FRI vs. VNQ
Compare and contrast key facts about First Trust S&P REIT Index Fund (FRI) and Vanguard Real Estate ETF (VNQ).
FRI and VNQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FRI is a passively managed fund by First Trust that tracks the performance of the S&P United States REIT. It was launched on May 8, 2007. VNQ is a passively managed fund by Vanguard that tracks the performance of the MSCI US Investable Market Real Estate 25/50 Index. It was launched on Sep 23, 2004. Both FRI and VNQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FRI vs. VNQ - Performance Comparison
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FRI vs. VNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 5.13% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
VNQ Vanguard Real Estate ETF | 1.67% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
Returns By Period
In the year-to-date period, FRI achieves a 5.13% return, which is significantly higher than VNQ's 1.67% return. Over the past 10 years, FRI has outperformed VNQ with an annualized return of 5.03%, while VNQ has yielded a comparatively lower 4.69% annualized return.
FRI
- 1D
- 0.55%
- 1M
- -5.36%
- YTD
- 5.13%
- 6M
- 3.13%
- 1Y
- 7.10%
- 3Y*
- 8.79%
- 5Y*
- 5.12%
- 10Y*
- 5.03%
VNQ
- 1D
- 0.36%
- 1M
- -6.21%
- YTD
- 1.67%
- 6M
- -0.84%
- 1Y
- 2.18%
- 3Y*
- 6.57%
- 5Y*
- 2.86%
- 10Y*
- 4.69%
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FRI vs. VNQ - Expense Ratio Comparison
FRI has a 0.50% expense ratio, which is higher than VNQ's 0.13% expense ratio.
Return for Risk
FRI vs. VNQ — Risk / Return Rank
FRI
VNQ
FRI vs. VNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and Vanguard Real Estate ETF (VNQ). 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.
| FRI | VNQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.43 | 0.13 | +0.29 |
Sortino ratioReturn per unit of downside risk | 0.69 | 0.30 | +0.40 |
Omega ratioGain probability vs. loss probability | 1.09 | 1.04 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.54 | 0.18 | +0.36 |
Martin ratioReturn relative to average drawdown | 2.35 | 0.70 | +1.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FRI | VNQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.43 | 0.13 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.15 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 0.23 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.26 | -0.09 |
Correlation
The correlation between FRI and VNQ is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FRI vs. VNQ - Dividend Comparison
FRI's dividend yield for the trailing twelve months is around 2.77%, less than VNQ's 3.92% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.77% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
VNQ Vanguard Real Estate ETF | 3.92% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Drawdowns
FRI vs. VNQ - Drawdown Comparison
The maximum FRI drawdown since its inception was -71.95%, roughly equal to the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for FRI and VNQ.
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Drawdown Indicators
| FRI | VNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.95% | -73.07% | +1.12% |
Max Drawdown (1Y)Largest decline over 1 year | -13.12% | -12.44% | -0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -31.21% | -34.48% | +3.27% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -42.40% | -1.76% |
Current DrawdownCurrent decline from peak | -5.36% | -9.24% | +3.88% |
Average DrawdownAverage peak-to-trough decline | -13.81% | -13.71% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 3.21% | -0.20% |
Volatility
FRI vs. VNQ - Volatility Comparison
First Trust S&P REIT Index Fund (FRI) and Vanguard Real Estate ETF (VNQ) have volatilities of 4.39% and 4.57%, 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 | VNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.39% | 4.57% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 9.00% | 9.28% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.72% | 16.31% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.66% | 18.80% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.06% | 20.70% | +0.36% |