FRI vs. SCHH
FRI (First Trust S&P REIT Index Fund) and SCHH (Schwab US REIT ETF) are both REIT funds - FRI tracks the S&P United States REIT while SCHH tracks the Dow Jones Equity All REIT Capped Index. Both are passively managed. Over the past 10 years, FRI returned 5.93%/yr vs 4.29%/yr for SCHH. With a 0.98 correlation, they move nearly in lockstep. FRI charges 0.50%/yr vs 0.07%/yr for SCHH.
Performance
FRI vs. SCHH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FRI achieves a 16.71% return, which is significantly higher than SCHH's 15.41% return. Over the past 10 years, FRI has outperformed SCHH with an annualized return of 5.93%, while SCHH has yielded a comparatively lower 4.29% 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%
SCHH
- 1D
- 1.31%
- 1M
- 1.22%
- YTD
- 15.41%
- 6M
- 16.02%
- 1Y
- 14.47%
- 3Y*
- 12.09%
- 5Y*
- 3.68%
- 10Y*
- 4.29%
FRI vs. SCHH - 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% |
SCHH Schwab US REIT ETF | 15.41% | 2.20% | 4.99% | 11.18% | -24.99% | 41.07% | -14.81% | 22.85% | -4.26% | 3.68% |
Correlation
The correlation between FRI and SCHH is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2011 | 0.98 |
The correlation between FRI and SCHH has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FRI vs. SCHH — Risk / Return Rank
FRI
SCHH
FRI vs. SCHH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and Schwab US REIT ETF (SCHH). 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 | SCHH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.19 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 1.75 | +0.63 |
| Martin ratioReturn relative to average drawdown | 7.53 | 5.48 | +2.05 |
Loading charts...
Drawdowns
FRI vs. SCHH - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, which is greater than SCHH's maximum drawdown of -44.22%. Use the drawdown chart below to compare losses from any high point for FRI and SCHH.
Loading charts...
Drawdown Indicators
| FRI | SCHH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -44.22% | -27.73% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -8.28% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -17.76% | -1.14% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -33.28% | +2.07% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -44.22% | +0.06% |
Current DrawdownCurrent decline from peak | -0.25% | -0.79% | +0.54% |
Average DrawdownAverage peak-to-trough decline | -13.67% | -9.42% | -4.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 2.65% | -0.25% |
Volatility
FRI vs. SCHH - Volatility Comparison
First Trust S&P REIT Index Fund (FRI) and Schwab US REIT ETF (SCHH) have volatilities of 5.30% and 5.37%, 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.
Loading charts...
Volatility by Period
| FRI | SCHH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 5.37% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 9.99% | 10.42% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.70% | 13.89% | -0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.69% | 18.77% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.10% | 21.02% | +0.08% |
FRI vs. SCHH - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is higher than SCHH's 0.07% expense ratio.
Dividends
FRI vs. SCHH - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.49%, less than SCHH's 2.72% 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% |
SCHH Schwab US REIT ETF | 2.72% | 3.04% | 3.22% | 3.24% | 2.55% | 1.50% | 2.86% | 2.86% | 3.64% | 2.22% | 2.81% | 2.48% |
Frequently Asked Questions
With a correlation of 0.98, FRI and SCHH 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.
SCHH has higher volatility (5.37%) compared to FRI (5.30%). In terms of maximum drawdown, FRI dropped -71.95% vs SCHH's -44.22%.
On 10-year performance, FRI leads with 5.93% vs 4.29% for SCHH. On fees, SCHH is cheaper at 0.07% per year. Their volatility is very similar. 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 4.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHH is cheaper with a 0.07% expense ratio, compared with 0.50% for FRI.
SCHH has the higher dividend yield at 2.72%, compared with 2.49% for FRI.
FRI tracks S&P United States REIT, while SCHH tracks Dow Jones Equity All REIT Capped Index. They also come from different issuers: First Trust and Charles Schwab. Their fees differ too: 0.50% for FRI and 0.07% for SCHH.
FRI currently has the higher Sharpe Ratio (1.32 vs 1.05), 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.
Find the right allocation for FRI and SCHH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer