PPTY vs. FRI
PPTY (US Diversified Real Estate ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - PPTY tracks the USREX - U.S. Diversified Real Estate Index while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 5 years, PPTY returned 3.03%/yr vs 5.21%/yr for FRI. With a 0.97 correlation, they move nearly in lockstep. PPTY charges 0.49%/yr vs 0.50%/yr for FRI.
Performance
PPTY vs. FRI - Performance Comparison
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Returns By Period
In the year-to-date period, PPTY achieves a 13.64% return, which is significantly lower than FRI's 16.71% return.
PPTY
- 1D
- 1.21%
- 1M
- 2.70%
- YTD
- 13.64%
- 6M
- 14.29%
- 1Y
- 13.03%
- 3Y*
- 11.23%
- 5Y*
- 3.03%
- 10Y*
- —
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%
PPTY vs. FRI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PPTY US Diversified Real Estate ETF | 13.64% | -3.47% | 9.85% | 12.66% | -26.10% | 40.36% | -7.25% | 30.19% | 4.86% |
FRI First Trust S&P REIT Index Fund | 16.71% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | 7.53% |
Correlation
The correlation between PPTY and FRI is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2018 | 0.97 |
The correlation between PPTY and FRI has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
PPTY vs. FRI — Risk / Return Rank
PPTY
FRI
PPTY vs. FRI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Diversified Real Estate ETF (PPTY) 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.
| PPTY | FRI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.23 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 2.39 | -0.77 |
| Martin ratioReturn relative to average drawdown | 4.68 | 7.53 | -2.85 |
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Drawdowns
PPTY vs. FRI - Drawdown Comparison
The maximum PPTY drawdown since its inception was -41.69%, smaller than the maximum FRI drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for PPTY and FRI.
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Drawdown Indicators
| PPTY | FRI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.69% | -71.95% | +30.26% |
Max Drawdown (1Y)Largest decline over 1 year | -8.09% | -7.57% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -21.06% | -18.90% | -2.16% |
Max Drawdown (5Y)Largest decline over 5 years | -32.37% | -31.21% | -1.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.16% | — |
Current DrawdownCurrent decline from peak | -0.86% | -0.25% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -11.28% | -13.67% | +2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 2.40% | +0.39% |
Volatility
PPTY vs. FRI - Volatility Comparison
The current volatility for US Diversified Real Estate ETF (PPTY) is 4.88%, while First Trust S&P REIT Index Fund (FRI) has a volatility of 5.30%. This indicates that PPTY 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
| PPTY | FRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 5.30% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 10.08% | 9.99% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.15% | 13.70% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.60% | 18.69% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 21.10% | +0.80% |
PPTY vs. FRI - Expense Ratio Comparison
PPTY has a 0.49% expense ratio, which is lower than FRI's 0.50% expense ratio.
Dividends
PPTY vs. FRI - Dividend Comparison
PPTY's dividend yield for the trailing twelve months is around 2.56%, 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% |
PPTY US Diversified Real Estate ETF | 2.56% | 3.04% | 3.29% | 4.08% | 4.29% | 2.87% | 3.43% | 3.30% | 1.97% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, PPTY 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.
FRI has higher volatility (5.30%) compared to PPTY (4.88%). In terms of maximum drawdown, PPTY dropped -41.69% vs FRI's -71.95%.
On 5-year performance, FRI leads with 5.21% vs 3.03% for PPTY. On fees, PPTY is cheaper at 0.49% per year. On volatility, PPTY has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FRI has performed better with a 5.21% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PPTY is cheaper with a 0.49% expense ratio, compared with 0.50% for FRI.
PPTY has the higher dividend yield at 2.56%, compared with 2.49% for FRI.
PPTY tracks USREX - U.S. Diversified Real Estate Index, while FRI tracks S&P United States REIT. They also come from different issuers: Vident and First Trust. Their fees differ too: 0.49% for PPTY and 0.50% for FRI.
FRI currently has the higher Sharpe Ratio (1.32 vs 0.93), 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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