPRE?

FRI is cheaper with a 0.50% expense ratio, compared with 1.00% for LPRE.

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

FRI has the higher dividend yield at 2.40%, compared with 1.70% for LPRE.

What is the main difference between FRI and LPRE?

They also come from different issuers: First Trust and Long Pond. Their fees differ too: 0.50% for FRI and 1.00% for LPRE.

Which has better risk-adjusted returns?

FRI currently has the higher Sharpe Ratio (1.78 vs 1.23), 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.