DFARvsFRELETF Comparison
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Dimensional US Real Estate ETF (DFAR) and Fidelity MSCI Real Estate Index ETF (FREL) belong to the same industry segment: US Real Estate. Both ETFs have the same top 3 sector exposures: and Real Estate. DFAR is more expensive with a Total Expense Ratio (TER) of 0.2%, versus 0.08% for FREL. DFAR is up 11.46% year-to-date (YTD) with +$75M in YTD flows. FREL performs worse with 8.78% YTD performance, and +$252M in YTD flows. Run a side-by-side ETF comparison of DFAR and FREL below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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DFAR vs FREL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFAR FREL | +8.21%+7.88% | +9.18%+6.29% | +11.46%+8.78% | +14.90%+13.99% | +31.31%+31.01% | n/a+17.75% |
| Flows | DFAR FREL | -$2M-$15M | +$46M+$2M | +$75M+$252M | +$233M+$303M | +$852M+$168M | -+$98M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFAR FREL | +15.14%+14.82% | +13.36%+13.41% | +16.81%+16.99% | n/a+18.91% |
| Max drawdown | DFAR FREL | -8.39%-8.45% | -8.39%-8.45% | -17.73%-17.46% | n/a-34.35% |
| Max drawdown duration | DFAR FREL | 44d44d | 44d44d | 514d441d | n/a1572d |
Trading data
DFAR | FREL | |
Last sale 4/27/2026 at 1:30 PM | $25.30 | $28.73 |
| Previous close 04/24/2026 | $25.43 | $28.90 |
| Consolidated volume 04/24/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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DFAR
is actively managed and doesn’t replicate an indexDFAR | FREL | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/27/2026 at 1:30 PM
Live
Closed
DFAR | FREL | |
|---|---|---|
| Last price | $25.30 | $28.73 |
| 1D performance | -0.51% | -0.57% |
| AuM | $1.67 B | $1.43 B |
| E/R | 0.2% | 0.08% |
Characteristics
DFAR | FREL | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Dimensional | Fidelity |
| Benchmark | - | MSCI USA IMI Real Estate 25/25 Index |
| N° of holdings | 119 | 113 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 23, 2022 | February 2, 2015 |
| ESG | No | No |
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Exposure
Countries
DFAR
USA
98.14%
Other
1.86%
FREL
USA
99.19%
Other
0.81%
Sectors
DFAR
Real Estate
97.66%
Other
2.34%
FREL
Real Estate
95.17%
Other
4.83%
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Diversification
DFAR
Total weight of top 15 holdings out of 15
58.96%
FREL
Total weight of top 15 holdings out of 15
57.23%
Top 15 holdings
Data as of March 31, 2026
DFAR
WELLTOWER INC
7.40%
PROLOGIS REIT
6.98%
EQUINIX INC COMMON STOCK REIT
5.29%
SIMON PROPERTY GROUP REIT
4.61%
DIGITAL REALTY REIT
4.58%
AMERICAN TOWER CL A REIT
4.54%
REALTY INCOME REIT
4.45%
PUBLIC STORAGE REIT
3.65%
VENTAS REIT
3.30%
CROWN CASTLE INTERNATIONAL
3.01%
IRON MOUNTAIN
2.58%
VICI PROPERTIES INC
2.49%
EXTRA SPACE STORAGE REIT
2.35%
AVALONBAY COMMUNITIES REIT
1.93%
EQUITY RESIDENTIAL REIT
1.80%
FREL
WELLTOWER INC
8.42%
PROLOGIS REIT
8.14%
AMERICAN TOWER CL A REIT
5.32%
EQUINIX INC COMMON STOCK REIT
4.80%
SIMON PROPERTY GROUP REIT
4.15%
DIGITAL REALTY REIT
4.09%
REALTY INCOME REIT
3.77%
PUBLIC STORAGE REIT
2.97%
CBRE GROUP
2.82%
VENTAS REIT
2.64%
CROWN CASTLE INTERNATIONAL
2.38%
IRON MOUNTAIN
2.09%
VICI PROPERTIES INC
2.02%
EXTRA SPACE STORAGE REIT
1.96%
AVALONBAY COMMUNITIES REIT
1.65%
Frequently asked questions about DFAR and FREL
How have the DFAR and FREL ETFs performed in 2026?
As of April 23, 2026, DFAR is up 11.46% year-to-date (YTD), while FREL has returned 8.78%. That puts DFAR better performer ahead so far this year.
Which ETF is attracting more investor money: DFAR or FREL?
Year-to-date, the DFAR ETF saw +$75M in flows, compared to +$252M for FREL.
Which ETF is more volatile: DFAR or FREL?
Over the past year, DFAR had a volatility of 13.36%, while FREL experienced 13.41%.
Which ETF is bigger: DFAR or FREL?
As of April 23, 2026, DFAR holds $1.67 B in assets under management (AUM), while FREL manages $1.43 B.
What sectors do the DFAR and FREL ETFs invest in?
DFAR leans toward sectors like Real Estate. Meanwhile, FREL focuses on Real Estate.
What are the top holdings of the DFAR ETF and FREL ETF?
DFAR top holdings include WELLTOWER INC, PROLOGIS REIT and EQUINIX INC COMMON STOCK REIT. FREL holds in its top three: WELLTOWER INC, PROLOGIS REIT and AMERICAN TOWER CL A REIT.
Which ETF is more diversified: DFAR or FREL?
DFAR holds 119 securities with 58.96% of its assets in the top 15. FREL has 127 securities and a top 15 weight of 57.23%.
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Latest news about DFAR & FREL
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Real Estate Sector Declines on Fed Minutes
May 27, 2024
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FREL
Real Estate Sector Suffers Third Weekly Loss Amid Rising Treasury Yields
April 22, 2024
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FREL
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Real Estate ETFs Hit Again by the Rise in Treasury Yields
April 15, 2024
DFAR
Real Estate ETFs Hit Again by the Rise in Treasury Yields
April 15, 2024
DFAR
Real Estate Sector Gains Momentum After Dovish Fed Comments
December 19, 2023
DFAR
Mortgage Funds Take a Nosedive
October 10, 2023
DFAR
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