A system and method for measuring physical properties of non-Newtonian fluids, such as fluids containing dispersed solid particulate material and having a yield stress. A fluid resistance member is moved through the non-Newtonian fluid sufficiently slowly that viscous drag on the member is negligible and fluid resistance is essentially due to the yield stress of the fluid. The torque required to maintain the movement of the member through the fluid is measured, and at least one physical property, other than apparent viscosity of the fluid, is determined by employing a known relationship between the measured torque and the physical property of interest.