JPRE vs. FRI

Last updated Jun 4, 2026

JPRE (JPMorgan Realty Income ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds. JPRE is actively managed, while FRI is passively managed. Over the past 3 years, JPRE returned 9.52%/yr vs 11.09%/yr for FRI. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.50% expense ratio.

Performance

JPRE vs. FRI - Performance Comparison

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

Returns By Period

In the year-to-date period, JPRE achieves a 9.03% return, which is significantly lower than FRI's 11.90% return.

JPRE

• 1D: -0.12%
• 1M: -1.51%
• YTD: 9.03%
• 6M: 8.33%
• 1Y: 9.04%
• 3Y*: 9.52%
• 5Y*: —
• 10Y*: —

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)

JPRE vs. FRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JPRE JPMorgan Realty Income ETF	9.03%	1.36%	7.43%	13.41%	-9.96%
FRI First Trust S&P REIT Index Fund	11.90%	2.80%	7.84%	13.33%	-9.18%

Correlation

The correlation between JPRE and FRI is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 24, 2022	0.97

The correlation between JPRE and FRI has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

JPRE vs. FRI - Sectors Allocation Comparison

Sectors	JPRE	FRI
Real Estate	98.1%	96.2%
Basic Materials	0.6%	-
Industrials	0.6%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	2.3%
Healthcare	-	-
Technology	-	-
Utilities	-	0.8%

Return for Risk

JPRE vs. FRI — Risk / Return Rank

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

JPRE

JPRE Risk / Return Rank: 22
JPRE Sharpe Ratio Rank: 20
JPRE Sortino Ratio Rank: 19
JPRE Omega Ratio Rank: 20
JPRE Calmar Ratio Rank: 24
JPRE Martin Ratio Rank: 25

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.

JPRE vs. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Realty Income ETF (JPRE) 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.

	JPRE	FRI	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.13	-0.44
Sortino ratio: Return per unit of downside risk	1.01	1.59	-0.58
Omega ratio: Gain probability vs. loss probability	1.13	1.20	-0.07
Calmar ratio: Return relative to maximum drawdown	1.18	1.95	-0.78
Martin ratio: Return relative to average drawdown	3.24	6.21	-2.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPRE vs. FRI - Sharpe Ratio Comparison

The current JPRE Sharpe Ratio is 0.70, which is lower than the FRI Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of JPRE 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

	JPRE	FRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	1.13	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.24	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.18	+0.09

Drawdowns

JPRE vs. FRI - Drawdown Comparison

The maximum JPRE drawdown since its inception was -23.84%, smaller than the maximum FRI drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for JPRE and FRI.

Drawdown Indicators

	JPRE	FRI	Difference
Max Drawdown Largest peak-to-trough decline	-23.84%	-71.95%	+48.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.70%	-7.57%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-18.90%	+2.63%
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	-3.57%	-3.24%	-0.33%
Average Drawdown Average peak-to-trough decline	-8.16%	-13.70%	+5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	2.38%	+0.41%

Volatility

JPRE vs. FRI - Volatility Comparison

JPMorgan Realty Income ETF (JPRE) and First Trust S&P REIT Index Fund (FRI) have volatilities of 3.86% and 3.93%, 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

	JPRE	FRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	3.93%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	9.14%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	13.05%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.28%	18.65%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	21.06%	-2.78%

JPRE vs. FRI - Expense Ratio Comparison

Both JPRE and FRI have an expense ratio of 0.50%.

Dividends

JPRE vs. FRI - Dividend Comparison

JPRE's dividend yield for the trailing twelve months is around 2.29%, 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%
JPRE JPMorgan Realty Income ETF	2.29%	2.62%	2.21%	3.26%	10.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPRE and FRI in my portfolio?

With a correlation of 0.95, JPRE 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, JPRE or FRI?

FRI has higher volatility (3.93%) compared to JPRE (3.86%). In terms of maximum drawdown, JPRE dropped -23.84% vs FRI's -71.95%.

Which ETF is better, JPRE or FRI?

On 3-year performance, FRI leads with 11.09% vs 9.52% for JPRE. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPRE or FRI?

Over the 3-year period, FRI has performed better with a 11.09% return vs 9.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPRE or FRI?

JPRE and FRI have the same expense ratio: 0.50% per year.

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

FRI has the higher dividend yield at 2.60%, compared with 2.29% for JPRE.

What is the main difference between JPRE and FRI?

They also come from different issuers: JPMorgan and First Trust.

Which has better risk-adjusted returns?

FRI currently has the higher Sharpe Ratio (1.13 vs 0.70), 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.