SPG vs. FR
SPG (Simon Property Group, Inc.) and FR (First Industrial Realty Trust, Inc.) are both stocks. Both are in the Real Estate sector — SPG in REIT - Retail, FR in REIT - Industrial. Over the past 10 years, SPG returned 5.16%/yr vs 11.71%/yr for FR. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
SPG vs. FR - Performance Comparison
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Returns By Period
In the year-to-date period, SPG achieves a 20.86% return, which is significantly higher than FR's 15.43% return. Over the past 10 years, SPG has underperformed FR with an annualized return of 5.16%, while FR has yielded a comparatively higher 11.71% annualized return.
SPG
- 1D
- -0.43%
- 1M
- 1.82%
- 6M
- 21.13%
- YTD
- 20.86%
- 1Y
- 41.68%
- 3Y*
- 27.49%
- 5Y*
- 17.10%
- 10Y*
- 5.16%
FR
- 1D
- 0.18%
- 1M
- 4.36%
- 6M
- 11.64%
- YTD
- 15.43%
- 1Y
- 35.94%
- 3Y*
- 9.78%
- 5Y*
- 6.67%
- 10Y*
- 11.71%
SPG vs. FR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPG Simon Property Group, Inc. | 20.86% | 12.94% | 26.92% | 29.24% | -21.91% | 95.72% | -38.64% | -6.74% | 2.55% | 0.98% |
FR First Industrial Realty Trust, Inc. | 15.43% | 18.17% | -2.01% | 11.91% | -25.37% | 60.33% | 4.24% | 47.37% | -5.61% | 15.50% |
Correlation
The correlation between SPG and FR is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 1994 | 0.53 |
The correlation between SPG and FR has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.
Fundamentals
SPG:
$70.94B
FR:
$8.62B
SPG:
$19.29
FR:
$4.02
SPG:
11.34
FR:
16.17
SPG:
7.16
FR:
7.71
SPG:
$6.65B
FR:
$744.49M
SPG:
$5.71B
FR:
$450.27M
SPG:
$7.77B
FR:
$506.99M
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Return for Risk
SPG vs. FR — Risk / Return Rank
SPG
FR
SPG vs. FR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simon Property Group, Inc. (SPG) and First Industrial Realty Trust, Inc. (FR). 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.
| SPG | FR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.31 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 3.62 | -0.12 |
| Martin ratioReturn relative to average drawdown | 12.63 | 11.32 | +1.32 |
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Drawdowns
SPG vs. FR - Drawdown Comparison
The maximum SPG drawdown since its inception was -77.00%, smaller than the maximum FR drawdown of -95.42%. Use the drawdown chart below to compare losses from any high point for SPG and FR.
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Drawdown Indicators
| SPG | FR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.00% | -95.42% | +18.42% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -10.24% | -1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -24.32% | -25.42% | +1.10% |
Max Drawdown (5Y)Largest decline over 5 years | -45.84% | -35.95% | -9.89% |
Max Drawdown (10Y)Largest decline over 10 years | -77.00% | -41.12% | -35.88% |
Current DrawdownCurrent decline from peak | -3.86% | 0.00% | -3.86% |
Average DrawdownAverage peak-to-trough decline | -13.81% | -25.28% | +11.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 3.27% | -0.08% |
Volatility
SPG vs. FR - Volatility Comparison
Simon Property Group, Inc. (SPG) has a higher volatility of 6.90% compared to First Industrial Realty Trust, Inc. (FR) at 6.30%. This indicates that SPG's price experiences larger fluctuations and is considered to be riskier than FR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPG | FR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.90% | 6.30% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 15.14% | 14.64% | +0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.34% | 20.14% | -0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.46% | 22.91% | +3.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.12% | 24.39% | +12.73% |
Dividends
SPG vs. FR - Dividend Comparison
SPG's dividend yield for the trailing twelve months is around 4.02%, more than FR's 2.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FR First Industrial Realty Trust, Inc. | 2.91% | 3.11% | 2.95% | 2.43% | 2.45% | 1.63% | 2.37% | 2.22% | 3.01% | 2.67% | 2.71% | 2.30% |
SPG Simon Property Group, Inc. | 4.02% | 4.62% | 4.70% | 5.22% | 5.87% | 3.66% | 7.04% | 5.57% | 4.70% | 4.16% | 3.66% | 3.11% |
Financials
SPG vs. FR - Financials Comparison
This section allows you to compare key financial metrics between Simon Property Group, Inc. and First Industrial Realty Trust, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
SPG vs. FR - Profitability Comparison
SPG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Simon Property Group, Inc. reported a gross profit of 1.45B and revenue of 1.76B. Therefore, the gross margin over that period was 82.5%.
FR - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, First Industrial Realty Trust, Inc. reported a gross profit of 141.21M and revenue of 194.83M. Therefore, the gross margin over that period was 72.5%.
SPG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Simon Property Group, Inc. reported an operating income of 762.16M and revenue of 1.76B, resulting in an operating margin of 43.4%.
FR - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, First Industrial Realty Trust, Inc. reported an operating income of 118.24M and revenue of 194.83M, resulting in an operating margin of 60.7%.
SPG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Simon Property Group, Inc. reported a net income of 1.48K and revenue of 1.76B, resulting in a net margin of 0.0%.
FR - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, First Industrial Realty Trust, Inc. reported a net income of 155.84M and revenue of 194.83M, resulting in a net margin of 80.0%.
Frequently Asked Questions
SPG and FR have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPG has higher volatility (6.90%) compared to FR (6.30%). In terms of maximum drawdown, SPG dropped -77.00% vs FR's -95.42%.
SPG currently has the higher Sharpe Ratio (2.09 vs 1.85), 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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