FRI vs. XLRI

Last updated Jun 24, 2026

FRI (First Trust S&P REIT Index Fund) and XLRI (State Street Real Estate Select Sector SPDR Premium Income ETF) are both exchange-traded funds - FRI is a REIT fund tracking the S&P United States REIT, while XLRI is a Derivative Income fund actively managed by State Street. FRI is passively managed, while XLRI is actively managed. Their correlation of 0.91 suggests significant overlap in exposure. FRI charges 0.50%/yr vs 0.35%/yr for XLRI.

Performance

FRI vs. XLRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P REIT Index Fund (FRI) and State Street Real Estate Select Sector SPDR Premium Income ETF (XLRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRI achieves a 16.71% return, which is significantly higher than XLRI's 6.71% 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%

XLRI

• 1D: 1.31%
• 1M: 1.23%
• YTD: 6.71%
• 6M: 7.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FRI vs. XLRI - Yearly Performance Comparison

	2026 (YTD)	2025
FRI First Trust S&P REIT Index Fund	16.71%	0.57%
XLRI State Street Real Estate Select Sector SPDR Premium Income ETF	6.71%	-0.57%

Correlation

The correlation between FRI and XLRI is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.91

Return for Risk

FRI vs. XLRI — Risk / Return Rank

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

FRI

FRI Risk / Return Rank: 42
FRI Sharpe Ratio Rank: 40
FRI Sortino Ratio Rank: 37
FRI Omega Ratio Rank: 36
FRI Calmar Ratio Rank: 52
FRI Martin Ratio Rank: 48

XLRI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. XLRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and State Street Real Estate Select Sector SPDR Premium Income ETF (XLRI). 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	XLRI	Difference
Sharpe ratio: Return per unit of total volatility	1.32	—	—
Sortino ratio: Return per unit of downside risk	1.83	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	2.39	—	—
Martin ratio: Return relative to average drawdown	7.53	—	—

Drawdowns

FRI vs. XLRI - Drawdown Comparison

The maximum FRI drawdown since its inception was -71.95%, which is greater than XLRI's maximum drawdown of -7.12%. Use the drawdown chart below to compare losses from any high point for FRI and XLRI.

Drawdown Indicators

	FRI	XLRI	Difference
Max Drawdown Largest peak-to-trough decline	-71.95%	-7.12%	-64.83%
Max Drawdown (1Y) Largest decline over 1 year	-7.57%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	—	—
Current Drawdown Current decline from peak	-0.25%	-0.54%	+0.29%
Average Drawdown Average peak-to-trough decline	-13.67%	-1.65%	-12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	—	—

Volatility

Volatility by Period

	FRI	XLRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	10.99%	+2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	10.99%	+7.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	10.99%	+10.11%

FRI vs. XLRI - Expense Ratio Comparison

FRI has a 0.50% expense ratio, which is higher than XLRI's 0.35% expense ratio.

Dividends

FRI vs. XLRI - Dividend Comparison

FRI's dividend yield for the trailing twelve months is around 2.49%, less than XLRI's 12.24% 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%
XLRI State Street Real Estate Select Sector SPDR Premium Income ETF	12.24%	6.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRI and XLRI in my portfolio?

With a correlation of 0.91, FRI and XLRI 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.

Which ETF is better, FRI or XLRI?

On fees, XLRI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRI or XLRI?

XLRI is cheaper with a 0.35% expense ratio, compared with 0.50% for FRI.

Which ETF pays a higher dividend yield, FRI or XLRI?

XLRI has the higher dividend yield at 12.24%, compared with 2.49% for FRI.

What is the main difference between FRI and XLRI?

FRI is categorized as REIT, while XLRI is Derivative Income. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.50% for FRI and 0.35% for XLRI.