KBWY vs. FRI
KBWY (Invesco KBW Premium Yield Equity REIT ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - KBWY tracks the KBW Nasdaq Premium Yield Equity REIT Index while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 10 years, KBWY returned 1.46%/yr vs 5.93%/yr for FRI. Their correlation of 0.85 suggests significant overlap in exposure. KBWY charges 0.35%/yr vs 0.50%/yr for FRI.
Performance
KBWY vs. FRI - Performance Comparison
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Returns By Period
In the year-to-date period, KBWY achieves a 22.56% return, which is significantly higher than FRI's 16.71% return. Over the past 10 years, KBWY has underperformed FRI with an annualized return of 1.46%, while FRI has yielded a comparatively higher 5.93% annualized return.
KBWY
- 1D
- 1.25%
- 1M
- 4.73%
- YTD
- 22.56%
- 6M
- 24.93%
- 1Y
- 25.07%
- 3Y*
- 11.98%
- 5Y*
- 3.00%
- 10Y*
- 1.46%
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%
KBWY vs. FRI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 22.56% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
FRI First Trust S&P REIT Index Fund | 16.71% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
Correlation
The correlation between KBWY and FRI is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | 0.85 |
The correlation between KBWY and FRI has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.
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Return for Risk
KBWY vs. FRI — Risk / Return Rank
KBWY
FRI
KBWY vs. FRI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) 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.
| KBWY | FRI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.39 | +0.34 |
| Martin ratioReturn relative to average drawdown | 6.48 | 7.53 | -1.05 |
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Drawdowns
KBWY vs. FRI - Drawdown Comparison
The maximum KBWY drawdown since its inception was -57.68%, smaller than the maximum FRI drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for KBWY and FRI.
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Drawdown Indicators
| KBWY | FRI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.68% | -71.95% | +14.27% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | -7.57% | -1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -29.93% | -18.90% | -11.03% |
Max Drawdown (5Y)Largest decline over 5 years | -32.29% | -31.21% | -1.08% |
Max Drawdown (10Y)Largest decline over 10 years | -57.68% | -44.16% | -13.52% |
Current DrawdownCurrent decline from peak | -6.64% | -0.25% | -6.39% |
Average DrawdownAverage peak-to-trough decline | -14.15% | -13.67% | -0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 2.40% | +1.48% |
Volatility
KBWY vs. FRI - Volatility Comparison
The current volatility for Invesco KBW Premium Yield Equity REIT ETF (KBWY) is 4.85%, while First Trust S&P REIT Index Fund (FRI) has a volatility of 5.30%. This indicates that KBWY 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.
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Volatility by Period
| KBWY | FRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 5.30% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 12.16% | 9.99% | +2.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.79% | 13.70% | +3.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.61% | 18.69% | +2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.08% | 21.10% | +5.98% |
KBWY vs. FRI - Expense Ratio Comparison
KBWY has a 0.35% expense ratio, which is lower than FRI's 0.50% expense ratio.
Dividends
KBWY vs. FRI - Dividend Comparison
KBWY's dividend yield for the trailing twelve months is around 8.28%, more than FRI's 2.49% 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% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.28% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
Frequently Asked Questions
KBWY and FRI have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRI has higher volatility (5.30%) compared to KBWY (4.85%). In terms of maximum drawdown, KBWY dropped -57.68% vs FRI's -71.95%.
On 10-year performance, FRI leads with 5.93% vs 1.46% for KBWY. On fees, KBWY is cheaper at 0.35% per year. On volatility, KBWY has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FRI has performed better with a 5.93% return vs 1.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWY is cheaper with a 0.35% expense ratio, compared with 0.50% for FRI.
KBWY has the higher dividend yield at 8.28%, compared with 2.49% for FRI.
KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index, while FRI tracks S&P United States REIT. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.35% for KBWY and 0.50% for FRI.
KBWY currently has the higher Sharpe Ratio (1.50 vs 1.32), 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.
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