RINC vs. FRI

Last updated Jun 4, 2026

RINC (AXS Real Estate Income ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - RINC tracks the Gapstow Real Estate Income Index while FRI tracks the S&P United States REIT. Both are passively managed. A 0.55 correlation means they provide meaningful diversification when combined. RINC charges 0.89%/yr vs 0.50%/yr for FRI.

Performance

RINC vs. FRI - Performance Comparison

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

Returns By Period

RINC

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 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)

RINC vs. FRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RINC AXS Real Estate Income ETF	0.00%	7.75%	-5.74%	1.71%
FRI First Trust S&P REIT Index Fund	11.90%	2.80%	7.84%	9.07%

Correlation

The correlation between RINC and FRI is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Aug 29, 2023	0.55

Over the past year, the correlation between RINC and FRI has dropped to 0.30 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

RINC vs. FRI - Sectors Allocation Comparison

Sectors	RINC	FRI
Real Estate	100.0%	96.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	2.3%
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	0.8%

Return for Risk

RINC vs. FRI — Risk / Return Rank

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

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.

RINC vs. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXS Real Estate Income ETF (RINC) 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.

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

Sharpe Ratios by Period

	RINC	FRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.13	—
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	—	0.18	—

Drawdowns

Drawdown Indicators

	RINC	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	—	-3.24%	—
Average Drawdown Average peak-to-trough decline	—	-13.70%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.38%	—

Volatility

Volatility by Period

	RINC	FRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.93%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	13.05%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.65%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	21.06%	—

RINC vs. FRI - Expense Ratio Comparison

RINC has a 0.89% expense ratio, which is higher than FRI's 0.50% expense ratio.

Dividends

RINC vs. FRI - Dividend Comparison

RINC's dividend yield for the trailing twelve months is around 2.16%, 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%
RINC AXS Real Estate Income ETF	2.16%	6.04%	10.85%	3.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RINC and FRI in my portfolio?

RINC and FRI have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RINC 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, RINC or FRI?

FRI is cheaper with a 0.50% expense ratio, compared with 0.89% for RINC.

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

FRI has the higher dividend yield at 2.60%, compared with 2.16% for RINC.

What is the main difference between RINC and FRI?

RINC tracks Gapstow Real Estate Income Index, while FRI tracks S&P United States REIT. They also come from different issuers: AXS and First Trust. Their fees differ too: 0.89% for RINC and 0.50% for FRI.