MORT vs. FRI

Last updated Jun 4, 2026

MORT (VanEck Vectors Mortgage REIT Income ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - MORT tracks the MVIS Global Mortgage REITs Index while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 10 years, MORT returned 2.27%/yr vs 5.62%/yr for FRI. A 0.60 correlation means they provide meaningful diversification when combined. MORT charges 0.42%/yr vs 0.50%/yr for FRI.

Performance

MORT vs. FRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Mortgage REIT Income ETF (MORT) 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, MORT achieves a -2.10% return, which is significantly lower than FRI's 11.90% return. Over the past 10 years, MORT has underperformed FRI with an annualized return of 2.27%, while FRI has yielded a comparatively higher 5.62% annualized return.

MORT

• 1D: -1.29%
• 1M: -4.89%
• YTD: -2.10%
• 6M: -2.31%
• 1Y: 10.79%
• 3Y*: 8.07%
• 5Y*: -2.36%
• 10Y*: 2.27%

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)

MORT vs. FRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MORT VanEck Vectors Mortgage REIT Income ETF	-2.10%	12.17%	0.14%	14.74%	-26.92%	15.95%	-22.39%	21.26%	-4.45%	18.88%
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 MORT and FRI is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Aug 18, 2011	0.60

The correlation between MORT and FRI has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

MORT vs. FRI - Sectors Allocation Comparison

Sectors	MORT	FRI
Real Estate	96.7%	96.2%
Financial Services	3.0%	2.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	0.8%

Return for Risk

MORT vs. FRI — Risk / Return Rank

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

MORT

MORT Risk / Return Rank: 19
MORT Sharpe Ratio Rank: 19
MORT Sortino Ratio Rank: 19
MORT Omega Ratio Rank: 19
MORT Calmar Ratio Rank: 18
MORT Martin Ratio Rank: 19

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.

MORT vs. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Mortgage REIT Income ETF (MORT) 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.

	MORT	FRI	Difference
Sharpe ratio: Return per unit of total volatility	0.66	1.13	-0.48
Sortino ratio: Return per unit of downside risk	1.00	1.59	-0.59
Omega ratio: Gain probability vs. loss probability	1.12	1.20	-0.08
Calmar ratio: Return relative to maximum drawdown	0.76	1.95	-1.20
Martin ratio: Return relative to average drawdown	2.12	6.21	-4.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MORT vs. FRI - Sharpe Ratio Comparison

The current MORT Sharpe Ratio is 0.66, which is lower than the FRI Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of MORT 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

	MORT	FRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	1.13	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	0.24	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.27	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.18	-0.02

Drawdowns

MORT vs. FRI - Drawdown Comparison

The maximum MORT drawdown since its inception was -70.13%, roughly equal to the maximum FRI drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for MORT and FRI.

Drawdown Indicators

	MORT	FRI	Difference
Max Drawdown Largest peak-to-trough decline	-70.13%	-71.95%	+1.82%
Max Drawdown (1Y) Largest decline over 1 year	-14.27%	-7.57%	-6.70%
Max Drawdown (3Y) Largest decline over 3 years	-21.98%	-18.90%	-3.08%
Max Drawdown (5Y) Largest decline over 5 years	-42.73%	-31.21%	-11.52%
Max Drawdown (10Y) Largest decline over 10 years	-70.13%	-44.16%	-25.97%
Current Drawdown Current decline from peak	-23.25%	-3.24%	-20.01%
Average Drawdown Average peak-to-trough decline	-15.31%	-13.70%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.11%	2.38%	+2.73%

Volatility

MORT vs. FRI - Volatility Comparison

The current volatility for VanEck Vectors Mortgage REIT Income ETF (MORT) is 3.67%, while First Trust S&P REIT Index Fund (FRI) has a volatility of 3.93%. This indicates that MORT 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

	MORT	FRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	3.93%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	9.14%	+3.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.59%	13.05%	+3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.70%	18.65%	+5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.85%	21.06%	+7.79%

MORT vs. FRI - Expense Ratio Comparison

MORT has a 0.42% expense ratio, which is lower than FRI's 0.50% expense ratio.

Dividends

MORT vs. FRI - Dividend Comparison

MORT's dividend yield for the trailing twelve months is around 13.30%, more 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%
MORT VanEck Vectors Mortgage REIT Income ETF	13.30%	12.76%	11.55%	12.18%	13.09%	8.21%	8.11%	7.36%	8.19%	7.82%	8.21%	9.91%

Frequently Asked Questions

Can I hold both MORT and FRI in my portfolio?

MORT and FRI have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MORT or FRI?

FRI has higher volatility (3.93%) compared to MORT (3.67%). In terms of maximum drawdown, MORT dropped -70.13% vs FRI's -71.95%.

Which ETF is better, MORT or FRI?

On 10-year performance, FRI leads with 5.62% vs 2.27% for MORT. On fees, MORT is cheaper at 0.42% per year. On volatility, MORT has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MORT or FRI?

Over the 10-year period, FRI has performed better with a 5.62% return vs 2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MORT or FRI?

MORT is cheaper with a 0.42% expense ratio, compared with 0.50% for FRI.

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

MORT has the higher dividend yield at 13.30%, compared with 2.60% for FRI.

What is the main difference between MORT and FRI?

MORT tracks MVIS Global Mortgage REITs Index, while FRI tracks S&P United States REIT. They also come from different issuers: VanEck and First Trust. Their fees differ too: 0.42% for MORT and 0.50% for FRI.

Which has better risk-adjusted returns?

FRI currently has the higher Sharpe Ratio (1.13 vs 0.66), 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.