FRI vs. WPC

Last updated Jun 3, 2026

FRI (First Trust S&P REIT Index Fund) is REIT fund tracking the S&P United States REIT, while WPC (W. P. Carey Inc.) is a stock. Over the past 10 years, FRI returned 5.60%/yr vs 7.91%/yr for WPC. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

FRI vs. WPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P REIT Index Fund (FRI) and W. P. Carey Inc. (WPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRI achieves a 11.66% return, which is significantly lower than WPC's 16.24% return. Over the past 10 years, FRI has underperformed WPC with an annualized return of 5.60%, while WPC has yielded a comparatively higher 7.91% annualized return.

FRI

• 1D: 0.38%
• 1M: -1.40%
• YTD: 11.66%
• 6M: 10.48%
• 1Y: 14.05%
• 3Y*: 11.01%
• 5Y*: 4.35%
• 10Y*: 5.60%

WPC

• 1D: 1.26%
• 1M: 1.64%
• YTD: 16.24%
• 6M: 14.21%
• 1Y: 25.31%
• 3Y*: 9.30%
• 5Y*: 5.70%
• 10Y*: 7.91%

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

FRI vs. WPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRI First Trust S&P REIT Index Fund	11.66%	2.80%	7.84%	13.33%	-24.66%	42.55%	-7.90%	23.67%	-4.28%	3.86%
WPC W. P. Carey Inc.	16.24%	24.99%	-10.59%	-7.93%	0.47%	22.88%	-5.99%	28.84%	1.08%	25.68%

Correlation

The correlation between FRI and WPC is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.63

The correlation between FRI and WPC shifts across timeframes, from 0.63 (all time) to 0.77 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FRI vs. WPC — Risk / Return Rank

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

FRI

FRI Risk / Return Rank: 32
FRI Sharpe Ratio Rank: 30
FRI Sortino Ratio Rank: 28
FRI Omega Ratio Rank: 28
FRI Calmar Ratio Rank: 38
FRI Martin Ratio Rank: 38

WPC

WPC Risk / Return Rank: 79
WPC Sharpe Ratio Rank: 82
WPC Sortino Ratio Rank: 78
WPC Omega Ratio Rank: 76
WPC Calmar Ratio Rank: 79
WPC Martin Ratio Rank: 82

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. WPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and W. P. Carey Inc. (WPC). 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	WPC	Difference
Sharpe ratio Return per unit of total volatility	1.08	1.58	-0.50
Sortino ratio Return per unit of downside risk	1.52	2.19	-0.67
Omega ratio Gain probability vs. loss probability	1.19	1.28	-0.08
Calmar ratio Return relative to maximum drawdown	1.88	2.51	-0.63
Martin ratio Return relative to average drawdown	6.00	7.67	-1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRI vs. WPC - Sharpe Ratio Comparison

The current FRI Sharpe Ratio is 1.08, which is lower than the WPC Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FRI and WPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FRI	WPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	1.58	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.28	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.31	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.46	-0.28

Drawdowns

FRI vs. WPC - Drawdown Comparison

The maximum FRI drawdown since its inception was -71.95%, which is greater than WPC's maximum drawdown of -52.45%. Use the drawdown chart below to compare losses from any high point for FRI and WPC.

Drawdown Indicators

	FRI	WPC	Difference
Max Drawdown Largest peak-to-trough decline	-71.95%	-52.45%	-19.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.57%	-9.71%	+2.14%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-27.07%	+8.17%
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	-36.81%	+5.60%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-52.45%	+8.29%
Current Drawdown Current decline from peak	-3.44%	-1.63%	-1.81%
Average Drawdown Average peak-to-trough decline	-13.70%	-10.28%	-3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	3.17%	-0.80%

Volatility

FRI vs. WPC - Volatility Comparison

First Trust S&P REIT Index Fund (FRI) and W. P. Carey Inc. (WPC) have volatilities of 3.99% and 4.03%, 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.

Volatility by Period

	FRI	WPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	4.03%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	12.06%	-2.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	16.09%	-3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	20.63%	-1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	25.79%	-4.73%

Dividends

FRI vs. WPC - Dividend Comparison

FRI's dividend yield for the trailing twelve months is around 2.60%, less than WPC's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRI First Trust S&P REIT Index Fund	2.60%	2.99%	3.33%	3.24%	2.52%	1.44%	3.08%	2.28%	3.21%	2.82%	3.27%	2.66%
WPC W. P. Carey Inc.	4.96%	5.62%	6.41%	7.93%	5.43%	5.12%	5.91%	5.17%	6.26%	7.26%	6.65%	6.48%

Frequently Asked Questions

Can I hold both FRI and WPC in my portfolio?

FRI and WPC have a correlation of 0.65, 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 WPC?

WPC has higher volatility (4.03%) compared to FRI (3.99%). In terms of maximum drawdown, FRI dropped -71.95% vs WPC's -52.45%.

Which has better risk-adjusted returns?

WPC currently has the higher Sharpe Ratio (1.58 vs 1.08), 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.