FRI vs. VWUAX

Last updated Jun 23, 2026

FRI (First Trust S&P REIT Index Fund) and VWUAX (Vanguard U.S. Growth Fund Admiral Shares) are both funds - FRI is a REIT fund tracking the S&P United States REIT, while VWUAX is a Large Cap Growth Equities fund actively managed by Vanguard. FRI is passively managed, while VWUAX is actively managed. Over the past 10 years, FRI returned 5.79%/yr vs 16.10%/yr for VWUAX. A 0.52 correlation means they provide meaningful diversification when combined. FRI charges 0.50%/yr vs 0.25%/yr for VWUAX.

Performance

FRI vs. VWUAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P REIT Index Fund (FRI) and Vanguard U.S. Growth Fund Admiral Shares (VWUAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRI achieves a 15.15% return, which is significantly higher than VWUAX's 1.49% return. Over the past 10 years, FRI has underperformed VWUAX with an annualized return of 5.79%, while VWUAX has yielded a comparatively higher 16.10% annualized return.

FRI

• 1D: 1.21%
• 1M: 0.21%
• YTD: 15.15%
• 6M: 15.28%
• 1Y: 17.73%
• 3Y*: 13.10%
• 5Y*: 4.83%
• 10Y*: 5.79%

VWUAX

• 1D: 1.64%
• 1M: -0.14%
• YTD: 1.49%
• 6M: 0.67%
• 1Y: 13.98%
• 3Y*: 19.91%
• 5Y*: 5.28%
• 10Y*: 16.10%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FRI vs. VWUAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRI First Trust S&P REIT Index Fund	15.15%	2.80%	7.84%	13.33%	-24.66%	42.55%	-7.90%	23.67%	-4.28%	3.86%
VWUAX Vanguard U.S. Growth Fund Admiral Shares	1.49%	15.49%	31.79%	45.32%	-39.58%	2.43%	58.80%	48.42%	0.77%	31.26%

Correlation

The correlation between FRI and VWUAX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.52

Over the past year, the correlation between FRI and VWUAX has dropped to 0.08 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

Return for Risk

FRI vs. VWUAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FRI

FRI Risk / Return Rank: 40
FRI Sharpe Ratio Rank: 38
FRI Sortino Ratio Rank: 35
FRI Omega Ratio Rank: 35
FRI Calmar Ratio Rank: 49
FRI Martin Ratio Rank: 46

VWUAX

VWUAX Risk / Return Rank: 9
VWUAX Sharpe Ratio Rank: 10
VWUAX Sortino Ratio Rank: 10
VWUAX Omega Ratio Rank: 10
VWUAX Calmar Ratio Rank: 8
VWUAX Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FRI vs. VWUAX - 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 U.S. Growth Fund Admiral Shares (VWUAX). 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	VWUAX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	0.77	+0.54
Sortino ratio: Return per unit of downside risk	1.81	1.13	+0.67
Omega ratio: Gain probability vs. loss probability	1.23	1.14	+0.08
Calmar ratio: Return relative to maximum drawdown	2.35	0.70	+1.65
Martin ratio: Return relative to average drawdown	7.42	2.06	+5.36

FRI vs. VWUAX - Sharpe Ratio Comparison

The current FRI Sharpe Ratio is 1.31, which is higher than the VWUAX Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of FRI and VWUAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FRI vs. VWUAX - Drawdown Comparison

The maximum FRI drawdown since its inception was -71.95%, which is greater than VWUAX's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for FRI and VWUAX.

Drawdown Indicators

	FRI	VWUAX	Difference
Max Drawdown Largest peak-to-trough decline	-71.95%	-50.37%	-21.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.57%	-19.12%	+11.55%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-25.01%	+6.11%
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	-50.17%	+18.96%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-50.17%	+6.01%
Current Drawdown Current decline from peak	-1.59%	-3.91%	+2.32%
Average Drawdown Average peak-to-trough decline	-13.67%	-12.81%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	6.50%	-4.10%

Volatility

FRI vs. VWUAX - Volatility Comparison

The current volatility for First Trust S&P REIT Index Fund (FRI) is 5.13%, while Vanguard U.S. Growth Fund Admiral Shares (VWUAX) has a volatility of 6.62%. This indicates that FRI experiences smaller price fluctuations and is considered to be less risky than VWUAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRI	VWUAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	6.62%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	9.93%	13.70%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	17.45%	-3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	25.02%	-6.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	23.77%	-2.67%

FRI vs. VWUAX - Expense Ratio Comparison

FRI has a 0.50% expense ratio, which is higher than VWUAX's 0.25% expense ratio.

Dividends

FRI vs. VWUAX - Dividend Comparison

FRI's dividend yield for the trailing twelve months is around 2.52%, less than VWUAX's 9.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRI First Trust S&P REIT Index Fund	2.52%	2.99%	3.33%	3.24%	2.52%	1.44%	3.08%	2.28%	3.21%	2.82%	3.27%	2.66%
VWUAX Vanguard U.S. Growth Fund Admiral Shares	9.36%	9.50%	4.70%	0.37%	0.49%	3.60%	4.00%	13.28%	9.80%	4.63%	1.67%	9.10%

Frequently Asked Questions

Can I hold both FRI and VWUAX in my portfolio?

FRI and VWUAX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRI or VWUAX?

VWUAX has higher volatility (6.62%) compared to FRI (5.13%). In terms of maximum drawdown, FRI dropped -71.95% vs VWUAX's -50.37%.

Which has better risk-adjusted returns?

FRI currently has the higher Sharpe Ratio (1.31 vs 0.77), 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.