FRI vs. RWR
FRI (First Trust S&P REIT Index Fund) and RWR (SPDR Dow Jones REIT ETF) are both REIT funds - FRI tracks the S&P United States REIT while RWR tracks the Dow Jones U.S. Select REIT Index. Both are passively managed. Over the past 10 years, FRI returned 5.93%/yr vs 5.51%/yr for RWR. Their correlation of 0.93 suggests significant overlap in exposure. FRI charges 0.50%/yr vs 0.25%/yr for RWR.
Performance
FRI vs. RWR - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FRI having a 16.71% return and RWR slightly lower at 16.14%. Over the past 10 years, FRI has outperformed RWR with an annualized return of 5.93%, while RWR has yielded a comparatively lower 5.51% annualized return.
FRI
- 1D
- 1.36%
- 1M
- 1.57%
- YTD
- 16.71%
- 6M
- 17.19%
- 1Y
- 17.99%
- 3Y*
- 13.61%
- 5Y*
- 5.21%
- 10Y*
- 5.93%
RWR
- 1D
- 1.31%
- 1M
- 1.96%
- YTD
- 16.14%
- 6M
- 16.59%
- 1Y
- 19.02%
- 3Y*
- 13.63%
- 5Y*
- 4.96%
- 10Y*
- 5.51%
FRI vs. RWR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 16.71% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
RWR SPDR Dow Jones REIT ETF | 16.14% | 3.20% | 7.74% | 13.76% | -26.09% | 45.47% | -11.40% | 22.71% | -4.47% | 3.47% |
Correlation
The correlation between FRI and RWR is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | 0.93 |
The correlation between FRI and RWR has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.
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Return for Risk
FRI vs. RWR — Risk / Return Rank
FRI
RWR
FRI vs. RWR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and SPDR Dow Jones REIT ETF (RWR). 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 | RWR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.38 | +0.01 |
| Martin ratioReturn relative to average drawdown | 7.53 | 8.03 | -0.50 |
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Drawdowns
FRI vs. RWR - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, roughly equal to the maximum RWR drawdown of -74.92%. Use the drawdown chart below to compare losses from any high point for FRI and RWR.
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Drawdown Indicators
| FRI | RWR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -74.92% | +2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -8.04% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -18.85% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -32.58% | +1.37% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -44.39% | +0.23% |
Current DrawdownCurrent decline from peak | -0.25% | -0.46% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -13.67% | -13.08% | -0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 2.38% | +0.02% |
Volatility
FRI vs. RWR - Volatility Comparison
First Trust S&P REIT Index Fund (FRI) and SPDR Dow Jones REIT ETF (RWR) have volatilities of 5.30% and 5.42%, 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 | RWR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 5.42% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 9.99% | 10.37% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.70% | 14.05% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.69% | 19.05% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.10% | 21.55% | -0.45% |
FRI vs. RWR - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is higher than RWR's 0.25% expense ratio.
Dividends
FRI vs. RWR - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.49%, less than RWR's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.49% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
RWR SPDR Dow Jones REIT ETF | 3.36% | 3.78% | 3.76% | 3.75% | 3.81% | 2.79% | 3.73% | 3.36% | 4.19% | 3.05% | 4.39% | 3.17% |
Frequently Asked Questions
With a correlation of 0.99, FRI and RWR 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.
RWR has higher volatility (5.42%) compared to FRI (5.30%). In terms of maximum drawdown, FRI dropped -71.95% vs RWR's -74.92%.
On 10-year performance, FRI leads with 5.93% vs 5.51% for RWR. On fees, RWR is cheaper at 0.25% per year. On volatility, FRI has been the lower-risk option at 5.30%. 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 5.93% return vs 5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWR is cheaper with a 0.25% expense ratio, compared with 0.50% for FRI.
RWR has the higher dividend yield at 3.36%, compared with 2.49% for FRI.
FRI tracks S&P United States REIT, while RWR tracks Dow Jones U.S. Select REIT Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.50% for FRI and 0.25% for RWR.
RWR currently has the higher Sharpe Ratio (1.37 vs 1.32), 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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