FRI vs. REM
FRI (First Trust S&P REIT Index Fund) and REM (iShares Mortgage Real Estate ETF) are both REIT funds - FRI tracks the S&P United States REIT while REM tracks the FTSE NAREIT All Mortgage Capped Index. Both are passively managed. Over the past 10 years, FRI returned 5.42%/yr vs 2.31%/yr for REM. Their 0.63 correlation means they have sometimes moved together and sometimes differently. FRI charges 0.50%/yr vs 0.48%/yr for REM.
Performance
FRI vs. REM - 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 REM's -0.06% return. Over the past 10 years, FRI has outperformed REM with an annualized return of 5.42%, while REM has yielded a comparatively lower 2.31% annualized 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%
REM
- 1D
- -1.19%
- 1M
- -2.45%
- 6M
- -2.60%
- YTD
- -0.06%
- 1Y
- 7.95%
- 3Y*
- 5.22%
- 5Y*
- -1.65%
- 10Y*
- 2.31%
- ALL TIME*
- -1.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.71M | $1.21M | $886.33K | |
| $13.23M | $11.87M | $10.10M |
FRI vs. REM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 19.62% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
REM iShares Mortgage Real Estate ETF | -0.06% | 13.30% | -1.00% | 14.43% | -27.56% | 16.14% | -19.99% | 21.34% | -3.09% | 18.43% |
Correlation
The correlation between FRI and REM is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | 0.63 |
The correlation between FRI and REM shifts across timeframes, from 0.55 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FRI vs. REM — Risk / Return Rank
FRI
REM
FRI vs. REM - 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 Mortgage Real Estate ETF (REM). 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 | REM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.09 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 0.59 | +2.61 |
| Martin ratioReturn relative to average drawdown | 10.66 | 1.49 | +9.18 |
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Drawdowns
FRI vs. REM - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, roughly equal to the maximum REM drawdown of -74.73%. Use the drawdown chart below to compare losses from any high point for FRI and REM.
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Drawdown Indicators
| FRI | REM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -74.73% | +2.78% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -14.25% | +6.68% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -20.19% | +1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -43.31% | +12.10% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -68.52% | +24.36% |
Current DrawdownCurrent decline from peak | -2.89% | -22.26% | +19.37% |
Average DrawdownAverage peak-to-trough decline | -13.59% | -38.20% | +24.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 5.62% | -3.36% |
Volatility
FRI vs. REM - Volatility Comparison
The current volatility for First Trust S&P REIT Index Fund (FRI) is 4.67%, while iShares Mortgage Real Estate ETF (REM) has a volatility of 4.93%. This indicates that FRI experiences smaller price fluctuations and is considered to be less risky than REM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRI | REM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 4.93% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 10.57% | 13.30% | -2.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.69% | 17.16% | -3.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 23.45% | -4.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.11% | 28.31% | -7.20% |
FRI vs. REM - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is higher than REM's 0.48% expense ratio.
Dividends
FRI vs. REM - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.40%, less than REM's 9.02% 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% |
REM iShares Mortgage Real Estate ETF | 9.02% | 8.70% | 9.61% | 9.46% | 11.13% | 7.29% | 7.72% | 8.16% | 10.00% | 9.97% | 10.03% | 11.99% |
Frequently Asked Questions
FRI and REM have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REM has higher volatility (4.93%) compared to FRI (4.67%). In terms of maximum drawdown, FRI dropped -71.95% vs REM's -74.73%.
On 10-year performance, FRI leads with 5.42% vs 2.31% for REM. On fees, REM is cheaper at 0.48% 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.
Over the 10-year period, FRI has performed better with a 5.42% return vs 2.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REM is cheaper with a 0.48% expense ratio, compared with 0.50% for FRI.
REM has the higher dividend yield at 9.02%, compared with 2.40% for FRI.
FRI tracks S&P United States REIT, while REM tracks FTSE NAREIT All Mortgage Capped Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.50% for FRI and 0.48% for REM.
FRI currently has the higher Sharpe Ratio (1.78 vs 0.49), 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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