FRI vs. SRVR
FRI (First Trust S&P REIT Index Fund) and SRVR (Pacer Data & Infrastructure Real Estate ETF) are both REIT funds - FRI tracks the S&P United States REIT while SRVR tracks the FTSE Nareit All Equity REITs Index. Both are passively managed. Over the past 5 years, FRI returned 4.87%/yr vs -3.29%/yr for SRVR. A 0.73 correlation means they provide meaningful diversification when combined. FRI charges 0.50%/yr vs 0.49%/yr for SRVR.
Performance
FRI vs. SRVR - Performance Comparison
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Returns By Period
In the year-to-date period, FRI achieves a 18.44% return, which is significantly higher than SRVR's 9.16% return.
FRI
- 1D
- 0.66%
- 1M
- 1.23%
- 6M
- 16.58%
- YTD
- 18.44%
- 1Y
- 21.21%
- 3Y*
- 11.11%
- 5Y*
- 4.87%
- 10Y*
- 5.45%
SRVR
- 1D
- -1.46%
- 1M
- -7.99%
- 6M
- 4.54%
- YTD
- 9.16%
- 1Y
- -0.06%
- 3Y*
- 3.87%
- 5Y*
- -3.29%
- 10Y*
- —
FRI vs. SRVR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 18.44% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | 2.34% |
SRVR Pacer Data & Infrastructure Real Estate ETF | 9.16% | -1.99% | 2.70% | 6.84% | -31.90% | 22.31% | 11.99% | 41.98% | -3.66% |
Correlation
The correlation between FRI and SRVR is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since May 16, 2018 | 0.73 |
Over the past year, the correlation between FRI and SRVR has dropped to 0.50 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.
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Return for Risk
FRI vs. SRVR — Risk / Return Rank
FRI
SRVR
FRI vs. SRVR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and Pacer Data & Infrastructure Real Estate ETF (SRVR). 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 | SRVR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.01 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | -0.00 | +2.82 |
| Martin ratioReturn relative to average drawdown | 8.99 | -0.01 | +9.00 |
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Drawdowns
FRI vs. SRVR - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, which is greater than SRVR's maximum drawdown of -40.99%. Use the drawdown chart below to compare losses from any high point for FRI and SRVR.
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Drawdown Indicators
| FRI | SRVR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -40.99% | -30.96% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -14.78% | +7.21% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -18.34% | -0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -40.99% | +9.78% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | -20.07% | +19.30% |
Average DrawdownAverage peak-to-trough decline | -13.63% | -15.26% | +1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.36% | 7.40% | -5.04% |
Volatility
FRI vs. SRVR - Volatility Comparison
First Trust S&P REIT Index Fund (FRI) has a higher volatility of 4.71% compared to Pacer Data & Infrastructure Real Estate ETF (SRVR) at 4.48%. This indicates that FRI's price experiences larger fluctuations and is considered to be riskier than SRVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRI | SRVR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 4.48% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 10.32% | 14.02% | -3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.74% | 17.27% | -3.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 19.84% | -1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.10% | 21.42% | -0.32% |
FRI vs. SRVR - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is higher than SRVR's 0.49% expense ratio.
Dividends
FRI vs. SRVR - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.42%, less than SRVR's 2.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.42% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
SRVR Pacer Data & Infrastructure Real Estate ETF | 2.80% | 2.67% | 2.00% | 3.69% | 1.70% | 1.19% | 1.59% | 1.61% | 2.13% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FRI and SRVR have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRI has higher volatility (4.71%) compared to SRVR (4.48%). In terms of maximum drawdown, FRI dropped -71.95% vs SRVR's -40.99%.
On 5-year performance, FRI leads with 4.87% vs -3.29% for SRVR. On fees, SRVR is cheaper at 0.49% per year. On volatility, SRVR has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FRI has performed better with a 4.87% return vs -3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRVR is cheaper with a 0.49% expense ratio, compared with 0.50% for FRI.
SRVR has the higher dividend yield at 2.80%, compared with 2.42% for FRI.
FRI tracks S&P United States REIT, while SRVR tracks FTSE Nareit All Equity REITs Index. They also come from different issuers: First Trust and Pacer. Their fees differ too: 0.50% for FRI and 0.49% for SRVR.
FRI currently has the higher Sharpe Ratio (1.55 vs -0.00), 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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