PIE base ‘to love’.
Apart from freedom and friendship, other derivatives denote ‘peace’, such as afraid and affray, from Vulgar Latin *exfridāre, from Latin ex ‘out of’, from PIE base *eghs ‘out’, and Frankish *frithu ‘peace’, from Proto-Germanic *frithuz ‘peace, consideration, forbearance’, root of German Freide ‘peace’, Swedish frid ‘Inner Peace’ and fred ‘lack of war’, and Middle English frith ‘peace’.
It is from this Proto-Germanic root that Frederick, Godfrey, Geoffrey, Siegfried, Winfred, and Friday are derived, from the day of Frigg ‘queen of heaven and goddess of married love’, the wife of Odin, the supreme god and creator, root of Wednesday.
It is interesting to note that while ‘friend’ and ‘I love’ have paired roots in Latin and Greek, as {amīcus, amō} and {philos, phileō}, respectively, a similar relationship in Old English has been lost. Around a thousand years ago, frēon meant ‘to love, like, honour, set free (from slavery or confinement)’ and frēond denoted ‘a friend’, literally ‘one who loves’.
[Pokorny *prāi-, prǝi-, prī-, ‘to like, feel well-disposed, friendly’, p. 844.]