IRET vs. FRI

Last updated Aug 2, 2026

IRET (iREIT MarketVector Quality REIT Index ETF) and FRI (First Trust S&P REIT Index Fund) are both exchange-traded funds - IRET is a Quality Factor fund tracking the iREIT MarketVector Quality REIT Index, while FRI is a REIT fund tracking the S&P United States REIT. Both are passively managed. Their correlation of 0.87 means they have usually moved in the same direction. IRET charges 0.60%/yr vs 0.50%/yr for FRI.

Performance

IRET vs. FRI - Performance Comparison

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

Returns By Period

IRET

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FRI

• 1D: -0.53%
• 1M: 0.72%
• 6M: 16.22%
• YTD: 19.62%
• 1Y: 24.63%
• 3Y*: 11.71%
• 5Y*: 4.87%
• 10Y*: 5.42%
• ALL TIME*: 5.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FRI First Trust S&P REIT Index Fund	$1.71M	$1.21M	$886.33K

IRET vs. FRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IRET iREIT MarketVector Quality REIT Index ETF	14.33%	-0.94%	2.95%
FRI First Trust S&P REIT Index Fund	19.62%	2.80%	9.85%

Correlation

The correlation between IRET and FRI is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	0.87

The correlation between IRET and FRI has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.

Return for Risk

IRET vs. FRI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IRET

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

FRI

FRI Risk / Return Rank: 79
FRI Sharpe Ratio Rank: 78
FRI Sortino Ratio Rank: 77
FRI Omega Ratio Rank: 74
FRI Calmar Ratio Rank: 84
FRI Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IRET vs. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iREIT MarketVector Quality REIT Index ETF (IRET) 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.

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.

	IRET	FRI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.78	—
Sortino ratio: Return per unit of downside risk	—	2.48	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	3.19	—
Martin ratio: Return relative to average drawdown	—	10.66	—

Drawdowns

Drawdown Indicators

	IRET	FRI	Difference
Max Drawdown Largest peak-to-trough decline	—	-71.95%	—
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	—	-2.89%	—
Average Drawdown Average peak-to-trough decline	—	-13.59%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.26%	—

Volatility

Volatility by Period

	IRET	FRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.67%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	13.69%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.70%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	21.11%	—

IRET vs. FRI - Expense Ratio Comparison

IRET has a 0.60% expense ratio, which is higher than FRI's 0.50% expense ratio.

Dividends

IRET vs. FRI - Dividend Comparison

IRET's dividend yield for the trailing twelve months is around 3.41%, more than FRI's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRI First Trust S&P REIT Index Fund	2.40%	2.99%	3.33%	3.24%	2.52%	1.44%	3.08%	2.28%	3.21%	2.82%	3.27%	2.66%
IRET iREIT MarketVector Quality REIT Index ETF	3.41%	5.14%	3.52%	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 IRET and FRI in my portfolio?

IRET and FRI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IRET or FRI?

On fees, FRI is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IRET or FRI?

FRI is cheaper with a 0.50% expense ratio, compared with 0.60% for IRET.

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

IRET has the higher dividend yield at 3.41%, compared with 2.40% for FRI.

What is the main difference between IRET and FRI?

IRET is categorized as Quality Factor, while FRI is REIT. IRET tracks iREIT MarketVector Quality REIT Index, while FRI tracks S&P United States REIT. They also come from different issuers: Tidal and First Trust. Their fees differ too: 0.60% for IRET and 0.50% for FRI.