FRELvsDFARETF Comparison
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Fidelity MSCI Real Estate Index ETF (FREL) and Dimensional US Real Estate ETF (DFAR) belong to the same industry segment: US Real Estate. FREL's top 3 sector exposures are Real Estate and Industrials. In contrast, DFAR's top sector exposures are Real Estate FREL is less expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.2% for DFAR. FREL is up 8.05% year-to-date (YTD) with +$252M in YTD flows. DFAR performs better with 11.01% YTD performance, and +$72M in YTD flows. Run a side-by-side ETF comparison of FREL and DFAR 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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FREL vs DFAR performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/29/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FREL DFAR | +8.54%+8.99% | +5.37%+8.46% | +8.05%+11.01% | +11.83%+13.10% | +29.10%+29.83% | +15.81%n/a |
| Flows | FREL DFAR | -$17M-$12M | -$6M+$32M | +$252M+$72M | +$299M+$230M | +$175M+$836M | +$88M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FREL DFAR | +14.66%+14.85% | +13.46%+13.41% | +16.93%+16.76% | +18.91%n/a |
| Max drawdown | FREL DFAR | -8.45%-8.39% | -8.45%-8.39% | -17.46%-17.73% | -34.35%n/a |
| Max drawdown duration | FREL DFAR | 44d44d | 44d44d | 441d514d | 1578dn/a |
Trading data
FREL | DFAR | |
Last sale 5/1/2026 at 1:30 PM | $29.15 | $25.77 |
| Previous close 04/29/2026 | $29.21 | $25.81 |
| Consolidated volume 04/29/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of April 29, 2026
1-year trailing difference
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DFAR
is actively managed and doesn’t replicate an indexFREL | DFAR | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 5/1/2026 at 1:30 PM
Live
Closed
FREL | DFAR | |
|---|---|---|
| Last price | $29.15 | $25.77 |
| 1D performance | -0.21% | -0.15% |
| AuM | $1.42 B | $1.66 B |
| E/R | 0.08% | 0.2% |
Characteristics
FREL | DFAR | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Fidelity | Dimensional |
| Benchmark | MSCI USA IMI Real Estate 25/25 Index | - |
| N° of holdings | 113 | 119 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | February 2, 2015 | February 23, 2022 |
| ESG | No | No |
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Exposure
Countries
FREL
USA
99.19%
Other
0.81%
DFAR
USA
98.14%
Other
1.86%
Sectors
FREL
Real Estate
95.17%
Other
4.83%
DFAR
Real Estate
97.66%
Other
2.34%
Diversification
FREL
Total weight of top 15 holdings out of 15
57.23%
DFAR
Total weight of top 15 holdings out of 15
58.96%
Top 15 holdings
Data as of March 31, 2026
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%
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%
Frequently asked questions about FREL and DFAR
How have the FREL and DFAR ETFs performed in 2026?
As of April 29, 2026, FREL is up 8.05% year-to-date (YTD), while DFAR has returned 11.01%. That puts DFAR better performer ahead so far this year.
Which ETF is attracting more investor money: FREL or DFAR?
Year-to-date, the FREL ETF saw +$252M in flows, compared to +$72M for DFAR.
Which ETF is more volatile: FREL or DFAR?
Over the past year, FREL had a volatility of 13.46%, while DFAR experienced 13.41%.
Which ETF is bigger: FREL or DFAR?
As of April 29, 2026, FREL holds $1.42 B in assets under management (AUM), while DFAR manages $1.66 B.
What sectors do the FREL and DFAR ETFs invest in?
FREL leans toward sectors like Real Estate. Meanwhile, DFAR focuses on Real Estate.
What are the top holdings of the FREL ETF and DFAR ETF?
FREL top holdings include WELLTOWER INC, PROLOGIS REIT and AMERICAN TOWER CL A REIT. DFAR holds in its top three: WELLTOWER INC, PROLOGIS REIT and EQUINIX INC COMMON STOCK REIT.
Which ETF is more diversified: FREL or DFAR?
FREL holds 127 securities with 57.23% of its assets in the top 15. DFAR has 119 securities and a top 15 weight of 58.96%.
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Latest news about FREL & DFAR
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May 27, 2024
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Real Estate Sector Suffers Third Weekly Loss Amid Rising Treasury Yields
April 22, 2024
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DFAR
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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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