ICF vs. FRI

Last updated Jun 4, 2026

ICF (iShares Cohen & Steers REIT ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - ICF tracks the Cohen & Steers Realty Majors Index while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 10 years, ICF returned 5.54%/yr vs 5.62%/yr for FRI. Their correlation of 0.92 suggests significant overlap in exposure. ICF charges 0.34%/yr vs 0.50%/yr for FRI.

Performance

ICF vs. FRI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ICF having a 12.19% return and FRI slightly lower at 11.90%. Both investments have delivered pretty close results over the past 10 years, with ICF having a 5.54% annualized return and FRI not far ahead at 5.62%.

ICF

• 1D: 0.17%
• 1M: -0.92%
• YTD: 12.19%
• 6M: 11.56%
• 1Y: 11.29%
• 3Y*: 10.12%
• 5Y*: 3.01%
• 10Y*: 5.54%

FRI

• 1D: 0.21%
• 1M: -0.46%
• YTD: 11.90%
• 6M: 10.60%
• 1Y: 14.73%
• 3Y*: 11.09%
• 5Y*: 4.41%
• 10Y*: 5.62%

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

ICF vs. FRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICF iShares Cohen & Steers REIT ETF	12.19%	1.85%	5.30%	10.36%	-26.12%	44.17%	-5.43%	25.48%	-2.55%	4.90%
FRI First Trust S&P REIT Index Fund	11.90%	2.80%	7.84%	13.33%	-24.66%	42.55%	-7.90%	23.67%	-4.28%	3.86%

Correlation

The correlation between ICF and FRI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.92

The correlation between ICF and FRI has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

ICF vs. FRI - Sectors Allocation Comparison

Sectors	ICF	FRI
Real Estate	100.0%	96.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	2.3%
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	0.8%

Return for Risk

ICF vs. FRI — Risk / Return Rank

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

ICF

ICF Risk / Return Rank: 25
ICF Sharpe Ratio Rank: 23
ICF Sortino Ratio Rank: 22
ICF Omega Ratio Rank: 22
ICF Calmar Ratio Rank: 28
ICF Martin Ratio Rank: 28

FRI

FRI Risk / Return Rank: 34
FRI Sharpe Ratio Rank: 31
FRI Sortino Ratio Rank: 29
FRI Omega Ratio Rank: 29
FRI Calmar Ratio Rank: 40
FRI Martin Ratio Rank: 39

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.

ICF vs. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Cohen & Steers REIT ETF (ICF) and First Trust S&P REIT Index Fund (FRI). 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.

	ICF	FRI	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.13	-0.30
Sortino ratio: Return per unit of downside risk	1.20	1.59	-0.39
Omega ratio: Gain probability vs. loss probability	1.15	1.20	-0.05
Calmar ratio: Return relative to maximum drawdown	1.38	1.95	-0.57
Martin ratio: Return relative to average drawdown	3.92	6.21	-2.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICF vs. FRI - Sharpe Ratio Comparison

The current ICF Sharpe Ratio is 0.84, which is comparable to the FRI Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of ICF and FRI, 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

	ICF	FRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	1.13	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.24	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.27	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.18	+0.13

Drawdowns

ICF vs. FRI - Drawdown Comparison

The maximum ICF drawdown since its inception was -76.74%, which is greater than FRI's maximum drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for ICF and FRI.

Drawdown Indicators

	ICF	FRI	Difference
Max Drawdown Largest peak-to-trough decline	-76.74%	-71.95%	-4.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	-7.57%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	-18.90%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-34.74%	-31.21%	-3.53%
Max Drawdown (10Y) Largest decline over 10 years	-40.22%	-44.16%	+3.94%
Current Drawdown Current decline from peak	-2.67%	-3.24%	+0.57%
Average Drawdown Average peak-to-trough decline	-14.18%	-13.70%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	2.38%	+0.50%

Volatility

ICF vs. FRI - Volatility Comparison

The current volatility for iShares Cohen & Steers REIT ETF (ICF) is 3.71%, while First Trust S&P REIT Index Fund (FRI) has a volatility of 3.93%. This indicates that ICF experiences smaller price fluctuations and is considered to be less risky than FRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICF	FRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	3.93%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	9.14%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	13.57%	13.05%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	18.65%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	21.06%	-0.48%

ICF vs. FRI - Expense Ratio Comparison

ICF has a 0.34% expense ratio, which is lower than FRI's 0.50% expense ratio.

Dividends

ICF vs. FRI - Dividend Comparison

ICF's dividend yield for the trailing twelve months is around 2.48%, less than FRI's 2.60% 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%
ICF iShares Cohen & Steers REIT ETF	2.48%	2.88%	2.66%	2.76%	2.64%	1.82%	2.38%	2.55%	3.20%	3.10%	4.21%	3.30%

Frequently Asked Questions

Can I hold both ICF and FRI in my portfolio?

With a correlation of 0.93, ICF and FRI 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 is riskier, ICF or FRI?

FRI has higher volatility (3.93%) compared to ICF (3.71%). In terms of maximum drawdown, ICF dropped -76.74% vs FRI's -71.95%.

Which ETF is better, ICF or FRI?

On 10-year performance, FRI leads with 5.62% vs 5.54% for ICF. On fees, ICF is cheaper at 0.34% per year. On volatility, ICF has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICF or FRI?

Over the 10-year period, FRI has performed better with a 5.62% return vs 5.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICF or FRI?

ICF is cheaper with a 0.34% expense ratio, compared with 0.50% for FRI.

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

FRI has the higher dividend yield at 2.60%, compared with 2.48% for ICF.

What is the main difference between ICF and FRI?

ICF tracks Cohen & Steers Realty Majors Index, while FRI tracks S&P United States REIT. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.34% for ICF and 0.50% for FRI.

Which has better risk-adjusted returns?

FRI currently has the higher Sharpe Ratio (1.13 vs 0.84), 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.