FBRT vs KREF: Correlation
How closely do Franklin BSP Realty Trust, Inc. (FBRT) and KKR Real Estate Finance Trust Inc. (KREF) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBRT and KREF?
Over the past 3 years, FBRT and KREF moved with a correlation of 0.61, which is strong. The past 12 months show a weaker link (0.48) than the 3-year average (0.61). Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 441.6 %².
By 3-year correlation, KREF places #6 of the 15 assets tracked against FBRT. On 12-month performance KREF holds a 7.1-point edge, -17.1% against -10.0%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FBRT vs KREF: side by side
| FBRT (Franklin BSP Realty Trust, Inc.) | KREF (KKR Real Estate Finance Trust Inc.) | |
|---|---|---|
| 1-year return | -17.1% | -10.0% |
| 5-year return | -17.6% | -38.4% |
| Volatility (ann.) | 22.5% | 32.2% |
| Beta vs S&P 500 | 0.59 | 0.66 |
| Max drawdown (3Y) | -33.7% | -44.9% |
| Market cap | $0.7B | $0.5B |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 13.14% | 11.26% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBRT | KREF |
|---|---|---|
| 2022 | -3.9% | -25.9% |
| 2023 | +16.6% | +9.2% |
| 2024 | +3.7% | -15.8% |
| 2025 | -9.2% | -9.3% |
| 2026 | -12.3% | -2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBRT and KREF good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FBRT and KREF?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.48 over the last year and 0.62 over 5 years.
Is KREF a good diversifier for FBRT?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fbrt-vs-kref.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fbrt-vs-kref/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FBRT correlations · KREF correlations
