WPS vs. FRI

Last updated Jun 4, 2026

WPS (iShares International Developed Property ETF) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - WPS tracks the S&P Developed ex US Property 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. WPS charges 0.48%/yr vs 0.50%/yr for FRI.

Performance

WPS vs. FRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Developed Property ETF (WPS) and First Trust S&P REIT Index Fund (FRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

WPS

• 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)

WPS vs. FRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WPS iShares International Developed Property ETF	0.00%	0.00%	-3.59%	7.43%	-24.74%	9.05%	-5.36%	20.34%	-9.03%	22.86%
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 WPS and FRI is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Aug 8, 2007	0.55

The correlation between WPS and FRI shifts across timeframes, from 0.40 (3 years) to 0.55 (all time), reflecting how their relationship changes across market environments.

WPS vs. FRI - Sectors Allocation Comparison

Sectors	WPS	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

WPS 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.

WPS vs. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Developed Property ETF (WPS) 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

	WPS	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

	WPS	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

	WPS	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%	—

WPS vs. FRI - Expense Ratio Comparison

WPS has a 0.48% expense ratio, which is lower than FRI's 0.50% expense ratio.

Dividends

WPS vs. FRI - Dividend Comparison

WPS has not paid dividends to shareholders, while FRI's dividend yield for the trailing twelve months is around 2.60%.

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%
WPS iShares International Developed Property ETF	0.00%	0.00%	2.48%	2.38%	2.63%	4.36%	2.31%	6.81%	4.45%	4.31%	5.73%	3.20%

Frequently Asked Questions

Can I hold both WPS and FRI in my portfolio?

WPS and FRI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WPS or FRI?

On fees, WPS is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WPS or FRI?

WPS is cheaper with a 0.48% expense ratio, compared with 0.50% for FRI.

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

FRI has the higher dividend yield at 2.60%, compared with 0.00% for WPS.

What is the main difference between WPS and FRI?

WPS tracks S&P Developed ex US Property Index, while FRI tracks S&P United States REIT. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.48% for WPS and 0.50% for FRI.