FRI vs. USRT
FRI (First Trust S&P REIT Index Fund) and USRT (iShares Core U.S. REIT ETF) are both REIT funds - FRI tracks the S&P United States REIT while USRT tracks the FTSE Nareit Equity REITS 40 Act Capped Index. Both are passively managed. Over the past 10 years, FRI returned 5.93%/yr vs 6.53%/yr for USRT. Their correlation of 0.92 suggests significant overlap in exposure. FRI charges 0.50%/yr vs 0.08%/yr for USRT.
Performance
FRI vs. USRT - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FRI having a 16.71% return and USRT slightly higher at 17.49%. Over the past 10 years, FRI has underperformed USRT with an annualized return of 5.93%, while USRT has yielded a comparatively higher 6.53% 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%
USRT
- 1D
- 1.30%
- 1M
- 1.84%
- YTD
- 17.49%
- 6M
- 17.97%
- 1Y
- 18.57%
- 3Y*
- 14.08%
- 5Y*
- 5.53%
- 10Y*
- 6.53%
FRI vs. USRT - 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% |
USRT iShares Core U.S. REIT ETF | 17.49% | 2.44% | 8.58% | 13.64% | -24.43% | 43.26% | -8.06% | 25.98% | -4.67% | 5.27% |
Correlation
The correlation between FRI and USRT 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 | 0.92 |
The correlation between FRI and USRT has been stable across timeframes, ranging from 0.92 to 0.99 - a consistent structural relationship.
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Return for Risk
FRI vs. USRT — Risk / Return Rank
FRI
USRT
FRI vs. USRT - 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 Core U.S. REIT ETF (USRT). 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 | USRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.32 | +0.07 |
| Martin ratioReturn relative to average drawdown | 7.53 | 7.44 | +0.09 |
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Drawdowns
FRI vs. USRT - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, roughly equal to the maximum USRT drawdown of -69.92%. Use the drawdown chart below to compare losses from any high point for FRI and USRT.
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Drawdown Indicators
| FRI | USRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -69.92% | -2.03% |
Max Drawdown (1Y)Largest decline over 1 year | -7.57% | -8.04% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -18.90% | -18.70% | -0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -31.03% | -0.18% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -44.38% | +0.22% |
Current DrawdownCurrent decline from peak | -0.25% | -0.25% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -13.67% | -12.94% | -0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 2.50% | -0.10% |
Volatility
FRI vs. USRT - Volatility Comparison
First Trust S&P REIT Index Fund (FRI) and iShares Core U.S. REIT ETF (USRT) have volatilities of 5.30% and 5.19%, 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 | USRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 5.19% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 9.99% | 10.06% | -0.07% |
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% | 18.93% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.10% | 21.33% | -0.23% |
FRI vs. USRT - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is higher than USRT's 0.08% expense ratio.
Dividends
FRI vs. USRT - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.49%, less than USRT's 2.57% 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% |
USRT iShares Core U.S. REIT ETF | 2.57% | 3.07% | 2.85% | 3.18% | 3.46% | 2.27% | 3.12% | 3.34% | 5.66% | 3.44% | 3.98% | 3.59% |
Frequently Asked Questions
With a correlation of 0.99, FRI and USRT 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.
FRI has higher volatility (5.30%) compared to USRT (5.19%). In terms of maximum drawdown, FRI dropped -71.95% vs USRT's -69.92%.
On 10-year performance, USRT leads with 6.53% vs 5.93% for FRI. On fees, USRT is cheaper at 0.08% per year. On volatility, USRT has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USRT has performed better with a 6.53% return vs 5.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USRT is cheaper with a 0.08% expense ratio, compared with 0.50% for FRI.
USRT has the higher dividend yield at 2.57%, compared with 2.49% for FRI.
FRI tracks S&P United States REIT, while USRT tracks FTSE Nareit Equity REITS 40 Act Capped Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.50% for FRI and 0.08% for USRT.
USRT currently has the higher Sharpe Ratio (1.35 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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