RWR vs. FRI
RWR (SPDR Dow Jones REIT ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - RWR tracks the Dow Jones U.S. Select REIT Index while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 10 years, RWR returned 5.51%/yr vs 5.93%/yr for FRI. Their correlation of 0.93 suggests significant overlap in exposure. RWR charges 0.25%/yr vs 0.50%/yr for FRI.
Performance
RWR vs. FRI - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with RWR having a 16.14% return and FRI slightly higher at 16.71%. Over the past 10 years, RWR has underperformed FRI with an annualized return of 5.51%, while FRI has yielded a comparatively higher 5.93% annualized return.
RWR
- 1D
- 1.31%
- 1M
- 1.96%
- YTD
- 16.14%
- 6M
- 16.59%
- 1Y
- 19.02%
- 3Y*
- 13.63%
- 5Y*
- 4.96%
- 10Y*
- 5.51%
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%
RWR vs. FRI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWR SPDR Dow Jones REIT ETF | 16.14% | 3.20% | 7.74% | 13.76% | -26.09% | 45.47% | -11.40% | 22.71% | -4.47% | 3.47% |
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 RWR and FRI is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | 0.93 |
The correlation between RWR and FRI has been stable across timeframes, ranging from 0.93 to 0.99 - a consistent structural relationship.
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Return for Risk
RWR vs. FRI — Risk / Return Rank
RWR
FRI
RWR vs. FRI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones REIT ETF (RWR) 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.
| RWR | FRI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.39 | -0.01 |
| Martin ratioReturn relative to average drawdown | 8.03 | 7.53 | +0.50 |
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Drawdowns
RWR vs. FRI - Drawdown Comparison
The maximum RWR drawdown since its inception was -74.92%, roughly equal to the maximum FRI drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for RWR and FRI.
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Drawdown Indicators
| RWR | FRI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.92% | -71.95% | -2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -8.04% | -7.57% | -0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -18.85% | -18.90% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -32.58% | -31.21% | -1.37% |
Max Drawdown (10Y)Largest decline over 10 years | -44.39% | -44.16% | -0.23% |
Current DrawdownCurrent decline from peak | -0.46% | -0.25% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -13.08% | -13.67% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 2.40% | -0.02% |
Volatility
RWR vs. FRI - Volatility Comparison
SPDR Dow Jones REIT ETF (RWR) and First Trust S&P REIT Index Fund (FRI) have volatilities of 5.42% and 5.30%, 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.
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Volatility by Period
| RWR | FRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.42% | 5.30% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 10.37% | 9.99% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.05% | 13.70% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 18.69% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.55% | 21.10% | +0.45% |
RWR vs. FRI - Expense Ratio Comparison
RWR has a 0.25% expense ratio, which is lower than FRI's 0.50% expense ratio.
Dividends
RWR vs. FRI - Dividend Comparison
RWR's dividend yield for the trailing twelve months is around 3.36%, 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% |
RWR SPDR Dow Jones REIT ETF | 3.36% | 3.78% | 3.76% | 3.75% | 3.81% | 2.79% | 3.73% | 3.36% | 4.19% | 3.05% | 4.39% | 3.17% |
Frequently Asked Questions
With a correlation of 0.99, RWR 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.
RWR has higher volatility (5.42%) compared to FRI (5.30%). In terms of maximum drawdown, RWR dropped -74.92% vs FRI's -71.95%.
On 10-year performance, FRI leads with 5.93% vs 5.51% for RWR. On fees, RWR is cheaper at 0.25% per year. On volatility, FRI has been the lower-risk option at 5.30%. 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 5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWR is cheaper with a 0.25% expense ratio, compared with 0.50% for FRI.
RWR has the higher dividend yield at 3.36%, compared with 2.49% for FRI.
RWR tracks Dow Jones U.S. Select REIT Index, while FRI tracks S&P United States REIT. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.25% for RWR and 0.50% for FRI.
RWR currently has the higher Sharpe Ratio (1.37 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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